Abacus Storage King (ASK) investor relations material

Executive summary

• Delivered strong full-year results with sector-leading operating metrics, a 10% increase in net asset backing to $1.74 per share, and total assets of $3.6bn, up 11.8% year-over-year.

• Statutory profit rose to $289.0m, an increase of $150.8m compared to the previous year.

• Funds from Operations reached $85 million ($6.47 per security), with distributions of $0.62 per security, up 4.7% year-over-year.

• Portfolio comprises over 1,200,000 sqm of urban self-storage in Australia and New Zealand, with 200+ stores and a focus on prime, hard-to-replicate locations.

• Portfolio expanded through six operating store acquisitions and four development sites, adding 19,500 sqm of NLA.

Financial highlights

• Established portfolio revenue grew 5.3% year-over-year, outpacing CPI, with established occupancy at 91.2% and RevPAM growth of 4.5%.

• Operating revenue rose to $228.4m, with storage revenue at $216.0m.

• Acquisition store income rose 36.7%, and stabilizing assets saw income up 67.5% as new stores leased up ahead of expectations.

• Operating margin was 62%, down from 65% last year due to higher expenses and non-controllable cost increases.

• Operating cash flow increased 20% to $88.7 million.

Outlook and guidance

• Targeting FY26 distribution per security of $0.062, with 25% as a fully franked dividend and payout ratio expected at 90–100% of FFO.

• Expecting continued top-line growth above CPI, with margin optimization and cost moderation in FY26.

• Development pipeline to deliver over 100,000 sqm of net lettable area in the short to medium term.

• Guidance reflects a prudent approach to payout ratio amid market volatility and macroeconomic uncertainty, assuming no material deterioration in business conditions.

• Ongoing due diligence on a revised non-binding proposal from a consortium at $1.65 per security.