The National Storage REIT (ASX: NSR) share price is in focus today after the company delivered a first-half FY26 IFRS profit after tax of $73.7 million and declared a fully-franked interim dividend of 6.0 cents per security.
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What did National Storage REIT report?
- IFRS profit after tax: $73.7 million (Earnings per stapled security 5.27 cps)
- Underlying earnings: $84.3 million (Underlying EPS 6.0 cps, up 8.2%)
- Group revenue per available metre (REVPAM): $286/m², up 5.3%
- Operating margin: 68%
- Net tangible assets (NTA): $2.61 per stapled security, up 1.2%
- Interim fully-franked dividend: 6.0 cps, payable 20 February 2026
What else do investors need to know?
National Storage REIT settled 18 acquisitions worth $200 million during the half, expanding its portfolio with 13 operational centres and five sites for future development. Alongside this, 11 new developments were completed in 1H FY26, adding 99,000 square metres of net lettable area.
The company also released its 2025 Sustainability Report, highlighting further progress on environmental goals, including efforts to reduce and offset Scope 1 and 2 emissions by 2030 through solar installations, LED upgrades, and other energy efficiency measures.
In December 2025, NSR entered into a scheme implementation deed with a consortium led by Brookfield Asset Management and GIC. If approved, securityholders are set to receive $2.86 per stapled security at an implied equity value of $4.0 billion.
What did National Storage REIT management say?
Managing Director Andrew Catsoulis said:
Our strong 1H FY26 earnings result has demonstrated both the resilience and embedded capacity for growth of NSR's business. Underlying earnings for the period increased by 8.2% to $84.3 million, or 6.0 cps, operating margin was 68% and NTA increased to $2.61 per stapled security. NSR's total assets increased from 30 June 2025 by 7.4% to $6.1 billion, as the total asset value of NSR's property portfolio rose by 6.2% to $5.65 billion, with valuation uplift again driven predominantly by improved operational performance, with the weighted average capitalisation rate remaining steady at 5.87%.
What's next for National Storage REIT?
Looking ahead, National Storage REIT continues to focus on portfolio expansion, with 43 active development projects and a pipeline of about 401,000m² of new space. The acquisitions and development pipeline give management clear visibility over medium-term growth.
The proposed acquisition by the Brookfield-GIC consortium remains subject to shareholder, court, and regulatory approvals, with completion targeted for the second quarter of 2026. Meanwhile, management maintains its strategy of maximising occupancy and rental rates while progressing its sustainability commitments.
National Storage REIT share price snapshot
Over the past 12 months, National Storage REIT shares have risen 23%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 5% over the same period.
