Highlights

  • Storage King Group operates self-storage centres across Australia and New Zealand.
  • The company completed internalisation of management arrangements on 30 June 2026.
  • FY2026 Revenue increased while funds from operations declined during the period.
  • The group continued portfolio expansion through new stores and development activity.

Storage King Group (ASX:SKG) owns and operates self-storage centres across Australia and New Zealand. The company’s FY2026 reporting period included a change in management structure, a name and ticker transition, and continued Investment across its self-storage portfolio.

Recent Developments

Storage King completed the internalisation of its management on 30 June 2026, ending the previous external arrangement with Abacus Group. The company stated that the move is expected to deliver annualised cost savings of approximately A$7 million and, on a pro forma basis, around 6% accretion to funds from operations per security.

Following the internalisation, the company changed its name from Abacus Storage King to Storage King Group, with the ASX ticker changing to SKG from 6 July 2026.

Business Operations

Storage King Group owns and operates self-storage centres across Australia and New Zealand, with a portfolio weighted towards metropolitan locations. The company describes its structure as a vertically integrated self-storage REIT, combining ownership, operations and Brand Management within one listed entity.

Financial and Operational Position

For FY2026, Storage King reported revenue of A$236.0 million, representing growth of 3.3%. Funds from operations declined 3.4% to A$82.1 million, equivalent to 6.24 cents per security. Statutory profit was A$154.3 million, and distributions were maintained at 6.20 cents per security.

Total Assets increased 8.1% to A$3.9 billion, while net tangible assets rose 1.7% to A$1.77 per security. Gearing was 33.7%, within the company’s stated target range of 25% to 40%. The average cost of Debt was 3.1%, or 4.2% including capitalised interest.

Portfolio Expansion and Development

During FY2026, Storage King invested A$78 million across portfolio additions, opening four next-generation stores, completing five store expansions and adding approximately 10,000 square metres of net lettable area.

The medium-term development pipeline includes 16 planned stores representing approximately 110,000 square metres, along with expansions of around 23,000 square metres.

Factors to Monitor

The company has provided FY2027 distribution guidance of 4.50 cents per security, with management attributing the change to near-term interest cost impacts as hedging arrangements roll off. Future updates may provide further information on funds from operations, occupancy trends, development activity and the benefits from internalisation.

Risks

Storage King Group remains exposed to interest rates, refinancing conditions, occupancy levels and development execution. Changes in self-storage demand, housing activity and operating conditions across Australia and New Zealand may also affect future performance.

Key Insights

Storage King Group’s FY2026 update reflects a transition period following the internalisation of its management structure. The company is combining operational control with portfolio expansion, while future disclosures will provide visibility on earnings, distribution outcomes and development progress.