National Storage Reit · ASX:NSR
National Storage Reit — FY2025 Earnings Presentation
45 slides from National Storage Reit's earnings presentation, Aug 21, 2025
Slide 1: FY25 Results
FY25 RESULTS For the year ended 30 June 2025 1
Slide 2: Storage centre photos
Harristown, QLD Richlands, QLD Maidstone, VIC Midland, WA Coburg, VIC Loganholme, QLD 2 Crestmead, QLD Queenstown, NZ Henderson, WA
Slide 3: Agenda
AGENDA PAGE SECTION 04 FY25 HIGHLIGHTS 17 FINANCIAL RESULTS 21 DEVELOPMENTS & ACQUISITIONS 28 OUTLOOK 31 GLOSSARY & DISCLAIMER 33 APPENDICES 3
Slide 4: FY25 Highlights
FY25 HIGHLIGHTS 4
Slide 5: FY25 Highlights
FY25 HIGHLIGHTS IFRS profit $236.1 million (EPS 17.1 cents) | Underlying EPS 11.9 cents FINANCIAL HIGHLIGHTS OPERATIONAL HIGHLIGHTS CAPITAL STRENGTH Underlying Underlying Total Net Lettable Operating Total Weighted Average Earnings(1) EPS(1) Centres Area Margin(3) Assets(2) Primary Cap Rate $164.0m
Slide 6: Exceptional Profile of Growth and Returns
EXCEPTIONAL PROFILE OF GROWTH AND RETURNS Track record of delivering securityholder returns Total Securityholder Returns Total Revenue 450 400 NSR: 331% 350 Total 300 CAGR 21% +331% Securityholder 250 $m Returns 200 150 100 ASX 200 A-REIT: 214% 50 0 CY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23
Slide 7: Focused strategy driving consistent and sustainable growth
FY25 HIGHLIGHTS Focused strategy driving consistent and sustainable growth AUSTRALIA & NEW ZEALAND’S LARGEST SELF STORAGE OWNER / OPERATOR 1 Providing tailored storage solutions to approximately 94,500 customers. NET TANGIBLE ASSETS Up 2.4% to $2.58 NTA per security, reflecting strong operational pe
Slide 8: Portfolio – June 2025
PORTFOLIO – June 2025 Australia & New Zealand’s largest owner / operator of self storage 274 CENTRES 274 Total Centres ▪ 20 additional centres in FY25 ▪ Built capacity: 1,521,000m2 ▪ #1 in Australia and New Zealand (1) 21 Developments Under Construction GROWTH PIPELINE ▪ 21 world-class centres eithe
Slide 9: Australian Centres
REPORTABLE GROUP Core Portfolio Occupancy 85.9% # Assets Occupancy Rate REVPAM NLA CORE 105 85.9% $377.6 $318.8 608,200 Occupancy: 80%+ AUSTRALIAN CENTRES CORE PLUS Occupancy: 70 - 80% 57 76.3% $324.4 $248.5 280,300 VALUE ADD 16 66.7% $341.1 $227.1 68,800 Occupancy: <70% CENTRES NEW ZEALAND NZ 30 75
Slide 10: Portfolio Snapshot
PORTFOLIO SNAPSHOT Embedded growth potential from existing built NLA Development Capital Operating Assets Group Let-Up Acquisitions Wine Ark Total & Expansions Partnerships Assets 208 13 22 17 12 2 274 NLA – Total (m2) 1,113,500 106,600 98,400 100,000 101,900 900 1,521,300 NLA - Average Centre (m2)
Slide 11: Operational Metrics
OPERATIONAL METRICS Sustained REVPAM growth REVPAM $277.3/m2 (+1.0%) Reportable Group REVPAM 300 ▪ Disciplined optimisation of rate and occupancy 275 ▪ Broad-based growth, including WA, QLD, NSW & ACT CAGR since 250 +10% June 2020 Rate $346.7/m2 (+2.5%) A$ 225 ▪ Active management of rate driving REV
Slide 12: Growing Occupancy
GROWING OCCUPANCY Multi-channel marketing campaign and new customer incentives Marketing and promotional initiatives have generated a strong growth in enquiries Enquiry Trends ▪ The “Make Space” campaign launched in Australia and NZ across multiple platforms in April 2025, with TV and streaming laun
Slide 13: Revenue Growth Drivers
REVENUE GROWTH DRIVERS Strong NLA growth Highlights NLA and Total Centre Revenue(1) 1,750,000 400,000 1,500,000 350,000 Total Built FY25 Acquisition & 300,000 NLA Development Spend 1,250,000 Total Centre Revenue ($k) 250,000 1,521,300m2 $664m(2) NLA (SQM) 1,000,000 200,000 750,000 150,000 % 500,000
Slide 14: Valuation Update
VALUATION UPDATE Portfolio valuation update – NTA per security $2.58 (+2.4%) Valuation Update - June 2025 Independent external valuations and desktop assessments have been undertaken for NSR’s wholly-owned 30 June 2025 30 June 2024 properties at 30 June 2025 Valuation WACR Valuation WACR Net Tangibl
Slide 15: National Storage Ventures Fund
NATIONAL STORAGE VENTURES FUND Partnership with GIC is deploying $498m of capital into self-storage assets managed by NSR ▪ Ownership: NSR 25% / GIC 75% Partnership ▪ Initial Term: Not less than 5 years, with the with GIC option to extend by mutual agreement ▪ 16 self-storage assets Fund Assets ▪ De
