National Storage REIT (ASX:NSR) has announced robust financial outcomes for FY24, with earnings rising by 9% to $154m. The Brisbane-based self-storage leader, which now operates over 250 centres across Australia and New Zealand, also reported record revenue of $355m, underscoring its strong position in the sector. Notably, the company’s portfolio value increased by 11%, reaching $4.7bn, supported by a steady capitalisation rate of 5.91%.
NSR’s Chairman, Anthony Keane, highlighted the REIT’s resilience, stating, “The ability to grow revenue and earnings, despite economic challenges, is a testament to our operational strength and ongoing expansion strategy.”
Expansion was a central theme of the chairman’s address, with NSR adding nearly 73,000 square metres of new lettable area through 11 developments and acquiring 12 centres during FY24. Over 222,000 square metres are under development for FY25 and beyond.
In addition, NSR formed a significant partnership with GIC earlier this year to launch a $270m joint venture aimed at developing new self-storage centres.