Abacus Storage King (ASX:ASK), a leader in the self-storage sector across Australia and New Zealand, presented its financial update at the Annual General Meeting held today. Reporting on its portfolio’s strength, Abacus disclosed Funds From Operations (FFO) of $81.1m and a statutory profit of $138.2m for FY24. This performance was driven by a robust portfolio, which includes 126 owned and managed locations, complemented by 75 licensed stores, serving over 70,000 customers annually.
In his address, Chair John O’Sullivan emphasised the strategic expansion through new developments, adding, “Our vision is to be the undisputed leader in the Self Storage industry by focusing on high-quality assets in strategic locations.”
The first quarter of FY25 showed promising growth with a 5.6% year-on-year rise in Revenue Per Available Square Metre (RevPAM) across the Established Portfolio. Average rent per square metre increased by 4.5% year-on-year, supported by occupancy rates that averaged 91%.
Additionally, Abacus reaffirmed its commitment to sustainability, with a pledge to achieve net zero emissions by 2030. The company reported a 6.2% reduction in greenhouse gas emission intensity over the past year and outlined a series of initiatives to enhance solar and green energy usage.
Based on strong first-quarter performance, Abacus raised its FY25 distribution guidance to 6.2 cents per security, from the prior guidance of 6.1 cents.
Shares are trading 0.16% higher at $1.22.