This article is from the Australian Property Journal archive
Australia and New Zealand’s largest self-storage provider, National Storage REIT (NSR), completed another seven facility projects in the first half of 2025, adding more than 49,000 sqm of lettable area to its $5.1 billion property portfolio.
Managing director Andrew Catsoulis yesterday said the seven new developments have the potential to generate approximately $15 million of additional revenue once stabilised.
NSR settled on 20 acquisitions in the first half totalling $185 million, including 14 additional sites for future developments, “providing a pipeline of new development opportunities in key areas,” Catsoulis said.
“This affords NSR clear visibility and control over its medium-term growth trajectory”.
NSR now has 52 active development projects with aggregate net lettable area pipeline of approximately 453,600 sqm.
NSR yesterday reported an interim post-tax profit of $87.9 million, and earnings per security of 6.4c, up from $79.2 million and 5.8c in the prior corresponding period.
Underlying earnings for the period lifted 2.5% to $77.9 million, or 5.7 cps, operating margin was maintained at 66% and NTA increased to $2.53, with the weighted average cap rate remaining steady at 5.89%.
NSR’s total assets increased from by 4.3% to $5.3 billion, while the property portfolio rose by 4% billion, with valuation uplift again driven predominantly by improved operational performance
“We have focused on maximising RevPAM by carefully balancing rate and occupancy to achieve 3.5% RevPAM growth across the previous year,” Catsoulis said.
Its let-up portfolio of 13 developing centres, operational as of July 2023, has seen RevPAM increase 32% and occupancy up 11.6% to 56.9%.
NSR reaffirmed its FY25 underlying earnings to be a minimum of 11.8c per security and greater than $163 million.