This article is from the Australian Property Journal archive
NATIONAL Storage REIT has posted record occupancy growth in the first five months of the financial year and enjoyed stronger revenue rates, while adding $263 million worth of new centres and development sites to its portfolio.
Occupancy growth of 78,000 sqm from the beginning of July to the end of November represented 8.0% of total net lettable area, and took combined Australian and New Zealand same-centre occupancy to 85.7%, up from 78.9% at the end of June.
Same centre REVPAM continued to improve, up 6.2% from $195 to $207.
The trust has acquired 17 centres and two development sites so far in FY21, including a portfolio of nine centres in greater Melbourne with more than 38,000 sqm of net lettable area and opportunities for future expansion.
Its portfolio now comprises 206 centres across Australia and New Zealand.
Another five expansion and development projects recently completed or nearing completion will add 31,000 sqm to its portfolio. Four new development sites totalling about 15,000 sqm in land area are contracted and under due diligence with additional locations under investigation in greater Melbourne, Sydney and Brisbane metro regions, the trust said.
First half estimated distribution of 4.0 cents per stapled security is in line with guidance range for FY21 earnings. Full year earnings per security is expected to be at the upper end of the guidance range of 7.7 cps to 8.3 cps, and distribution guidance is 90% to 100% of underlying earnings.
