Highlights

  • Storage King Group reported FY26 statutory profit of AUD 154.3 million and total distributions of 6.20 cents per security overall.
  • The group completed management internalisation on 30 June 2026, becoming a vertically integrated self-storage platform listed on ASX during FY26.
  • Net tangible Assets increased to AUD 1.77 per security from AUD 1.74 at the previous June financial year end overall.
  • Underlying Earnings reached AUD 85.4 million, broadly matching the prior year despite costs associated with the management internalisation process overall.

Storage King Group (ASX:SKG), formerly Abacus Storage King (ASX:ASK), delivered its full-year results for FY26 on 14 August 2026, marking a significant structural milestone with the completion of management internalisation. The group reported a statutory profit of $154.3 million for the year ended 30 June 2026 and declared a total distribution of 6.20 cents per security (cps), comprising a first-half payment of 3.10cps and a second-half payment of 3.10cps.

Management Internalisation and Rebranding

Storage King Group completed the internalisation of its management platform on 30 June 2026, acquiring 100% of the securities in Storage King Funds Management Limited (formerly Abacus Storage Funds Management Limited) from Abacus Group (ASX:ABG) for a consideration of $19 million plus approximately $5 million for net assets. The internalisation was expected to generate annual cost savings of approximately $7 million and is anticipated to drive approximately 6% FFO per security accretion on a pro forma FY26 basis. As part of this transition, the company changed its name from Abacus Storage King to Storage King Group and its ASX ticker from ASK to SKG, effective 6 July 2026. The group became the only ASX-listed, vertically integrated self-storage platform in Australasia.

Financial Performance and Portfolio Metrics

For FY26, Storage King Group reported total Revenue and other income of $328.3 million, while underlying earnings reached $85.4 million, broadly in line with the prior year figure of $85.9 million. The group's Funds From Operations (FFO) reflected the transition costs associated with the internalisation and the restructuring of the management platform. Net Tangible Assets (NTA) per security improved to $1.77 at 30 June 2026, up from $1.74 at 30 June 2025, representing a 1.7% increase. The weighted average Capitalisation rate (WACR) stood at 5.43% as at 31 December 2025, having contracted by two basis points from the prior corresponding period, reflecting the premium quality of the group's self-storage portfolio.

Growth Strategy and Development Pipeline

The management internalisation was designed to capture the full benefit of scaling with strategic flexibility to support the development pipeline, future acquisitions, and the broader Storage King operating platform. The group's vertically integrated structure positions it to generate fee income from third-party capital and self-storage operating businesses, in addition to its owned portfolio returns. During HY26, the group reported FFO of $41.0 million, while statutory profit reached $71.1 million, up 4.8% on the prior corresponding period. The group's self-storage portfolio spans Australian and New Zealand markets, with a focus on metropolitan and high-density locations. Looking ahead, management indicated an initial FY27 outlook would be provided with annual results.

Stock Price Information

Storage King Group (ASX:SKG) shares were trading at $1.138 on 6 November 2026, representing a decline of 0.22% for the day. The stock has fallen approximately 20% over the past 12 months.