National Storage (NSR) H2 2025 earnings summary

Executive summary

• IFRS profit after tax reached $236.1 million, with EPS at 17.07 cents and underlying EPS at 11.9 cents, up 6.4% year-over-year.

• Underlying earnings grew 6.4% to $164.0 million, and total centre revenue increased 5.1% to $366.8 million.

• Portfolio expanded to over 275 centres, with 20 new centres added and net lettable area up 9.3% to 1,521,300m².

• Net tangible assets per security rose 2.4% to $2.58, reflecting strong operational performance.

• Distribution per stapled security increased to 11.1 cents.

Financial highlights

• Operating margin (excluding lease expenses) was 69%, reflecting increased statutory costs and targeted marketing.

• Total assets grew 12.6% to $5.8 billion, with investment properties valued at $5.3 billion, up 9%.

• Gearing increased to 33.0%, within the 25%-40% target range.

• Weighted average primary cap rate tightened by 7bp to 5.84%.

• REVPAM rose 1.0% to $277.3/m², while group occupancy declined 1.2% to 80.8%.

Outlook and guidance

• FY26 underlying EPS guidance set at a minimum of 12.4 cents per security, with underlying earnings expected to exceed $173 million.

• Distribution guidance of at least 12.4 cents per security, with 90%-100% payout of underlying earnings.

• 15%-20% of distribution to be a fully franked dividend from FY26.