National Storage REIT (ASX:NSR) has delivered a robust financial performance for the half-year ended Dec. 31, 2025, headlined by a statutory IFRS profit after tax of $73.7 million.
The self-storage giant reported underlying earnings of $84.3 million, representing an 8.2% increase over the previous period, translating to an underlying earnings per security of 6 cents.
The group declared a fully-franked dividend of 6 cents per security, payable on Feb. 20.
The company's operational metrics showed significant strength, with group revenue per available metre rising 5.3% to $286/sqm.
Managing Director Andrew Catsoulis attributed the growth to a disciplined focus on occupancy and rate management, noting that total assets have climbed to $6.1 billion.
The half-year was marked by aggressive expansion, including 18 acquisitions totaling $200 million and the completion of 11 development projects that added 99,000sqm of net lettable area to the portfolio.
The announcement was underscored by a major corporate milestone: NSR has entered into a scheme implementation deed.
If approved, the deal would see securityholders receive $2.86 per stapled security, valuing the company’s equity at $4 billion and its enterprise value at $6.7 billion.