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NATIONAL Storage REIT (ASX: NSR) has more than doubled its after tax profit to $103.4 along with a 47 per cent lift in revenue as it was able to charge higher fees per square metre while lowering its debt.
The Brisbane-based company, which is one of Australia's largest self-storage providers with 116 centres, grew its revenue by 47 per cent to $118 million while total assets under management increased by 21 per cent to $1.16 billion.
National Storage has spent $138 million on 15 acquisitions in the 2016-17 financial year and this has been a major strategy focus for the company.
"Our results reflect the continued successful execution of our growth strategy, transacting $138 million in acquisitions which has seen total assets under management surpass $1.16 billion, cementing our position as the largest storage owner-occupier in Australasia," says National Storage MD Andrew Catsoulis (pictured).
NSR reported REVPAM (revenue per available metre) growth of 5.2 per cent from $202 to $212, while underlying earnings rose 57 per cent to $45.7 million on FY16.
The company provided underlying earnings guidance of between $49.5 million and $52 million for FY18 and earnings per share guidance of between 9.6 and 10.1 cents.
"The potential for organic growth, portfolio development and our acquisition pipeline across Australia and New Zealand remains strong and we will continue to look to execute high quality acquisition opportunities," Catsoulis says.
NSR confirmed a final distribution of 4.6 cents per share, totalling 9.2 cents per share for FY17.
Shares in the company were down just over one per cent to $1.54 at around 1.40pm (AEST).
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Business News Australia
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