Slide 1: HY24 Results Presentation
WN | king °° HY24 RESULTS PRESENTATION 16 FEBRUARY 2024
Slide 2: Agenda
ABACUS STORAGE KING HY24 RESULTS Nl iing 2 Agenda 01 Introduction and O Finance metrics and O 3 Investment portfolio O 4 O 5 HY24 highlights capital structure performance Platform initiatives Outlook & guidance Steven Sewell, Evan Goodridge, Nikki Lawson, Nikki Lawson, Steven Sewell, Managing Direct
Slide 3: Introducing Abacus Storage King
INTRODUCING ABACUS STORAGE KING AN | iting °° VISION: To be the undisputed leader in the Self Storage industry by being the most respected, responsive, and recognised owner, operator and manager Sessa ABACUS STORAGE KING (ASX:ASK) Managed by Abacus Group (ASK:ABG) CAPITAL STRUCTURE Conservative bala
Slide 4: HY24 Business Metrics
HY24 BUSINESS METRICS A | iting TOTAL ASSETS, WACR' GEARING NET TANGIBLE ASSETS NET ZERO $3.1bn 5.67% 29.3% $1.52ps 2030 @ 10bps on FY23 ESTABLISHED? ESTABLISHED? FUNDS FROM FFO PER SECURITY DISTRIBUTION PER OCCUPANCY REVPAM OPERATIONS (FFO) SECURITY 90.4% $324 $37.6m 3.0cps 3.0cps 10bpson HY23 4.8%
Slide 5: HY24 Financial Metrics
N| The kings of storage, moving & more wer HY24 FINANCIAL METRICS EVAN GOODRIDGE
Slide 6: HY24 Operating Earnings Summary
HY24 OPERATING EARNINGS SUMMARY Nl iing 2 Strong revenue growth and attractive operating margin of 66% Performance metrics ($m)! HY24 HY235 Change % Storage revenue 96.4 87.4 10.3 HY24 Performance 2 Leased tenancy and fee revenue (net) 68 6.2 97 + Growth in operating revenue of 10.3% driven by: Oper
Slide 7: Capital Management
CAPITAL MANAGEMENT N ling 2° Significant capacity to fund growth initiatives NTA! ASK total assets Acquisition capacity? Avg. cost of drawn debt? Gearing* Debt term to maturity $1.52ps $3.1bn ~$250m 3.3% 29.3% 3.2yrs Debt expiry profile Interest rate hedging - Hedging profile expiry drawn debt $m @
Slide 8: Balance Sheet
BALANCE SHEET N ling 2° Strong balance sheet with the ability to deliver continued growth 31 December 2023 Investment properties $2,691.4m PP&E and equity accounted investments $53.1m Growth drivers Goodwill and intangibl 72.51 —=—vrer* $72.5m > aw m Established 69% —» Organic growth from structural
Slide 9: Valuation Update
Storage King New Lynn, New Zealand VALUATION UPDATE Resilient property values supported by income growth and structural sector drivers King ABG assets acquired at de-staple a ; PS2im | $48m $2,691m $2,531m Total portfolio +10bps Total portfolio WACR:5,.57% WACR: 5.67% adi assets acql Abacus Storage
Slide 10: Portfolio Operating Performance
AN | iing 2° PORTFOLIO OPERATING PERFORMANCE NIKKI LAWSON
Slide 11: Self Storage - Positive Drivers
SELF STORAGE - POSITIVE DRIVERS A range of demand and supply drivers support sector resilience Structural Population Emerging category growth Sustained population growth 0.21 sqm! Self Storage per 4 overall market size capita in Australia 0.25 sqm! in New Zealand, 0.56 sqm! in the USA, AN | iting °°
Slide 12: HY24 Revenue Growth
HY24 REVENUE GROWTH N liang The established portfolio has consistently delivered RevPAM growth in recent years Growth in established portfolio RevPAM - structurally higher post-COVID due to increasing consumer awareness! Rental Rate CAGR (HY18-HY24) row Pre-COVID CcOovID Post-COVID 4 T% 400 ef /o p-
Slide 13: HY24 Portfolio Snapshot
HY24 PORTFOLIO SNAPSHOT Nl iing 2 Stabilising portfolio and development sites account for 16% of property asset value e Operating Stores ° Segment Established portfolio Acquisition portfolio Stabilising portfolio Development sites Definition Mature stores open at { July 2022 Be tuy082 Post Trading s
Slide 14: Store Operating Trends by Region - Established
STORE OPERATING TRENDS BY REGION - ESTABLISHED AN | king 2° WA and SA fastest growing regions 1 mHY23 RevPAM$ — mh HY24 RevPAM $ NSW VIC QLD 8.6% 4 3.0% D 2.3% @ 15.8% 410.8% 10.1% Total 48% Share of HY24 QLD 15% Revenue acrie \ WAII% e mSA 2% | Share of HY24 a LD 14% Valuation Barns ACT 14% WA9% nL
Slide 15: HY24 Acquisitions
HY24 ACQUISITIONS Acquisition opportunities in a fragmented sector support portfolio growth * $161 million invested in HY24 acquisitions including $84 million acquired as part of the de-staple from ABG, $67 million on three operating stores and $10 million on two development sites * Added 16,600 sqm
Slide 16: Development Pipeline
DEVELOPMENT PIPELINE Nl iing 2 Set to deliver 18! developments (110,000 NLA) and 5 expansions (15,500 NLA) in the short to medium term e New store projects ° e Expansion of existing stores ——————® Spend to date Cost to complete? Est. completion value NLA Cost to complete NLA $211m $264m $564m 110,00
