National Storage REIT posts 8% first-half underlying earnings lift
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The news: National Storage REIT saw its first-half underlying earnings lift 8.2% to $84.3 million, which has been attributed to “strong centre operating performance and contribution from new acquisitions and developments”.
The numbers: The underlying earnings figure was just below market consensus expectation of $85.6 million, according to Visible Alpha.
Net profit meanwhile fell 16.2% to $73.7 million when compared to the previous corresponding period. That came below the expected $162.1 million.
The board also approved the fully franked dividend six cents per stapled security that was previously estimated and announced in December. This is slightly ahead of the expected 5.9 cents per stapled security.
The context: During the period occupancy across the reportable group increased by 0.9% to 81.7%. The business also acquired 12 established storage centres for $200.3 million. It is also maintaining a development pipeline of 43 projects.
The source: ASX