Slide 16: Capital Partnerships & Asset Recycling
CAPITAL PARTNERSHIPS & ASSET RECYCLING Accelerating growth in a capital-efficient manner FY25 ACHIEVEMENTS FY26 OBJECTIVES National Storage Ventures Fund (NSVF), a JV with GIC, NSVF TRANCHE 1 was established in 2024 to DEVELOPMENT FUND (TRANCHE 3) support capital-efficient 10 self-storage developmen
Slide 17: Financial Results
FINANCIAL RESULTS 17
Slide 18: Profit and Loss for the Year Ended 30 June 2025
PROFIT AND LOSS FOR THE YEAR ENDED 30 JUNE 2025 Underlying Earnings growth of 6.4% S Million FY25 FY24 % Change ▪ Operating profit and margin impacted by: Total Centre Total Centre Revenue 366.8 349.0 5.1% ▪ Staffing efficiency measures Revenue Cost of goods sold (7.0) (5.3) 32.1% ▪ Q4 FY25 marketin
Slide 19: Balance Sheet as at 30 June 2025
BALANCE SHEET AS AT 30 JUNE 2025 Capacity to fund further growth $ Million Jun-25 Jun 24 % Change ▪ NTA per security increased by 6 cents (2.4%) to $2.58 Cash 65.5 55.2 18.7% per stapled security (June 2024: $2.52) (1) Investment Properties 5,318.3 4,881.8 8.9% ▪ Value of Investment Properties incre
Slide 20: Capital Management
CAPITAL MANAGEMENT Investment grade balance sheet Debt Maturity Profile (2) ▪ Baa2 (Stable Outlook) credit rating from Moody’s $ 800m ▪ Approximately $500m of investment capacity within target $ 600m gearing range $ 400m ▪ Debt facilities increased to $2,493m, $605m committed $ 200m undrawn headroom
Slide 21: Developments & Acquisitions
DEVELOPMENTS & ACQUISITIONS 21
Slide 22: Development Track Record
DEVELOPMENT TRACK RECORD Value accretion and revenue growth Developments Developments delivered since FY18 have achieved a 30.6% Trending to 10% + Yield on Cost increase in value, equivalent to a $148m valuation growth Developments typically offer an immediate positive valuation and Development Annu
Slide 23: Developments Completed
DEVELOPMENTS COMPLETED 14 developments and expansions completed in FY25(1) 14 centre developments and expansions completed in FY25, adding 98,000m2 of NLA (average 7,000m2 per centre) Delivered strong valuation uplift against cost: - Total Development Costs: $294m - Typical 40% - 50% value uplift on
Slide 24: Developments Under Construction
DEVELOPMENTS UNDER CONSTRUCTION 21 projects totalling 194,000m2 of additional NLA under construction or with DA Sustainable development pipeline Development Pipeline 194,000m2 of NLA under construction and with DA Under Concept Design Total approved Construction(1) & Planning Projects # (2) 21 33 54
Slide 25: Developments Future Pipeline
DEVELOPMENTS FUTURE PIPELINE Total development pipeline 54 projects (potential for 489,000m2 additional NLA) Development Pipeline Under Concept Design Total Construction(1) & Planning NSR leads the industry with an established future pipeline of 33 projects at the Concept Design and Projects # (2) 2
Slide 26: Acquisition Track Record
ACQUISITION TRACK RECORD Value accretion and revenue growth Acquisitions NSR has an established track-record of achieving strong Significant growth in passing yields since acquisition uplifts in both asset values and yields Acquisitions Yield Accretion at 30 June 2025 Self storage centres acquired s
Slide 27: Acquisitions
ACQUISITIONS NSR has acquired 419,300m2 acquired since FY20 28 acquisitions settled in FY25 for $303m Storage Centre Acquisitions Acquisition Track Record ▪ 10 established operating storage centres 419,300 1 1 366,700 ▪ 2 newly completed self-storage centres NSW 316,200 ▪ 16 new development sites, b
Slide 28: Outlook
OUTLOOK 28
Slide 29: FY26 Guidance
F Y 2 6 G U I D A N C E (1) Underlying EPS minimum 12.4cps EPS Bridge (cps): FY25 to FY26 FY26 Guidance (1) UNDERLYING Minimum 12.4cps EPS UNDERLYING Greater than $173m EARNINGS 90% - 100% payout of Underlying Earnings DISTRIBUTION GUIDANCE 15-20% of Distribution to be comprised of a fully franked d
Slide 30: Thank You
THANK YOU invest@nationalstorage.com.au nationalstorage.com.au 30
Slide 31: Glossary
