Storage King (SKG) AGM 2026 summary

Opening remarks and agenda

• Agenda comprised the Chair’s address, the Managing Director and CEO’s address, and business of the meeting, led by John O’Sullivan and Nikki Lawson.

Financial performance review

• FY26 FFO was $82.1m, down 3.4% YoY; FFO per security was 6.24cps, down 3.6%; statutory profit was $154.3m, down $134.7m YoY.

• FY26 total assets were $3.9bn; gearing 33.7%, up 440bps YoY; NTA was $1.77/security, up 8.1%; WACR was 5.42%, down 3bps.

• In 1Q27, storage rental income rose 6% YoY; average rent was $382/sqm, up 3.0%, and RevPAM was $338/sqm, up 1.4%. Average occupancy was 88.4%, down 150bps YoY.

• FY26 Australian operating metrics included RevPAM growth of 2.7% to $348/sqm, rent growth of 3.0% to $384/sqm, and occupancy of 90.7%, down 30bps YoY.

Board and executive committee updates

• John O’Sullivan was Independent Chair and Non-Executive Director, and Chair of the Nomination Committee; he also served on the Audit & Risk and People and Remuneration Committees.

• Sally Herman chaired Audit & Risk; Karen Robbins chaired People and Remuneration. Both were Independent Non-Executive Directors and served on the other listed board committees.

• Mark Bloom and Clive Berelowitz were Non-Executive Directors; Nikki Lawson was CEO and Managing Director and a member of the Nomination Committee.