Abacus Storage King has announced a statutory profit of $71.1 million for the half-year ending in December, marking a 4.8 per cent increase. The storage group has continued the implementation of its revenue management system. Abacus Storage King specialises in self-storage solutions, providing secure and accessible spaces for personal and business storage needs. The company operates storage facilities across Australia and New Zealand.
The group has affirmed its full-year distribution guidance of 6.20¢ per security, targeting a payout of 90 to 100 per cent of funds from operations (FFO). However, FFO experienced a 5.3 per cent decrease, falling to $41.0 million. Despite this dip in FFO, the company remains committed to delivering value to its security holders through consistent distributions.
Established portfolio RevPAM (Revenue per Available Square Metre) saw a 1.5 per cent increase, reaching $341 per square metre. Australian RevPAM performed even stronger, with a 2.9 per cent rise. Occupancy rates experienced a slight decrease of 20 basis points, settling at 90.5 per cent.
The company completed the rollout of its proprietary revenue management system across its established portfolio during the period. This system supports dynamic pricing strategies and enhances market share without relying on substantial discounting, contributing to the overall revenue performance.