Slide 17: Platform
AN | iing 2° PLATFORM NIKKI LAWSON “1” Storage King St Lukes, New Zealand
Slide 18: Storage King - Leading Platform
STORAGE KING - LEADING PLATFORM Nl iing 2 Focused approach to long term brand management * * x* x % << BRANDED SEARCH! TOTAL ENQUIRIES? CUSTOMER NPS? rated most recognised Self i Storage brand in Australia #1 IN CATEGORY +4% 66 CP seit storage association BR oAustroiasia CANSTAR Length of tenant sta
Slide 19: Platform Optimisation
PLATFORM OPTIMISATION Operating margin enhancement potential over the medium to longer term Market Share by NLA highlights the f nak; Economies of scale ragmentation' 8 DUD} kis well placed to capitalise on industry consolidation and achieve economies of scale. Opportunity for platform growth throug
Slide 20: ASK ESG Initiatives to Drive Income and Value
ASK ESG INITIATIVES TO DRIVE INCOME AND VALUE Net zero emissions by 2030! @ Governance Board 60% 40% female. dependent, Risk Management Framework 9 tionalised. Diversity & Inclusion Em ees 50% female, % male. & Waste Management & Recycling At least 85% recycled in boxes terial 4 Energy Efficiency 97
Slide 21: Outlook & Guidance
N| OUTLOOK & GUIDANCE STEVEN SEWELL
Slide 22: Outlook & Guidance
OUTLOOK & GUIDANCE WN lifting 2 Outlook Underpinned by our multi- pronged growth strategy, namely: * Organic ~ positive sector drivers, supported by sector leading SK operating platform * Acquisitions ~ fragmented sector provides acquisition opportunities * New store creation ~ substantial developme
Slide 23: Appendices
N| APPENDICES STATUTORY EARNINGS RECONCILIATION SLIDE 24 FFO EARNINGS SUMMARY SLIDE 25 OPERATING PROFITRECONCILIATION — SLIDE 26 BALANCE SHEET ALLOCATION SLIDE 27 CAPITAL METRICS SLIDE 28 INVESTMENT PORTFOLIO METRICS. SLIDE 29 STORAGE KING NETWORK SLIDE 30 GLOSSARY SLIDE 31 IMPORTANT INFORMATION SLI
Slide 24: Statutory Earnings Reconciliation
STATUTORY EARNINGS RECONCILIATION Nl iing 2 Performance metrics ($m) HY24 TERM DEFINITION Net profit attributable to ASK securityholders 0.4 Fair value adjustments M3 FFO js in line with the PCA's definition and comprises net profit/loss after tax attributable to stapled security holders, calculated
Slide 25: FFO Earnings Summary
FFO EARNINGS SUMMARY Nl iing 2 Performance metrics ($m)! HY24 HY233 Comments Rental income 96.8 87.5 Increase by $9.3m ($5.1m from acquisitions* & stabilising assets) Merchandise income 19 2.2 Income from merchandise sales at ASK owned stores Fee income 89 88 Fees derived from revenue of 82 licensed
Slide 26: Operating Profit and FFO Reconciliation
OPERATING PROFIT AND FFO RECONCILIATION Nl iing 2 Performance metrics ($m)! HY24 Comments Storage revenue 964 — Comprises $94.5m rental income associated with stores and $1.9m of merchandise income Leased tenancy and fee revenue (net) 68 ae iecintane dace commercial tenancies, $8.9m fee income less
Slide 27: HY24 Balance Sheet Allocation
HY24 BALANCE SHEET ALLOCATION Nl iing 2 3 ¥ bn 31 December 2023 Total Assets Established stores $1,888m 80% OPERATING STORES Acquisition stores $402m $2.5bn Stabilising stores $200m Un-zoned council land S147 8% | DEVELOPMENT STORES Council approved $15m $0.2bn Under construction $88m Listed securit
Slide 28: Capital Metrics
CAPITAL METRICS N ling 2° Capital management metrics as at 31 December 2023 Comments Total bank debt facilities $1,250m Increased and extended banking facility by $250 million to $1.25 billion Total bank debt drawn $961m Term to maturity 3.2yrs Interest rate hedging 72% Weighted average hedge maturi
Slide 29: Investment Portfolio Metrics
INVESTMENT PORTFOLIO METRICS Nl iing 2 % NLA Breakdown by State Performance metrics Australia New Zealand HY24 HY23 . = NSW 28% No. of assets 120 16 136 127 Vic 20% NLA (sqm) 538,489 77,666 616155 570,205 BQO TSS mw NZ 13% ; Oceupaney’ (%) 899 927 904 905 waa Rental rate! ($ psm) 355 374 358 341 iN
Slide 30: Storage King Network
STORAGE KING NETWORK' 198 operating stores across Australia & New Zealand storage king ° A LICENSED REGIONAL QLD QLD . rays) @O@ 7238 cowcorst @ @ SA — 2 NSW mag ag DO x—-8e vem OO ee REGIONALNSW secs VIC nega oe So: _ New Zealand REGIONAL ; © oe WN | iting 2° 1.1 million Total land area (sqm) on Ab
Slide 31: Glossary
GLOSSARY AN | iting °° TERM DEFINITION TERM DEFINITION ABG Abacus Group NLA Net lettable area AIFRS Australian Equivalents to International Financial Reporting Standards NTA Net tangible assets ASK Abacus Storage King NPS. Net promoter score ASX Australian Securities Exchange PCA Property Council Au
Slide 32: Important Information
IMPORTANT INFORMATION N ling 2° 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