Stor-Age Property REIT Limited Registration number: 2015/168454/06 Approved as a REIT by the JSE Share code: SSS ISIN: ZAE000208963 (“Stor-Age” or “the group” or “the company”) PRELIMINARY SUMMARISED CONSOLIDATED ANNUAL FINANCIAL RESULTS FOR THE YEAR ENDED 31 MARCH 2022 AND DECLARATION OF A CASH DIVIDEND Shareholders are referred to the announcement released on 20 June 2022 and are advised that the JSE link to access the full announcement is https://senspdf.jse.co.za/documents/2022/jse/isse/SSSE/Finals.pdf. All the information relating to the preliminary summarised consolidated annual financial results for the year ended 31 March 2022 remains unchanged. Stor-Age has continued its track record of consistent earnings growth to deliver strong results for the year ended 31 March 2022, with a 7.5% increase in distributable income per share. HIGHLIGHTS • Final dividend of 55.30 cents • Total return of 16.5%1 • Rental income and net property operating income up 15.0% and 16.7% respectively • Same-store rental income up 10.0% SA; 21.2% UK • Portfolio occupancy up 24 100m² (SA 9 700m²; UK 14 400m²) • Total occupancy, including acquisitions and new developments, of 88.1% (SA – 88.1%; UK – 88.3%) • Same-store closing occupancy over 90.0% in SA and the UK • Net investment property value up 22.4% to R9.26 billion2 • Loan-to-value ratio of 27.9%3 • Acquired 11 trading properties (SA – 2; UK – 9), completed three new developments in SA and increased the GLA in the portfolio4 by 56 500m² • Development pipeline of 14 properties, four of which are already in progress with our JV partners • Moorfield JV – construction commenced at two locations (Heathrow and Bath) and two further sites secured • Announced development JV with Nedbank to develop two new properties in SA (Morningside and Bryanston) • SA development pipeline of ten properties (c.R900 million and 60 800m² GLA) • Completed restructuring of GBP debt facilities including seven-year £21 million sustainability-linked loan from Aviva Investors • Raised R575 million in an oversubscribed accelerated bookbuild in January 2022 1 Calculated as distributable income per share for the year plus increase in net tangible asset value (NTAV) per share as a percentage of NTAV at start of the year 2 Net of leasehold obligations and excludes properties held in JVs 3 Loan-to-value ratio is defined as net debt as a percentage of gross investment property of R9.535 billion less lease obligations relating to leasehold investment property of R271.2 million 4 Includes acquisitions made by Moorfield JV in which Stor-Age has a 24.9% equity interest GROUP SNAPSHOT Stor-Age is the largest self storage property fund and most recognisable industry brand in SA. The portfolio comprises 85 self storage properties across both SA (55) and the UK (30). The SA portfolio is valued at R4.9 billion and the UK portfolio – under the brand Storage King – at R5.3 billion (£280 million)5. ____________________ SA – South Africa; UK – United Kingdom; m² – square metres; JV – joint venture KEY FINANCIAL RESULTS Year ended Year ended Change 31 March 2022 31 March 2021 % Property revenue (R’000) 910 682 800 222 13.80 Distributable earnings (R’000) 517 789 454 393 13.95 Headline earnings per share (cents) 109.35 112.11 (2.46) Earnings per share (cents) 231.49 282.68 (18.11) Distributable income per share (cents) 114.07 106.08 7.53 Dividend per share (cents) 111.90 106.08 5.49 Net tangible asset value per share (cents) 1 369.0 1 272.8 7.56 DECLARATION OF A CASH DIVIDEND Notice is hereby given of the declaration of the gross final dividend (number 13) of 55.30 cents per share for the six months ended 31 March 2022 (“Cash Dividend”). The salient dates and times in relation to the Cash Dividend are as follows: Salient dates and times 2022 Last day to trade (“LDT”) cum-dividend Tuesday, 5 July Shares to trade ex-dividend Wednesday, 6 July Record date Friday, 8 July Payments to Certificated Shareholders and accounts credited by Monday, 11 July CSDP or broker of dematerialised Shareholders Notes: • Shares may not be dematerialised or rematerialised between commencement of trade on Wednesday, 6 July 2022 and the close of trade on Friday, 8 July 2022, both days inclusive. TAX IMPLICATIONS As the company has REIT status, Shareholders are advised that the dividend meets the requirements of a “qualifying distribution” for the purposes of section 25BB of the Income Tax Act (No. 58 of 1962), as amended, (“Income Tax Act”). The dividend on the shares will be deemed to be a dividend, for South African tax purposes, in terms of section 25BB of the Income Tax Act. 5 Includes trading properties held in JVs and managed by the group and excludes properties under development South African tax residents The dividend received by or accrued to South African tax residents must be included in the gross income of such Shareholders and will not be exempt from income tax (in terms of the exclusion to the general dividend exception, contained in paragraph (aa) of section 10(1)(k)(i) of the Income Tax Act) because it is a dividend distributed by a REIT. The dividend is exempt from dividend withholding tax in the hands of South African tax resident Shareholders, provided that the South African resident Shareholders