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Abacus Storage King (ASK) investor relations material
Abacus Storage King H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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.
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