National Storage REIT (NSR) Earnings Call Transcript & Summary

Good morning all. I'd like to begin by acknowledging the traditional custodians of the land on which we meet today as well as the traditional custodians of land on which our centers are located across Australia and New Zealand, and I pay my respects to elders past, present and emerging. On behalf of the Board of National Storage REIT, it is my pleasure to welcome you to the 2025 Annual General Meeting. My name is Anthony Keane, and I'm the Chairman of National Storage Holdings Limited, the shares of which are stapled to units in National Storage Property Trust and listed on the Australian Securities Exchange as National Storage REIT. Our business operates across the state and territory of Australia and throughout New Zealand. We're grateful to be part of the local fabric of so many local communities and offer our thanks to all Australians and New Zealanders for their support as well as acknowledging the importance of diversity, tolerance and respect for each other on a range of issues in our daily lives. I'm also the Chairman of National Storage Financial Services Limited, the responsible entity of the National Storage Property Trust and have been appointed as Chair for the meeting of unitholders of the Trust, which will be run contemporaneously today. We are holding this year's AGM as a hybrid meeting. Securityholders were given the option to attend in-person here in Brisbane or to participate virtually through the Computershare meeting platform. The Computershare meeting platform will allow those securityholders, proxies and guests who elected to participate virtually to attend the meeting virtually. All attendees can watch a live webcast of the meeting. In addition, securityholders and proxies can ask questions and submit votes. Online attendees can submit written questions at any time. To ask a written question select the Q&A icon and type your question into the chat box. Once you're finish typing please hit the send button. Securityholders can also make comments or ask questions verbally through the questions and comments audio facility through the Computershare meeting platform. To ask a verbal question, please follow the instructions written below the broadcast. Information about the audio facility, including how to access and use the facility is set out in the notice of meetings and in the virtual meeting online guide. Please note that while you can submit your questions from now on, I will not address them until the relevant time in the meeting. Please also note that your questions may be moderated or if we receive multiple questions on one topic, amalgamated together. For those attending in-person today, there will be an opportunity for comments and questions in respect of each item of business following the conclusion of Item 8. Voting today will be conducted by way of a poll on all items of business. I will shortly open voting for all resolutions. I'll start by outlining the procedure for voting in-person. On entering the meeting, securityholders, representatives, attorneys of securityholders as well as proxy holders should have received the yellow voting card. Relevant voting instructions and all resolutions are printed on the voting cards. I encourage securityholders and representatives to complete their voting cards after each item has been discussed. However, voting cards will only be collected at the conclusion of discussion on all items of business. To vote, simply place a mark in on of the For, Against or Abstain box for each resolution. If you mark the Abstain box, your votes will not be counted for that resolution. If relevant, please indicate that you are voting as an attorney or representative. At the time of voting, if you are uncertain about any of the voting procedures or require any assistance, please see the registration desk. At the conclusion of the meetings, please ensure that you have marked your votes for the respective resolutions and then give your completed voting card to a representative of Computershare. I will now outline the procedure for voting online. If you're eligible to vote, once voting opens, press the vote icon and all resolutions that are open for voting to be activated with voting options. To cast your vote, simply select one of the options. There is no need to submit or enter button as the vote is automatically recorded. You will receive a vote confirmation notification on your screen. You can change your vote up until the time I declare voting closed. The meeting has been called under the Notice of Meeting of 22nd October 2025, details of which were sent to all securityholders. If there is no objection, I propose to take the notice as read. A copy of the notice can be found on the National Storage Investor website if required. It is now 10:05 a.m. Brisbane time, and I've been informed by our Company Secretary that a quorum is present. I formally declare the meeting open and therefore, formally open the poll for voting on each relevant item of business now. I would now like to introduce the directors, executive team and company secretaries of the company, Nonexecutive Directors; Howard Brenchley, Chair of the Audit and Risk Committee and member of Nomination and Remuneration Committees; Inmaculada Beaumont, member of the Audit Risk Nomination and Remuneration Committees; Scott Smith, Chair of the Remuneration Committee, member of the Audit and Risk and Nomination Committees; Simone Haslinger, member of the Audit and Risk Nomination and Remuneration Committee. Our executive team members, our Managing Director and CEO, Andrew Catsoulis; Chief Financial Officer and Chief Investment Officer, Stuart