National Storage Reit · ASX:NSR
National Storage Reit — Investor Presentation (March 2023)
24 slides from National Storage Reit's investor presentation, Mar 22, 2023
Slide 1: Business Update and Equity Raising
National Storage REIT BUSINESS UPDATE AND EQUITY RAISING 22 March 2023 NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES
Slide 2: Disclaimer
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES DISCLAIMER This presentation has been prepared by National Storage REIT (“NSR”) comprising National Storage Holdings Disclaimer Limited (ACN 166 572 845) (“NSHL”) and National Storage Financial Services Limited (ACN 600 787 246 and To the maximum
Slide 3: Disclaimer (cont'd)
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES DISCLAIMER (CONT’D) Market and industry data Past performance Certain market and industry data used in connection with this presentation may have been obtained from This presentation contains information as to past performance of NSR. Such informa
Slide 4: Disclaimer (cont'd)
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES DISCLAIMER (CONT’D) Forward-looking statements (cont.) arising in connection with this presentation. Accordingly, no assurances or guarantees of future performance, profitability, distributions, or returns of capital are given by NSR or any other
Slide 5: Executive Summary
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES EXECUTIVE SUMMARY BUSINESS UPDATE AND EQUITY RAISING TO FUND GROWTH INITIATIVES & STRENGTHEN BALANCE SHEET ▪ Strong REVPAM growth announced as part of the 1H FY23 results has continued into 2H FY23 – demonstrating the strength of the business Oper
Slide 6: Equity Raising
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES EQUITY RAISING $300 MILLION INSTITUTIONAL PLACEMENT & UP TO $25 MILLION SECURITY PURCHASE PLAN ▪ Fully underwritten institutional placement to raise $300 million ▪ Issue price to be determined via a variable price bookbuild with a range of $2.33 –
Slide 7: Sources & Uses and Key Metrics
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES SOURCES & USES AND KEY METRICS PROCEEDS USED TO FUND STRATEGIC GROWTH INITIATIVES AND REPAY DEBT Sources and uses Key metrics Sources $m Key metrics Placement proceeds $300.0 Bookbuild price range $2.33 – $2.41 Total $300.0 Discount to last close
Slide 8: Uses of Proceeds: Acquisitions
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES USES OF PROCEEDS: ACQUISITIONS COMMITTED ACQUISITIONS OF $81 MILLION ▪ The Equity Raising provides NSR the funding capacity to execute its consolidation strategy Additional 5 sites settled for $32 million ▪ Acquisition pipeline remains strong – NS
Slide 9: Uses of Proceeds: Developments
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES USES OF PROCEEDS: DEVELOPMENTS 12 COMMITTED PROJECTS WITH A COST TO COMPLETE OF $124 MILLION ▪ Targeting development, expansion and redevelopment projects 3 projects completed in FY23 to date, adding 11,000m2 of NLA providing additional built capa
Slide 10: Uses of Proceeds: Strengthening Balance Sheet
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES USES OF PROCEEDS: STRENGTHENING BALANCE SHEET REMAINING PROCEEDS USED TO REPAY DEBT AND REPLENISH INVESTMENT CAPACITY Dec-22 ▪ Pro forma December 2022 gearing(1) will reduce from 27% to 24% Capital Management Pro Forma(1)(2) Reported post the Plac
Slide 11: Timetable
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES TIMETABLE INDICATIVE TIMETABLE Event Date(1) Trading halt and announcement of the Placement Wednesday, 22 March 2023 Placement Placement bookbuild Wednesday, 22 March 2023 Announcement of outcome of Placement Thursday, 23 March 2023 Trading halt l
Slide 12: Pro Forma Balance Sheet
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES PRO FORMA BALANCE SHEET PRO FORMA GEARING TO DECREASE TO 24% Dec-22 pro forma Placement and Dec-22 Post balance sheet date (post Placement and $m (reported) adjustments(2) Dec-22 pro forma strategic growth strategic growth initiatives(3) initiativ
Slide 13: Appendix
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES Appendix ▪ Key Investment Risks 14 ▪ International Offer Restrictions 18 ▪ Summary of Underwriting Agreement 21 13
Slide 14: Key Investment Risks
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES KEY INVESTMENT RISKS Investors should carefully consider the risk factors described below, in addition to the other information in this 1.5 Valuations document and publicly available information of NSR, before making an investment decision. If you
Slide 15: Key Investment Risks (cont'd)
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES KEY INVESTMENT RISKS (CONT’D) 1.10 Future acquisitions and expansion 1.14 Forecast distributions NSR may consider opportunities to make further acquisitions of self-storage assets. NSR may also develop No assurances can be provided in relation to
Slide 16: Key Investment Risks (cont'd)
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES KEY INVESTMENT RISKS (CONT’D) 1.20 Occupational health and safety have in recent times been subject to wide fluctuations and volatility, which in many cases may reflect a There is a risk that liability arising from occupational health and safety m
Slide 17: Key Investment Risks (cont'd)
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES KEY INVESTMENT RISKS (CONT’D) 2.7 Taxation risk There may be tax implications arising from applications for Stapled Securities (including New Securities), the receipt of distributions (if any) and returns of capital from NSR, and on the disposal o
Slide 18: International Offer Restrictions
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES INTERNATIONAL OFFER RESTRICTIONS This document does not constitute an offer of New Securities of NSR in any jurisdiction in which it would be Language of documents in Canada. Upon receipt of this document, each investor in Canada hereby unlawful.
Slide 19: International Offer Restrictions (cont'd)
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES INTERNATIONAL OFFER RESTRICTIONS (CONT’D) New Zealand Securities have been, or will be, filed with or approved by any Swiss regulatory authority or authorized review This document has not been registered, filed with or approved by any New Zealand
Slide 20: International Offer Restrictions (cont'd)
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES INTERNATIONAL OFFER RESTRICTIONS (CONT’D) United States This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States. The New Securities have not been, and will not be, registered under
Slide 21: Summary of Underwriting Agreement
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES SUMMARY OF UNDERWRITING AGREEMENT National Storage Holdings Limited (“Company”) and National Storage Financial Services Limited (“RE”) as responsible entity for the National Storage Property Trust (“Trust”) (each of the Company and the RE an “Issu
Slide 22: Summary of Underwriting Agreement (cont'd)
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES SUMMARY OF UNDERWRITING AGREEMENT (CONT’D) • an Issuer is prevented from allotting or issuing any New Securities within the time required by the timetable for the Placement and the SPP, the Offer Documents, the Listing Rules, the ASX Settlement Op
Slide 23: Summary of Underwriting Agreement (cont'd)
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES SUMMARY OF UNDERWRITING AGREEMENT (CONT’D) • hostilities not existing at the date of the Underwriting Agreement (whether war has been declared or not) or a major escalation in existing hostilities occurs (whether war has been declared or not) invo
Slide 24: Thank You
THANK YOU mT } [ationa. [STORAGE] er camer, \ ca = ss me] Ty "Qn PERSONAL BUSINESS TRAILER STORAGE STORAGE HIRE ———
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