Abacus Storage King (ASK) H1 2026 earnings summary

Executive summary

• Delivered solid operational and financial performance in HY26, with statutory net profit after tax rising to $71.1 million and continued RevPAM growth, supported by strong demand for self-storage assets in Australia and New Zealand.

• Net tangible assets per security increased to $1.76, up from $1.74 at June last year, with total assets reaching $3.7 billion.

• Portfolio includes 130 owned trading stores, 74 third-party managed, and a development pipeline, serving over 75,000 customers annually.

• Acquired four assets for $58.1 million and invested in development sites, supporting long-term growth.

• Development pipeline remains robust, with 18 new developments and 8 expansions set to add 20% to total NLA in the short to medium term.

Financial highlights

• Statutory profit rose 4.8% year-over-year to $71.1 million; FFO for HY26 was $41.0 million or 3.12cps, down from $43.3 million in HY25.

• Total revenue for the half-year was $122.6 million, up from $118.9 million year-over-year.

• Net tangible assets per security at $1.76; gearing at 31.9% with $500 million funding capacity.

• Operating margin held steady at 61% despite higher land taxes and statutory expenses.

• Interim distribution of 3.1 cents per security declared, to be paid in February 2026.

Outlook and guidance

• Affirmed FY26 distribution guidance of 6.20cps, with payout ratio expected at 90–100% of FFO.

• Development pipeline to deliver nearly 120,000 sqm of new lettable area, with two further store openings expected in the second half.

• Management anticipates continued inflationary and high interest rate pressures through FY26 but considers the business well positioned.

• Confident in leveraging multi-pronged growth strategy, with no material deterioration in business conditions assumed.

• Full-year cost of debt expected to rise by 50 basis points to around 3.5% reported, or 4.5% including capitalized interest.