National Storage (NSR) AGM 2024 summary

Opening remarks and agenda

• Acknowledgement of traditional custodians and welcome to the 2024 AGM, held as a hybrid meeting with both in-person and virtual participation options.

• Overview of meeting procedures, including voting and Q&A processes, with all resolutions to be decided by poll.

• Chairman Anthony Keane and Managing Director Andrew Catsoulis delivered addresses to open the meeting.

• Introduction of board members, executive team, and external representatives, with specific mention of director re-elections and new appointments.

Financial performance review

• FY 2024 underlying earnings increased by 8.7% to AUD 154.2 million, with total revenue at AUD 355 million and NTA per security up to AUD 2.52.

• IFRS profit for FY24 was AUD 230.3 million; underlying EPS was 11.3 cents, down 1.7%.

• Compound annual growth rate for earnings and revenue exceeded 20% over the past decade, with total returns to securityholders surpassing 300% since listing.

• FY 2024 total shareholder return was 6.4%; Group REVPAM increased 3.1% to AUD 275.4.

• FY 2025 guidance projects underlying earnings above AUD 163 million and minimum underlying EPS of 11.8 cents.

Board and executive committee updates

• Board includes Anthony Keane (Chairman), Howard Brenchley, Inma Beaumont, Scott Smith, and Andrew Catsoulis (Managing Director).

• Inma Beaumont stood for re-election as director, and Simone Haslinger was nominated as a new non-executive director.

• Executive team features Stuart Owen (CFO & CIO), Emily Ackland (General Counsel), Nick Crang (Head of Acquisitions & Developments), and Katherine Hammond (Company Secretary & Head of Risk & Compliance).

• Remuneration policies and director fees were reviewed, with a proposed increase in aggregate non-executive director remuneration.