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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.
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H2 2025 earnings summary14 Aug, 2025

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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Frequently asked questions

Abacus Storage King is a company that specializes in owning, operating, and managing self-storage facilities as well as holding an investment portfolio that includes self-storage properties and other investments. The company operates within the self-storage Real Estate Investment Trusts (REITs) sector and has established a significant presence in this niche market. The company is headquartered in Sydney, New South Wales, and its shares are listed on the ASX.

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