King of abacus storage (ASX:ASK)leader in the self-storage industry in Australia and New Zealand, presented its financial update at the Annual General Meeting held today. Reporting on the strength of its portfolio, Abacus disclosed Funds From Operations (FFO) of $81.1 million and statutory profit of $138.2 million for fiscal year 24. This performance was driven by a robust portfolio, including 126 owned and operated locations, complemented by 75 licensed stores, serving more than 70,000 customers annually.
In his speech, chairman John O’Sullivan highlighted strategic expansion through new developments, adding: “Our vision is to be the clear leader in the self-storage industry by focusing on high-quality assets in strategic locations.”
The first quarter of fiscal 2025 showed promising growth with a 5.6% year-over-year increase in revenue per available square foot (RevPAM) across the consolidated portfolio. Average rent per square foot increased 4.5% year over year, supported by occupancy rates averaging 91%.
Additionally, Abacus reaffirmed its commitment to sustainability, with a commitment to achieve net-zero emissions by 2030. The company reported a 6.2% reduction in greenhouse gas emissions intensity in the latest year and outlined a series of initiatives to improve the use of solar and green energy.
Based on strong first quarter performance, Abacus raised its distribution guidance for fiscal 25 to 6.2 cents per title, from previous guidance of 6.1 cents.
The shares are trading up 0.16% at $1.22.