National Storage REIT full-year profit lifts 3% to $236m
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The news: Self-storage provider National Storage REIT (NSR) has reported a 3% increase in full-year profit to $236.1 million, from $230.3 million in the preceding year.
The numbers: Its full-year profit result topped estimates of $217 million, according to Visible Alpha figures.
FY25 underlying earnings per security came in at 11.9 cents per share. This represents $164 million in underlying earnings overall, up 6.4% on the previous year.
Valuation of NSR's investment properties increased by 9% year on year to $5.3 billion, predominantly driven by improved operational performance. Throughout the year, 28 acquisitions totalling $303 million were settled and 14 developments were completed.
Group revenue per available metre (REVPAM) hit $277.3 per square metre, up 1%. Total lettable areas increased by 9.3% to more than 1.5 million square metres. Group occupancy fell 1.2% to 80.8%.
The company declared a final dividend of 5.6 cents per unit, taking the full-year dividend to 11.1 cents. This was just above the payout of 11 cents expected by analysts and declared last year.
For FY26, NSR is guiding underlying earnings "to be a minimum of 12.4 cents per share and greater than $173 million". It also reaffirmed its policy to distribute 90 to 100% of underlying earnings and that from FY26 the company aims for 15 to 20% of the distribution guidance to be a fully franked dividend.
The context: NSR managing director Andrew Catsoulis said that the company's let-up portfolio — which includes recently developed centres — grew strongly with REVPAM lifting 17.1% and occupancy lifting 63.6%.
NSR also has 54 active development projects with an aggregate net lettable area of about 489,000 square metres.
