Half Year Consolidated Financial Statement
REVIEW AND RESULTS OF OPERATIONS
The Financial Statements are prepared in compliance with Australian accounting standards. Users of the financial information should familiarise themselves with the "Corporate Information" and "Basis of Preparation" in Notes 1 and 2 in the Financial Statements.
For the half-year ended 31 December 2016, total revenue increased by 46% to $54,359,000 (2015: $37,324,000) through a combination of revenue growth achieved via an increase in centre occupancy and the addition of new revenue streams with the completion of the acquisition of the Southern Cross Storage Group and additional new storage centres.
Profit after tax increased by 15% to $23,682,000 (2015: $20,620,000) and was favourably impacted by fair value adjustments associated with the carrying value of investment properties and acquisition of the Southern Cross joint venture assets in August 2016. Underlying earnings increased 40% to $20.1 million (2015: $14.3 million) through the contribution from acquisitions and improved centre operating performance.
SIGNIFICANT EVENTS AFTER BALANCE SHEET DATE
ACQUISTION OF STORAGE CENTRES
On 18 January 2017, NSR announced that it had entered into arrangements to acquire a third freehold self- storage centre in Wellington, New Zealand for NZD $9.75 million (AUD: $9.4 million). The transaction settled on 1 February 2017.
On 30 January 2017, NSR announced that it had acquired the freehold interests of two existing self-storage assets at Guildford and Rockingham in Perth, Western Australia. The transaction also involved the acquisition of two freehold land parcels adjacent to the Rockingham centre. Total consideration for the transaction is $30 million. As part of the overall transaction, NSR also negotiated improved lease terms for the Subiaco centre, securing the underlying business and long term leasehold interest.
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About National Storage REIT
National Storage (ASX:NSR) is one of the largest self-storage providers in Australia and New Zealand, with 123 centres providing tailored storage solutions to over 40,000 residential and commercial customers. NSR is the first independent, internally managed and fully integrated owner and operator of self-storage centres to be listed on the Australian Securities Exchange (ASX).
National Storage REIT