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Highlights
- Abacus Storage King reports strong FY24 performance with Funds From Operations (FFO) of $81.1 million and a statutory profit of $138.2 million.
- The company experienced a 5.6% increase in Revenue Per Available Square Metre (RevPAM) for Q1 FY25, driven by strong rental growth and high occupancy.
- Abacus has committed to achieving net zero emissions by 2030, with a 6.2% reduction in greenhouse gas emissions over the past year.
Abacus Storage King (ASX:ASK), a leading provider of self-storage services across Australia and New Zealand, today provided a solid financial update at its Annual General Meeting (AGM). The company reported Funds From Operations (FFO) of $81.1 million and a statutory profit of $138.2 million for the financial year ending June 30, 2024 (FY24). The positive results were driven by a robust portfolio of 126 owned and managed locations, complemented by 75 licensed stores, serving over 70,000 customers annually.
Chairman John O'Sullivan highlighted the company’s strategic expansion, stating, “Our vision is to be the undisputed leader in the Self Storage industry by focusing on high-quality assets in strategic locations.” This focus on growth and prime locations has helped Abacus strengthen its position in the competitive self-storage market.
Strong Start to FY25
Abacus also reported positive momentum for the first quarter of FY25, with a 5.6% year-on-year rise in Revenue Per Available Square Metre (RevPAM) across its established portfolio. The company experienced a 4.5% increase in average rent per square metre, reflecting strong demand for its storage solutions. Occupancy rates remained robust, averaging 91% across its locations.
The company’s strong performance in the first quarter of FY25 has led to an increase in its distribution guidance for the full year. Abacus has raised its FY25 distribution forecast to 6.2 cents per security, up from the prior guidance of 6.1 cents.
Commitment to Sustainability
Abacus continues to prioritise sustainability, with a goal to achieve net zero emissions by 2030. The company reported a 6.2% reduction in greenhouse gas emission intensity over the past year, in line with its ongoing efforts to reduce its environmental impact. Abacus also outlined several initiatives to increase the use of solar and green energy across its facilities as part of its long-term sustainability strategy.
Looking Ahead
Abacus Storage King’s strong FY24 results and positive outlook for FY25 reflect the company’s solid operational performance, strategic growth initiatives, and commitment to sustainability. With continued demand for self-storage services and a focus on expanding its high-quality portfolio, Abacus is well-positioned to maintain its leadership in the self-storage industry across Australia and New Zealand.