Owen; General Counsel, Emily Ackland; and Head of Acquisition and Development, Nick Crang. Company Secretaries, Katherine Hammond and Tanya Mangold also hold positions of Head of Risk and Compliance. Please not that Scott Smith and myself are standing for reelection, details of which are included in the notice of meeting. I'll hand the meeting over to Howard Brenchley for Item 3 for my reelection. Representatives of our auditor, Ernst & Young and our share registry Computershare, and our lawyers Allens, all are also present at the meeting today. This morning, I will provide a brief overview of our business and will then hand on to Andrew for an operational update. We'll then turn to the formal part of the meeting as set out in the Notice of Meetings. FY '25 marks NSR's 11th full year of operation post its initial public offering in December 2013. Our market capitalization now exceeded $3.2 billion. Our total assets are valued at $5.8 billion and total returns to securityholders have accumulated to more than 330% since IPO. Our compound annual growth rate for both our underlying earnings and total revenue of over 20% per annum over the last 11 years stands as one of the best and most consistently performing A-REITs over this period. NSR is a dynamic business. We actively operate over 280 storage centers in every state and territory across Australia and throughout New Zealand. We're not a passive rent collector. Our business spans multiple retail areas, including revenue management, the operation of multisite geographically diverse businesses, SEO and SEM, marketing, AI and call center operation to name a few focus areas. With 30 years of experience, our team skills and expertise are among the best in the country and are globally recognized as such by peers. We have achieved significant milestones during FY '25. Our FY '25 earnings growth has manifested in a 10.4% increase in gross revenue from $355 million to $392 million in underlying earnings growing by 6% to $265 million. NSR's net tangible assets increased by $0.06 to $2.58 as the value of our portfolio rose by 9% to $5.3 billion with valuation uplift again driven largely by improved operational performance and a weighted average portfolio and capitalization rate of 5.84%. In FY '25 alone, we have deployed approximately $664 million across new acquisitions, completed developments and expansion opportunities. This is unrivaled in the Australia and New Zealand markets and underpins our exceptional and unique ability to identify, execute and capitalize upon key opportunities self storage sector. In FY '25, NSR has been able to exceed its earnings guidance by achieving underlying earnings of $0.119 per security. This outcome has been built upon our ability to drive growth in both rate per square meter of rented space, which has increased to $347 per square meter and rent payment, which has increased by 1% to $277 per square meter. Our total build capacity now stands at 1.52 million square meters, an increase of over 9% year-on-year. The increase has been achieved through a combination of ongoing acquisition and development activity. Our significantly expedited development pipeline has over 50 current and future development projects comprising approximately 490,000 square meters of new lettable area that is expected to be completed and brought online over the next two to three years. This reflects NSR's increasing focus on high-value accretive new development opportunities and will allow us to further build on our advantage of critical mass and economies of scale in coming years. Our storage center configurations are larger to optimize land utilization, maximize construction efficiency and minimize construction costs on a per square meter of built capacity basis. These increased center sizes align closely with the upward trend and long-term growth in utilization by our ever expanding customer demographic. NSR has built on its strong relationships with various joint venture parties and capital development partnerships in FY '25. This has included completing the second tranche of the National Storage Ventures Fund, which now comprise of 16 properties deploying $498 million of total capital and resulting in $280 million of capital recycled to NSR's balance sheet. NSR has also expanded its work with the MAAS Group with eight new storage centers settled to date totaling $68.5 million and several potential new projects under active consideration. NSR has commenced work on a maturing asset recycling program, which will facilitate ongoing capital recycling from high-value mature and maturing self storage assets to assist in funding its future pipeline of acquisition, development and expansion activities. Capital management remains a core focus for our business. NSR is well supported by its core lending group and has a healthy debt profile. Gearing currently stands at 33% with an interest coverage ratio of 2.8x. Ongoing capital recycling from new development and mature and maturing asset joint ventures and capital partnerships is expected to further strengthen our balance sheet capacity in the short to medium term and provide for additional growth. NSR has again extended and improved debt headroom during FY '25 to further diversify its debt facilities. Total debt facilities increased to $2.5 billion following the issue of our inaugural $300 million 3.625% five-year exchangeable notes as well as a negotiation of an additional AUD 325 million and NZD 15 million of debt facilities with the relationship lenders. We now have an average debt term of approximately 2.9 years and undrawn committed facilities of $605 million. NSR has also taken advantage of market conditions to further enhance