The National Storage REIT (ASX: NSR) share price is in focus today as it holds its annual general meeting (AGM). In FY25, Australia and New Zealand's largest self-storage provider reported a gross revenue increase of 10.4% to $392 million and underlying earnings growth of 6.4% to $164.0 million.
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What did National Storage REIT report in FY25?
- Gross revenue up 10.4% to $392 million
- Underlying earnings rose 6.4% to $164.0 million
- IFRS profit of $236.1 million
- Underlying EPS up 5.3% to 11.9 cents per stapled security
- Net Tangible Assets (NTA) increased to $2.58 per security, up 2.4%
- FY25 total return of 7.2%
What else do investors need to know?
National Storage continued to ramp up its expansion, deploying around $664 million into new acquisitions, developments, and expansion opportunities during FY25. This included the completion of 14 development projects that added 98,000 square metres of new lettable area and the settlement of 28 acquisitions totalling $303 million.
Occupancy and rate growth remained positive, with the rate per square metre rising to $347 and group REVPAM (revenue per available square metre) increasing by 1% to $277. The company now manages over 280 storage centres with total built capacity reaching 1.52 million square metres.
What's next for National Storage REIT?
Looking to FY26, National Storage is targeting minimum underlying EPS of 12.4 cents per stapled security and underlying earnings greater than $173 million. The group's development pipeline features more than 50 projects, with approximately 490,000 square metres of new lettable area scheduled for completion over the next two to three years.
The company remains focused on organic growth, strategic acquisitions, investment in technology, and sustainability initiatives, including progressing towards its emissions reduction targets by 2030.
National Storage REIT share price snapshot
Over the past 12 months, the National Storage REIT share price has fallen 6%, trailing the S&P/ASX 200 Index (ASX: XJO) which has risen around 8% over the same period.