SOUPSETRAAI N T IA OBNI LAI TLYUUPPDDAAT ET E GLOSSARY Key terms referred to in this presentation Term Definition Term Definition AI Artificial Intelligence Operating Assets ASX Australian Securities Exchange • 22 centres as at 30 June 2025, comprised CAGR Compound annual growth rate • Acquisition o
Slide 32: Disclaimer
DISCLAIMER This presentation has been prepared by National direct or indirect loss or damage which may be These forward-looking statements are not or any change in the events, conditions or Storage REIT (“NSR”) comprising National Storage suffered through the use, or reliance on, anything guarantees
Slide 33: Appendix: Strategy
APPENDIX: STRATEGY 33
Slide 34: NSR Vision & Mission
NSR VISION & MISSION Our Vision – Our Mission – To be a world leader in the provision of United as one team, we commit to consistently and innovative and sustainable self-storage solutions responsibly deliver on our four pillars of strategic growth ORGANIC ACQUISITIONS, TECHNOLOGY GROWTH DEVELOPMENT
Slide 35: Innovation & Automation
INNOVATION & AUTOMATION Targeted AI solutions across key focus areas CUSTOMER CUSTOMER CUSTOMER SOFTWARE SECURITY ANALYTICS INTERACTION ENGAGEMENT SEGMENTATION DEVELOPMENT AI-led Utilising machine AI-driven threat Machine learning AI-enabled AI-assisted coding automated learning detection for insigh
Slide 36: Sustainability Framework
SUSTAINABILITY FRAMEWORK FOUR PILLARS APPROACH TO SUSTAINABILITY STRATEGY ENVIRONMENT PEOPLE GOVERNANCE ▪ Sustainability is a core ▪ Environmentally ▪ Talent attraction ▪ Trust & transparency pillar of NSR’s strategy efficient operations and retention ▪ Responding to ▪ Economic ▪ Sustainable ▪ Emplo
Slide 37: People
PEOPLE Fostering wellbeing and professional growth, enhancing the employment experience, and playing an active role in the community VALUE PROPOSITION WELLBEING COMMUNITY ▪ Leadership capability ▪ Benefits for employees ▪ Longstanding and collaboration, and families commitment to driving excellence
Slide 38: Sustainability
SOUPSETRAAI N T IA OBNI LAI TLYUUPPDDAAT ET E SUSTAINABILITY Delivering sustainability objectives Lowering emissions per m2 of NLA ENVIRONMENT PEOPLE GOVERNANCE 10,000 28.2 9,000 26.3 8,000 Scope 1 & 2 emissions – TCO2e 24.3 7,000 6,000 21.0 19.6 5,000 4,000 ▪ 151 solar system ▪ 52% women in our ▪ O
Slide 39: Appendix: Case Studies, Portfolio Metrics
APPENDIX: CASE STUDIES, PORTFOLIO METRICS 39
Slide 40: Selected Recent Developments
SELECTED RECENT DEVELOPMENTS IMAGE Salisbury, QLD Campbellfield, VIC Wangara Central, WA Henderson, WA 9,100m² / 500 units 9,350m² / 800 units 8,655m² / 775 units 6,200m² / 500 units Total Development Costs: $30.0m Total Development Costs: $36.2m Total Development Costs: $17.1m Total Development Cos
Slide 41: Case Study – Marion (Adelaide), SA
CASE STUDY – MARION (ADELAIDE), SA Staged development maximises value and minimises customer impact Development metrics ▪ Stage 1 (Complete): 4,100m2 storage NLA, 340 units BEFORE ▪ Stage 2 (Under Construction): 10,500m2 storage NLA, 769 units Project delivery insights ▪ Staged approach results in h
Slide 42: Case Study – Caboolture, QLD
CASE STUDY – CABOOLTURE, QLD Redeveloping a brownfield site into a performing self storage facility Development metrics ▪ 5,300m2 storage NLA added (10,700 NLA total) ▪ 430 units added (850 total across the 2 sites) BEFORE Project delivery insights ▪ Proportionally lower cost base increases efficien
Slide 43: Case Study – Chelsea Heights, VIC
CASE STUDY – CHELSEA HEIGHTS, VIC Expansion & Redevelopment Rebuild and transformation of Chelsea Heights centre BEFORE Centre originally acquired in December 2020, with a track record of strong performance Expansion achieved: - Growth in NLA: 1,700m² to 10,153m² AFTER - Growth in units: >860 new un
Slide 44: Portfolio Metrics
PORTFOLIO METRICS FY23 slide 30 June 2024 30 June 2025 Capital Capital Australia New Zealand Total Australia New Zealand Total Partnerships Partnerships Freehold Centres 208 34 1 243 215 36 12 263 Leasehold Centres 11 - - 11 11 - - 11 Total Centres 219 34 1 254 226 36 12 274 Freehold NLA (m2) 1,131,
Slide 45: invest@nationalstorage.com.au nationalstorage.com.au
invest@nationalstorage.com.au nationalstorage.com.au 45