Slide 1: HY25 Results Presentation
Image placeholder – new filtered photos to be inserted HY25 RESULTS PRESENTATION 14 FEBRUARY 2025 StorageKing Storage KingEllenbrook, Mitcham, VIC WA Artist’s Impression: Storage King Mascot, Carlton, NSW NSWAustralia Australia
Slide 2: Agenda
ABACUS STORAGE KING HY25 RESULTS Agenda 01 HY25 highlights & growth drivers 02 Finance metrics & capital structure 03 Portfolio and platform update 04 Outlook & guidance Steven Sewell, Evan Goodridge, Nikki Lawson, Steven Sewell, Managing Director CFO GGM Self Storage Managing Director Fund Manager
Slide 3: HY25 Business Metrics
HY25 BUSINESS METRICS Resilient operating metrics underpin performance TOTAL ASSETS WACR1 GEARING NET TANGIBLE ASSETS STATUTORY PROFIT $3.3bn 5.56% 29.0% $1.60ps $67.8m 1.1% on FY24 1bp on FY24 30bps on FY24 1.3% on FY24 $67.4m on HY24 ESTABLISHED2 ESTABLISHED2 FUNDS FROM FFO PER DISTRIBUT
Slide 4: Leveraging Our Competitive Advantages
LEVERAGING OUR COMPETITIVE ADVANTAGES Uniquely positioned for continued industry leadership, innovation and growth Strong and resilient income growth profile Irreplaceable Sector Leading Multiple Growth Leading Iconic People Portfolio Operating Metrics Levers Platform Brand Leadership scale with 200
Slide 5: HY25 Highlights & Growth Drivers
Storage King Prestons, NSW Australia HY25 HIGHLIGHTS & GROWTH DRIVERS Multi-pronged growth strategy with an irreplaceable portfolio of assets, in a fragmented sector Operating performance1 Developments 5.4% revPAM growth, to $339psm Strong balance Development pipeline of 19 assets, adding 4.4% rent
Slide 6: Financial Metrics & Capital Structure
Image placeholder – new filtered photos to be inserted FINANCIAL METRICS & CAPITAL STRUCTURE EVAN GOODRIDGE Storage King Avondale, QLD Storage StorageKing KingPrestons, Deagon, NSW QLD Australia
Slide 7: FFO Waterfall
FFO WATERFALL ASK operating earnings experienced strong growth in HY25, with all store segments growing year-on-year 2.4 3.2 2.9 0.6 4.9 (0.2) 1.0 43.3 37.6 (6.6) (2.5) Leased HY24 Established Acquisition Stabilising tenancy and Operating Net interest Tax HY25 Other1 G&A FFO revenue revenue revenue
Slide 8: Balance Sheet Overview
Storage King Yarraville, VIC Australia BALANCE SHEET OVERVIEW Positioned to support multi-pronged, disciplined growth strategy Key metrics ($ million) HY25 FY24 Comments Established portfolio $2,409.4 $2,350.9 103 stores valued at $4,363/m² (FY24: 103 stores) Acquisition portfolio $174.9 $164.5 12 s
Slide 9: Capital Management
CAPITAL MANAGEMENT New unsecured debt platform and strong acquisition capacity NTA ASK total assets Funding capacity1 HY25 avg. cost of debt2 Gearing3 Debt term to maturity $1.60ps $3.3bn c.$600m 4.0% 29.0% 2.6yrs Debt expiry profile Interest rate hedging on drawn Hedging profile expiry debt as at 3
Slide 10: Valuation Update
Storage Artist’s King St Impression: Lukes,King Storage NewMascot, Zealand NSW Australia VALUATION UPDATE Resilient property values supported by income growth and structural sector drivers $3,078m $42m ($5m) $60m $2,928m $60m ($7m) 30 June 2024 Acquisitions Divestments Capex & other Market income Ca
Slide 11: Investment Portfolio Performance
Storage King Granville, NSW Australia Image placeholder – new filtered photos to be inserted INVESTMENT PORTFOLIO PERFORMANCE NIKKI LAWSON Storage King Avondale, QLD Artist’s Impression: Storage King Mascot, NSW Australia
Slide 12: HY25 Portfolio Snapshot
HY25 PORTFOLIO SNAPSHOT Acquisitions, stabilising portfolio and development sites account for 25% of total property asset value Operating / Trading Stores Segment Established portfolio Acquisition portfolio Stabilising portfolio Development sites Mature stores open since Mature stores acquired post
Slide 13: Store Operating Trends by Region
STORE OPERATING TRENDS BY REGION WA and NSW fastest growing regions in the established portfolio % NLA Breakdown by State 1 HY24 RevPAM $ HY25 RevPAM $ NSW 29% VIC 19% QLD 17% NZ 14% 382 WA 11% 352 347 339 ACT 8% 336 332 329 322 322 319 316 307 300 SA 2% 292 258 253 % Value Breakdown by State NSW 37
Slide 14: Right Sized New Stores in Prime Locations
RIGHT SIZED NEW STORES IN PRIME LOCATIONS Our next generation developed stores are leasing up ahead of expectations Most recent newly created stores Storage King Brendale, QLD Store Open Date Age NLA Occupancy Granville, NSW Apr-24 9 months 7,200m2 43% Currumbin, QLD Feb-24 11 months 6,900m2 60% Bre
Slide 15: Development Pipeline