provide the following forms to the CSDP or broker in respect of uncertificated shares, or to the company, in respect of certificated shares: a) a declaration that the dividend is exempt from dividend tax; and b) a written undertaking to inform the CSDP, broker or the company, should the circumstances affecting the exemption change or the beneficial owner cease to be the beneficial owner, both in the form prescribed by the Commissioner for the South African Revenue Service. Shareholders are advised to contact their CSDP, broker or the company to arrange for the abovementioned documents to be submitted prior to payment of the dividend, if such documents have not already been submitted. Non-resident Shareholders Dividends received by non-resident Shareholders will not be taxable as income and instead will be treated as an ordinary dividend which is exempt from income tax in terms of the general dividend exemption in section 10(1)(k)(i) of the Income Tax Act. It should be noted that up to 31 December 2013 dividends received by non-residents from a REIT were not subject to dividend withholding tax. Since 1 January 2014, any dividend received by a non-resident from a REIT will be subject to dividend withholding tax at 20%, unless the rate is reduced in terms of any applicable agreement for the avoidance of double taxation (“DTA”) between South Africa and the country of residence of the shareholder concerned. Assuming dividend withholding tax will be withheld at a rate of 20%, the net dividend amount due to non-resident Shareholders is 44.24000 cents per share. A reduced dividend withholding rate in terms of the applicable DTA may only be relied on if the non-resident shareholder has provided the following form to their CSDP or broker in respect of uncertificated shares, or the company, in respect of certificated shares: a) a declaration that the dividend is subject to a reduced rate as a result of the application of DTA; and b) a written undertaking to inform their CSDP, broker or the company, should the circumstances affecting the reduced rate change or the beneficial owner cease to be the beneficial owner, both in the form prescribed by the Commissioner for the South African Revenue Service. Non-resident Shareholders are advised to contact their CSDP, broker or the company to arrange for the abovementioned documents to be submitted prior to payment of the dividend, if such documents have not already been submitted. The company’s tax reference number is: 9027205245 This short-form announcement is the responsibility of the Board and does not include full or complete details. Any investment decision should be based as a whole on the preliminary summarised consolidated annual financial results (“full announcement”), which may be downloaded from: https://senspdf.jse.co.za/documents/2022/jse/isse/SSSE/Finals.pdf The full announcement is available for inspection at the registered offices of the company at no charge, during office hours for a period of 30 calendar days following the date of this announcement. The full announcement is also available on the company’s website at: https://investor-relations.stor- age.co.za/sens The short-form announcement has not been audited or reviewed by the company’s external auditors. The preliminary summarised consolidated annual financial results are extracted from the financial statements, but are not themselves audited. The consolidated financial statements for the year ended 31 March 2022 were audited by BDO South Africa Inc., who expressed an unmodified opinion thereon. The audited consolidated financial statements for the year ended 31 March 2022 and the auditor’s report includes communication of key audit matters. Key audit matters are those matters that, in their professional judgement, were of most significance in their audit of the consolidated financial statements of the current period. The full report is available for inspection at the company’s registered office and on the company’s website at www.stor-age.co.za. The directors take full responsibility for the preparation of these preliminary summarised consolidated annual financial results and confirm that the financial information has been correctly extracted from the consolidated financial statements. The auditor’s report does not necessarily report on all of the information contained in these preliminary summarised consolidated annual financial results. Shareholders are therefore advised that in order to obtain a full understanding of the nature of the auditor’s engagement they should obtain a copy of the auditor’s report together with the accompanying financial information from the company’s registered office or on the company’s website. By order of the Board 20 June 2022 GA Blackshaw (Chairman)•, GM Lucas (CEO)*, JAL Chapman#, KM de Kock#, SJ Horton*, SC Lucas*+, P Mbikwana#, MPR Morojele#, A Varachhia# ● Non-executive # Independent non-executive * Executive + British citizen Company secretary HH-O Steyn Registered office and business address 216 Main Road, Claremont, 7708 Transfer secretaries Computershare Investor Services Proprietary Limited 2nd Floor, Rosebank Towers 15 Biermann Avenue, Rosebank 2196 Sponsor Investec Bank Limited 100 Grayston Drive Sandown, Sandton 2196