its hedging profile, increasing proportion of debt hedged from 43% in June 2024 to 60% in June 2025. NSR's capital management strategy remains conservative, and the company is very well positioned to execute the strategic initiatives from an ongoing acquisition and development perspective. NSR's vision statement remains aspirational, “to be a world leader in the provision of innovative and sustainable self-storage solutions. Our mission is that, “united as one team, we commit to consistently and responsibly deliver on our four pillars of strategic growth. These four pillars of growth strategy include following core principles: firstly, organic growth, optimizing occupancy and rate growth on the individual center basis combined with prudent cost management. Secondly, acquisitions, developments and expansions, identifying market-leading opportunities in combination with delivery capabilities to drive sustained growth. Thirdly, technology and automation, leadership in development and implementation of innovative technology and automation. And finally, sustainability, instilling trust and confidence that we are building a resilient and sustainable business for our stakeholders. From an environmental sustainability perspective, ongoing initiatives include continuing to progress, including solar LED lighting and highly efficient building processes such as adaptive reuse of construction materials. In the last year alone, we have significantly increased our solar installations, adding solar photovoltaic systems to another 15 centers totaling 546 kilowatt capacity. NSR now has total solar capacity of 3,446 KWp and produced approximately 4,220 megawatt hours of solar power in FY '25. Our ninth annual stand-alone sustainability reporting details NSR's progress across its four sustainability pillars, being strategy, people, environment and governance with further information regarding our short, medium and long-term sustainability targets, including NSR's commitment to reducing and offsetting its Scope 1 and 2 emissions by 2030. From a technology and innovation perspective, NSR is committed to demonstrating leadership in the development and implementation of innovative technology and automation solutions specific to its business. Digital marketing also continues to be a critical area of investment with a strong emphasis on evolving our digital channels to harness the potential of emerging AI technologies, driving greater efficiency, delivering optimal customer experience and ensuring NSR remains at the forefront of digital innovation. In summary, our belief is that our strong, united team will continue to achieve extraordinary outcomes in FY '26 and beyond as it has done over the last 30 years since the commencement of the business. We are fully committed to the pursuit of excellence in our service delivery and the achievement of the outcomes identified in our strategic plan to be executed over the next five years to the benefit of all stakeholders in the business. Thank you all for your continued support as we progress to build and enhance Australia's premier self-storage property portfolio and business in years to come. I'd now like to introduce our Managing Director, Andrew Catsoulis, to report on activities for the period.

Thank you, Mr. Chairman, and welcome, everybody, to our Annual General Meeting for the year. It's certainly pleasing to look out and see so many familiar faces and some new faces as well. I'd like to start by thanking our entire Board and my small but highly capable executive team and the other members present here today who aren't unable to attend for what has been a phenomenal year of effort, resulting in some really great outcomes for the business. This doesn't happen by chance. It happens by a concerted effort by -- that comes from a very experienced, highly skilled team of individuals, which are driving hard towards a strategic five-year plan that we intending to implement in current years. And you'll see by the results that we announced today coming into the first quarter -- I mean coming into the second quarter at the end of the first quarter of 2026 financial year that we are well on the way to achieving those results. So I'll start with the year-end review. We just -- yes, first slide. So, FY '25 results, as I'm sure you're all familiar. IFRS profit, $236.1 million, underlying earnings, $164 million, up 6.4% for the year. Underlying EPS achieved of $0.119, slightly over our minimum target guidance, up by 5.3%. NTA of $2.58 per stapled security. That's a 2.4% increase that has been predominantly driven out of improved operational performance of a largely unchanged valuation. FY '25 total return of 7.2% and group RevPAM of $277.3, up 1%. When we look at the FY '26 previously announced outlook, underlying earnings target minimum $0.124, and that represents underlying earnings greater than $173 million. Next slide, please. I'll now turn to our Q1 operational update. I think you'll be pleased to see that we've made some tremendous progress towards hitting those target numbers that we've discussed previously for FY '26. So we took some really strong positive momentum from Q4 of FY '25 where you'll recall, we achieved 32,000 square meters of total occupancy growth across the portfolio, that's chewing into that previously announced 250,000 meters of built capacity that we have already constructed and available to fill. And that places us in a uniquely strong position compared to anyone else in the Australian and New Zealand market. Having that runway and build capacity that will result in $100 million of incremental upside once built is really quite unique when combined with the strength of our