National Storage REIT
NSR.ASXReal Estate
Manages and operates self-storage centres.
Latest Earnings
NSR Half Year Results Announcement
11 February 2026
National Storage REIT delivered strong half-year results with underlying EPS growing 8.2% to 6.0 cents and REVPAM increasing 5.3%, while maintaining a healthy 68% operating margin. The company has entered into a takeover scheme with Brookfield and GIC that values NSR at $2.86 per security, representing a 26.5% premium to the undisturbed share price. With 18 acquisitions totalling $200 million and 11 completed developments adding significant capacity, NSR is well-positioned for continued growth. Key points: Strong underlying earnings growth of 8.2% to $84.3 million (6.0 cps); REVPAM increased 5.3% to $286.0/m2 with strong occupancy and rate growth; Healthy operating margin of 68% maintained
Recent Announcements
Ceasing to be a substantial holder
UBS Group AG ceased to be a substantial holder.
Ceasing to be a substantial holder
JPMorgan Chase & Co. and its affiliates ceased to be a substantial holder.
Ceasing to be a substantial holder
BlackRock Group (BlackRock Inc. and subsidiaries named in Annexures ceased to be a substantial holder.
Becoming a substantial holder
UBS Group AG became a substantial holder (10.54%).
Ceasing to be a substantial holder
Pinnacle Investment Management Group Limited ceased to be a substantial holder (20%).
NSR Half Year Results Presentation
NSR delivered strong 1H FY26 results with underlying earnings growing 8.2% to $84.3m and underlying EPS up 5.3% to 6.0 cents. The company continues to expand its portfolio with 293 total centres and strong operational metrics including 81.7% occupancy and $286/m2 REVPAM. NSR has agreed to a takeover by Brookfield and GIC consortium for $2.86 per security, representing a 26.5% premium. Key points: Strong underlying earnings growth of 8.2% to $84.3m with underlying EPS up 5.3% to 6.0 cents; Portfolio expansion to 293 centres with 1.65m sqm of NLA, up 8.4%; Solid operational performance with 81.7% occupancy and REVPAM of $286/m2 (+5.3%)
NSR Half Year Results Announcement
National Storage REIT delivered strong half-year results with underlying EPS growing 8.2% to 6.0 cents and REVPAM increasing 5.3%, while maintaining a healthy 68% operating margin. The company has entered into a takeover scheme with Brookfield and GIC that values NSR at $2.86 per security, representing a 26.5% premium to the undisturbed share price. With 18 acquisitions totalling $200 million and 11 completed developments adding significant capacity, NSR is well-positioned for continued growth. Key points: Strong underlying earnings growth of 8.2% to $84.3 million (6.0 cps); REVPAM increased 5.3% to $286.0/m2 with strong occupancy and rate growth; Healthy operating margin of 68% maintained
Appendix 4D
National Storage REIT delivered solid operational performance in H1 FY26 with revenue growing 10.8% to $211.1M and underlying earnings up 8.2% to $84.3M. However, statutory profit fell 16.2% to $73.7M due to adverse fair value adjustments, while the interim dividend increased to 6.0 cents fully franked. Key points: Revenue growth of 10.8% to $211.1M demonstrates strong operational momentum; Underlying earnings increased 8.2% to $84.3M showing core business performance; Interim dividend increased to 6.0 cents fully franked, up from 5.5 cents in prior period
Preliminary Final Report
National Storage REIT reported FY2025 revenue growth of 10% to $392.4M, with IFRS profit after tax up 3% to $236.1M, though underlying earnings grew a more modest 6% to $164.0M due to significant fair value adjustments of $90.2M. The REIT maintained distributions with a final payment of 5.6 cents per unit, bringing total FY2025 distributions to 11.1 cents per unit (unfranked), while NTA backing increased to $2.58 per security. Key points: Revenue growth of 10% to $392.4M demonstrates solid operational expansion; Underlying earnings grew 6% to $164.0M, reflecting core business performance; Maintained full-year distributions at 11.1 cents per unit (5.6 cents final + 5.5 cents interim)
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