National Storage (NSR) H1 2025 earnings summary

Executive summary

• IFRS profit for 1H FY25 was $87.9 million, up 11% compared to the previous half; underlying earnings rose 2.5% to $77.9 million.

• Revenue for the half-year ended 31 December 2024 rose 9.5% to $190.5m, driven by self-storage growth, higher rates per sqm, and new developments and acquisitions.

• Storage revenue increased 8% year-over-year, driven by REVPAM growth and acquisitions.

• Portfolio expanded to 264 centres, with 20 acquisitions and 7 developments completed in 1H FY25.

• Market leader in Australasia with 15.8% market share by NLA.

Financial highlights

• Group REVPAM rose 3.5% to $276/m²; group rate up 8.5% to $347/m².

• Occupancy at established centres was 80.3% at period end, supporting further growth potential.

• Net profit after tax was $87.9m, up from $79.2m in the prior corresponding period.

• Total assets increased to $5.38b; NTA per security up 0.4% to $2.53.

• Operating margin held steady at 66%; operating profit up 6.5% to $117.7m.

Outlook and guidance

• FY25 underlying earnings guidance affirmed at a minimum of 11.8cps and greater than $163 million.

• Distribution guidance set at 90%-100% of underlying earnings.

• NSR maintains a robust development pipeline with 51 projects, expected to add 407,200m² to its portfolio.

• Over $643m in undrawn funding available, with $563m having a tenor greater than one year.

• Well over $800m of headroom before reaching the upper end of the target gearing range (25%-40%).