development and acquisition pipeline and the continuing efficiencies that we are driving through the portfolio. So when we look at that Q1, now '26, you'll see that we've actually grown by 29,700 square meters of new occupancy growth. That's on top of the 32,000 we announced in Q4 financial year '25. In addition to that, you'll see that RevPAM as at 30 September 2025, up 1.4%. Now I stress that's for the reportable group only, which has increased from 208 centers to 229 centers. So that's a very strong result for the reportable group. Occupancy growth, 81.5%, up 0.7% for the reportable group on June '255 and reportable group rate up marginally to $341.6. Now in addition to that, there's a couple of things that are worth noting here. One is that our street rents continue to rise, and that's a really important sign of good health for the business. In addition, the differential between our move-in and move-out rate sits at a historically very low level of 7%. So that gives us a lot of confidence looking forward into future quarters for the continued growth in revenue for the business. It's a really tremendous position to be in at the end of Q1 for '26. If we look down the bottom of that slide of the total portfolio, the situation improves further, where you'll see RevPAM up 2.4% for the quarter. That's a discrete quarter result. So, annualized, that's quite a large number. Occupancy growth up for the total group as well, 1.8% and rate largely unchanged. So there's some very strong results that we've posted coming into the end of Q1 and heading into Q2. Now we'll discuss a little further how we've achieved some of that strong uplift that is continuing to flow through the portfolio. Next slide, please. We'll now look at -- this is a continuation of the new slide that we presented as part of our full year financial FY '25 results. And this is the core portfolio breakup -- this is the whole portfolio breakup for the reportable group of centers. If we look at the core occupancy. For the centers over 80% occupancy, that has risen 0.3% to 86.2% with corresponding increases in both rate and RevPAM. The core plus portfolio has also increased 1.3%, again, with rate and occupancy increases -- rate RevPAM increases. The value-add portfolio has risen quite strongly by 2.2% to 68.4%. And really pleasingly, from our perspective, New Zealand has stabilized and seen a little bit of positive growth there in occupancy as well as RevPAM. So that's a pleasing result from our perspective given the decline in New Zealand over the last couple of years where it's been facing some tough economic times. So we're starting to see some green shoots in that market, which is really pleasing from our perspective. And we do have a lot of belief in the New Zealand market going forward. Next slide, please. I'll now turn to a brief discussion of how we are achieving this significant occupancy growth quarter-on-quarter. So we made a decision coming into the start of this calendar year to review our entire marketing strategy and our operations and marketing team, along with our finance revenue management team has really engineered a fantastic outcome in this regard. We've really broadened that historical focus on our Google marketing through a multichannel marketing campaign spanning a whole series of avenues, including social media, various forms of social media and nontraditional search engines. That has significantly broadened our reach. Now of course, with that, you need to improve -- everything needs to lift. So you need to have a highly engaging statement to the market in terms of customer attraction and engagement. And we've done that through our Make Space marketing campaign. I'm sure many of you may have seen this because it spanned TV, radio and of course, those nontraditional marketing channels. And what's really happened is that our reach has improved significantly. It's actually spurred along with some upfront incentives that haven't impacted our ongoing standard rates, some short-term incentives. It's really significantly increased our inquiry trends. So now quarter-on-quarter, we're seeing consistently 15% year-on-year improvements in the number of upfront inquiries. Importantly, with those inquiries, the quality of inquiry itself hasn't changed and neither has the length of stay of the customer. So customer duration remains unchanged. Churn rate remains unchanged, but we're seeing a lot of new inquiries flowing into the top of that funnel. In addition to that, having retooled the online booking platform, conversion rates have improved from already high levels. And our conversion rate through our full-service contact center has also improved. So that's a great testament to the efforts of our marketing and operational team. So what that manifests in is that above trend growth rate that you're seeing quarter-on-quarter and it really augurs well from an ability to build that space that build capacity I talked about a little earlier. So very exciting from our perspective. Of course, it goes without saying that our branding has come a long way in the last 10 years, our brand recognition. Storage relies on top of mind awareness from a branding perspective. And I think if you're running a few people these days who are at least familiar with the National Storage brand. I would humbly say that it has not hurt to see the championship for the NRL and the NRLW come back to Brisbane, and that is one of our sponsorship assets. So that's been helpful. And certainly, the fewer numbers that we've seen across all those sponsorship platforms has really been instrumental in improving our brand recognition, brand awareness and that top of mind awareness that's so