Highlights

  • Storage King Group (ASX:SKG) completed management internalisation on 30 June 2026.
  • FY26 statutory net profit was AUD 154.3 million, while funds from operations reached AUD 82.1 million.
  • The group held 151 owned Assets at 30 June 2026, including 132 trading stores and 19 development sites.
  • FY26 distributions totalled 6.20 cents per security, unchanged from FY25.

Storage King Group (ASX:SKG) invests in, operates and manages self-storage facilities across Australia and New Zealand through its property portfolio and Storage King operating platform. Its securities closed at AUD 1.13 on 10 November 2026. The group entered FY27 following a change in its management structure, with the completion of internalisation on 30 June 2026 and a new company name and ASX Code effective from 6 July 2026. Its FY26 results show operating activity across an expanding storage network alongside higher financing costs and a lower statutory profit.

FY26 Results: Earnings and Distributions

For the financial year ended 30 June 2026, Storage King Group (ASX:SKG) reported statutory net profit after tax of AUD 154.3 million, compared with AUD 289.0 million in FY25. Total Revenue and other income declined 28.7% to AUD 328.3 million.

FFO decreased 3.4% to AUD 82.1 million from AUD 85.0 million, while underlying earnings eased to AUD 85.4 million from AUD 85.9 million. FFO per security was reported as 6.24 cents in the Appendix 4E, against 6.47 cents a year earlier. Total FY26 distributions remained at 6.20 cents per security, split into two 3.10-cent half-year distributions. Net tangible assets increased to AUD 1.77 per security at 30 June 2026, from AUD 1.74 at the previous year-end.

Portfolio Scale and Operating Conditions

At 30 June 2026, Storage King Group (ASX:SKG) reported a network of 204 operating stores, comprising 132 group-owned trading stores and 72 third-party-owned stores. Its 151 owned assets included 19 future development sites. The self-storage property portfolio was valued at approximately AUD 3.64 billion, up from AUD 3.37 billion at 30 June 2025.

The established portfolio recorded occupancy of 90.2% at FY26, compared with 91.2% in FY25. Average rent increased to AUD 378 per square metre from AUD 373, while revenue per available metre rose to AUD 341 from AUD 340. The group identified competitive discounting, inflation-related pressure and weaker New Zealand conditions among the challenges affecting trading.

Internalisation, Development and Financial Risks

On 30 June 2026, Storage King Group (ASX:SKG) brought its management functions in-house, acquiring its Responsible Entity and related Trustee entities and ending the former external management arrangements. The transaction involved a headline consideration of AUD 19 million plus approximately AUD 5 million for net assets, subject to adjustments.

The group acquired six self-storage sites for AUD 78.0 million during FY26, including three operating facilities and three development sites. It identified 16 developments under construction or planned for delivery over the short to medium term. Gearing increased to 33.7% at 30 June 2026 from 29.3% a year earlier, within the stated 25%–40% target range. Financing expenses, occupancy and development leasing therefore remain important considerations for FY27.

Key Insights

Storage King Group (ASX:SKG) finished FY26 with a larger property portfolio, broadly stable underlying earnings and unchanged annual distributions, but lower FFO and statutory profit. Its newly internalised operating structure and development pipeline provide identifiable areas to monitor.