salvation
National Storage REIT (NSR) today announces its financial results for the half-year ended 31
December 2020 with an A-IFRS profit after tax of $101.4 million (EPS 9.98cps / Underlying EPS1
3.9cps).
KEY HIGHLIGHTS
• A-IFRS profit after tax of $101.4 million
• 1H FY21 underlying earnings1 of $39.2 million, up 14%
• 1H FY21 underlying EPS1 of 3.9cps
• Total assets2 of $2.81 billion, up 14%
• Net tangible assets $1.72 per stapled security, up 4.2%
• 18 acquisitions totalling $258 million settled in 1H FY21
• 19 active development projects providing NLA pipeline of approximately 130,000m2
• FY21 underlying earnings guidance range revised to 8.1 - 8.5cps
FINANCIAL RESULTS
Managing Director Mr Andrew Catsoulis said, “NSR has again delivered a strong result as we
continue to execute our growth strategy.”
Underlying earnings for the period increased by 14% to $39.2 million. NSR continued to
successfully execute its acquisition and development strategy with 18 acquisitions settled
totalling $258 million, along with seven development and expansion projects completed in 2020
adding almost 40,000m2 of new NLA. NSR’s NTA per security increased to $1.72, while total assets
increased by 14% to $2.81 billion.
OPERATING RESULTS
Combined Australian and New Zealand occupancy increased by 7.8% to 85.4% with all
Australian states and New Zealand showing strong growth.
“NSR has continued to demonstrate positive occupancy growth with 96,000m2 of occupancy
added since June 2020 and 62% of centres above 85% occupied, with Tasmania and ACT both
sitting at over 90% occupied.” said Mr Catsoulis.
1 - Underlying earnings is a non-IFRS measure (unaudited)
2 – Net of Finance Lease Liability
NATIONAL STORAGE REIT (NSR)
National Storage Holdings Limited (ACN 166 572 845)
National Storage Financial Services Limited (ACN 600 787 246 AFSL 475 228) as responsible entity for
National Storage Property Trust (ARSN 101 227 712)
As a business, NSR continues to execute its “four pillars” growth strategy. This strategy focuses on
achieving organic growth through rate and occupancy increases, maintaining its acquisition
pipeline, undertaking high-quality developments and expansions in key markets - all overlayed
by its use of new technology and innovation initiatives.
NSR has significant built capacity within the existing portfolio of approximately 110,000m2 of
occupancy “runway” available across Australia and New Zealand before NSR reaches an
occupancy level of 90%, which should generate up to $32 million of additional revenue if
achieved. Given NSR’s relatively fixed cost base, the majority of this potential revenue should fall
to underlying earnings.
DEVELOPMENT AND EXPANSION PIPELINE
NSR is pleased to announce 19 active projects with nine new projects currently under
construction. Upon completion, NSR’s current development pipeline will add an aggregate NLA
of approximately 130,000m2, providing important additional built capacity.
Mr Catsoulis said “NSR continues to utilise a combination of greenfield development and
expansion projects, turnkey and joint venture arrangements in order to capitalise on its in-house
development expertise and provide enhanced revenue and capital outcomes for NSR.”
OUTLOOK
Subject to no material changes in market conditions or operating environments, including no
material deterioration in COVID-19 restrictions, regulations and impact, NSR’s FY21 guidance
range for underlying earnings will be 8.1 to 8.5 cents per stapled security.
NSR’s distribution guidance is in line with NSR’s distribution policy of 90% - 100% of underlying
earnings.courtesy of Bell Direct
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i do not hold this share ( i keep missing my entry points , one day , maybe )