National Storage reports profit of $79.2m

21 February 2024

National Storage REIT (ASX: NSR) today announces its financial results for the half year ended 31 December 2023 with an IFRS profit after tax of $79.2 million.

Managing Director Mr. Andrew Catsoulis said, “NSR has delivered a strong 1H FY24 result in the face of a challenging economic environment. We have focused on maximising REVPAM by carefully balancing rate and occupancy to achieve REVPAM growth for the half. It was particularly pleasing to see the 1.3% REVPAM growth delivered in the December quarter.”

NSR continued to successfully execute its acquisition and development strategy with 13 acquisitions settled in 1H FY24 totalling $124 million. This included 6 new development sites, providing an important future pipeline of development opportunities in key areas, which affords NSR clear visibility and control over its medium-term growth trajectory. NSR now has 41 active development projects with aggregate NLA pipeline of approximately 343,000m.

Mr. Catsoulis said, “Our development team is working diligently to progress these individual development opportunities from a design, planning and cost perspective. This ensures that we are in a position to activate these specific development projects as and when it is deemed most advantageous.”

NSR reaffirms its FY24 underlying earnings per security to be a minimum of 11.3 cps, subject to no material changes in market conditions or operating environment.

NSR reaffirms its policy to distribute 90%-100% of underlying earnings.