National Storage REIT (ASX: NSR)- National Storage profit surged 41% ahead of $155.3 million acquisitions

Real estate entity National Storage REIT today announced its results of its full year performance to 30 June 2018. Profit after tax grew 41% to $145.8 million as total revenue increased to $135.3 million from $114.1 million in previous year.

Unaudited underlying earnings up 12.5% to $51.4 million which includes higher finance cost of $19.9 million reflecting higher borrowings associated with acquisitions. Underlying earnings per share was 9.6 cents per share, in line with guidance, up 4.3% on FY17.

The group has made fair value adjustments of $89.7 million resulting from valuation uplifts of $112 million during FY18. There has been 23% increase in total assets under management to $1.4 billion over past 12 months.

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Self-storage Group, NSR has shown continued acquisition growth during the year as it reported $155.3 million of acquisitions settled in New South Wales, New Zealand, Northern Territory, Victoria, Western Australia, and Queensland during fiscal 2018. More than half of total acquisitions was made in Queensland for $83.9 million.

Company declared final distribution of 4.9 cents per share bringing total FY18 distribution to 9.6 cents per share. At 30 June 2018 cash was $21.3 million and gearing was 38%, well within the target range of 25% to 40%.

In FY19 guidance, company expects underlying EPS to range between 9.6 cents to 9.9 cents taking into account the equity raising and the gradual deployment of proceeds. Underlying earnings growth is expected to lie between $62.5 million to $64.5 million.

Today, 22 August 2018, NSR was placed in trading halt at NSR’s request, pending its outcome on institutional component of entitlement offer. Prior to trading halt which is expected to continue till Friday 24 August 2018, NSR last closed at $1.775 on 21 August 2018.

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