DEVELOPMENT PIPELINE Set to deliver 191 developments (adding 17% to NLA) and six expansions (adding 3% to NLA) in the short to medium term New store projects Expansion of existing stores Spend to date2 Cost to complete2,3 Est. completion value NLA Cost to complete NLA $246m $281m $636m 112,000sqm $3
Slide 16: Platform Initiatives
Image placeholder – new filtered photos to be inserted PLATFORM INITIATIVES Storage StorageKing KingClayton, Epping, VIC Storage King Woonona, NSW Australia
Slide 17: Storage King – Leading Platform
STORAGE KING – LEADING PLATFORM Focused approach to long term brand management CUSTOMER Rated most recognised Self AGREEMENTS2 Storage brand in Australia1 75,000+ AVERAGE CUSTOMER NPS1 Rated most searched Self Storage brand in Australia3 70 5 points vs. FY24 1. Australia and New Zealand as per Sel
Slide 18: Optimising Revenue Through Automation
Storage King Dee Why, NSW Australia OPTIMISING REVENUE THROUGH AUTOMATION ASK’s pathway to building an intelligent, data-driven pricing system for long-term growth 3) Advanced analytics and optimisation • Test pricing strategies in live market • Refine models for automation and efficiency 1) Data an
Slide 19: Sustainability Highlights & Initiatives
SUSTAINABILITY HIGHLIGHTS & INITIATIVES Customer experience: 70 NPS score (FY24: 65 NPS score) Gender equality, diversity and inclusion: Whole business: 52% female (HY24: 50%) Senior management: 29% female (HY24: 29%) Net zero by 2030 scope 1 and 2 GHG1: Board approved target for ASK owned stores Em
Slide 20: Outlook & Guidance
OUTLOOK & GUIDANCE STEVEN SEWELL Storage King Epping, VIC Australia
Slide 21: Outlook & Guidance
Storage King Prestons, NSW Australia OUTLOOK & GUIDANCE Outlook Underpinned by our multi-pronged growth strategy, we remain confident that ASK is well positioned to leverage our key enablers and deliver recurring income and value creation over the medium to long term • Organic – positive sector driv
Slide 22: Appendices
APPENDICES 24 STATUTORY EARNINGS RECONCILIATION SLIDE 23 FFO RECONCILIATION SLIDE 24 BALANCE SHEET ALLOCATION SLIDE 25 CAPITAL METRICS SLIDE 26 STORAGE KING NETWORK SLIDE 27 GLOSSARY SLIDE 28 IMPORTANT INFORMATION SLIDE 29 Storage King Greensborough, VIC, Australia
Slide 23: Statutory Earnings Reconciliation
STATUTORY EARNINGS RECONCILIATION Performance metrics ($m) HY25 HY24 TERM DEFINITION Statutory profit 67.8 0.4 FFO is in line with the PCA’s definition and comprises net Fair value adjustments (34.6) 41.3 profit/loss after tax attributable to stapled security holders, Depreciation on owner occupied
Slide 24: Operating Profit and FFO Reconciliation
OPERATING PROFIT AND FFO RECONCILIATION Performance metrics ($m) HY25 HY24 Comments Storage revenue 106.9 96.4 $4.9m from established, $3.2m from acquisitions & $2.4m from stabilising assets Leased tenancy $3.0m, net fee revenue from 75 third party stores $3.6m (HY24 $4.5m from 82 third Leased tenan
Slide 25: HY25 Balance Sheet Allocation
HY25 BALANCE SHEET ALLOCATION 31 December 2024 30 June 2024 $ 3.3bn 86% OPERATING Established stores Total Assets $2,409m $ 3.2bn 84% OPERATING Established stores Total Assets $2,351m Acquisition stores $175m Acquisition stores $165m STORES STORES $2.8bn Stabilising stores $219m $2.7bn Stabilising s
Slide 26: Capital Metrics
CAPITAL METRICS Capital management metrics HY25 FY24 Comments Total bank debt facilities $1,250m $1,250m New unsecured syndicated facility Total bank debt drawn $1,010m $990m Term to maturity 2.6yrs 2.7yrs Term bridge facility to be refinanced with longer tenor Interest rate hedging 77% 70% Weighted
Slide 27: Storage King Network
STORAGE KING NETWORK 201 operating stores across Australia & New Zealand 126 751 1.2 million Total land area (sqm) REGIONAL QLD Abacus Storage King stores LICENSED 149 3 QLD WA 23 22 SUNSHINE COAST 1 BRISBANE 14 14 13 4 GOLD COAST 8 5 Assets owned by Abacus Storage King SA 126 trading stores NSW NEW
Slide 28: Glossary
GLOSSARY Term Definition Term Definition ABG Abacus Group JV Joint venture ANZ Australia and New Zealand LTI Lost time injuries Australian equivalents to International Financial Reporting AIFRS NLA Net lettable area Standards ASK Abacus Storage King NTA Net tangible assets ASX Australian Securities
Slide 29: Important Information
IMPORTANT INFORMATION The information provided in this document is general, and may not be suitable for the specific purpose of any user of this document. It is not financial advice or a recommendation to acquire Abacus Storage King securities (ASX:ASK). Abacus Storage King believes that the informa