important when people are making their decision as to storage. And that's again reflected in that 29,700 meters of growth that we've achieved in Q1 '26. Next, I'll touch briefly -- next slide, please, on the acquisitions and developments. Now this is another great story coming off the back of a very busy year from the acquisition and development team in FY '26. We'll just touch on the '25 highlights briefly. So 14 development and expansion projects completed in FY '24 -- '25, adding 98,000 square meters. Average center size, as Anthony mentioned, is up to 7,000 meters. Total development cost of those centers, $294 million. And there's typically a 40% to 50% value uplift on cost that stabilized. So enormous NTA uplift that drives -- that should drive share price accretion off the back of that completion of those new developments and bringing them online into the portfolio. Of course, we established a National Storage Ventures Fund, which we're very proud to be able to do with a company of the caliber of GIC, deploying $498 million of capital across 16 self-storage assets in FY '25. Approximately $280 million of proceeds came back to NSR principally used to repay debt. We also settled 28 acquisitions totaling $303 million, including 10 operating storage centers, 10 new storage centers and 16 development sites for future growth. These acquisitions were high-quality acquisitions, and there's a real focus on how we drive value accretion from these acquisitions, predominantly through how we manage ongoing rate and occupancy growth off the back of our best-of-breed platform already in place, which we continue to evolve. Now if we take a quick look at FY '26, Q1, and this is exciting. Nine acquisitions totaling $82 million settled in Q1 alone. That comprises seven established storage centers and two development sites. We've already completed and delivered five development projects in Q1. That's a rate of development that is unrivaled in this sector. Five new state-of-the-art developments in New South Wales, Victoria and WA, adding more than 1,850 square meters of new NLA. And the pipeline remains very strong with an expectation that we will -- we should complete and deliver another five to six centers by the end of Q2 December 31 this year. Very exciting from our perspective. And you'll see there the projects through that construction, DA, and planning and design remain very strong, 49 projects with an additional 58,000 square meters. And that's the criticality of that can't be understated from the perspective of maintaining a high level of engagement with our extremely hardworking and united executive and senior management team. From a sustainability perspective, we'll just turn to the next slide, and I'll provide a quick update on sustainability. So those of you who have been interested to see our sustainability report released will see that our sustainability work continues unabated. It's a core pillar of the group's strategy, committed to reducing and offsetting Scope 1 and Scope 2 emissions by 2030. The 2025 sustainability report demonstrates continued progress in delivering on our sustainability objectives with 2.3% reduction in Scope 1 and Scope 2 carbon emissions, 6.3% reduction in total emissions per square meter of NLA, over 4,200 megawatt hours generated from approximately 180 solar installations across our centers. 151 solar systems up 16 for FY '25. I think the 180 I referred to include those under construction installation in this year. 246 LED lighting systems installed. That's up 83 during FY '25. Our smart metering project importantly is now complete as of FY '25. And we are recycling 92% recycled content in cardboard boxes as well as an ongoing focus on our cybersecurity technology and automation, further details of which you'll find in our annual report, which has just been released. That concludes my update. And with that, I'll pass back to our Chairman, Anthony.

In respect of voting at today's meeting, on poll, each member voting through the portal in-person, or their proxy, attorney or corporate representative has one vote for each security held. Only one vote is allowed per joint holding. If more than one joint holder tenders a vote, the vote of the member named first and registered must be accepted to the exclusion of the others. If the proxy has been directed to vote in a particular manner, if the proxy is entitled to vote, he or she must vote in accordance with the direction. And for some items of business, certain votes will be disregarded as explained in the voting exclusion statements in the notice of meetings. As Chair of this meeting, I advise that I intend to vote all undirected proxies in favor of the resolutions on Items 2 to 6 and 8, and declare voting open. I'll now move to the formal business of the meeting. There are seven items on the agenda. Item 1 relates to the financial statements and does not require a vote. Items 2 to 6 are ordinary resolutions for consideration today, meaning that in order for each resolution to be passed, more than 50% of the votes cast must be in favor to it. Item 8 is a special resolution, meaning the more than 75% of votes cast on the resolution must be in favor of it. The notice of meeting invited all securityholders to submit any written questions electronically either prior to today's meeting or through the portal during the meeting. As mentioned, we will respond to written and verbal questions following the conclusion of Item 8. The first item of ordinary business listed in the notice of meeting is to receive and consider the financial statements of the company and the trust for the financial year ended 2025 and the reports of the directors and auditors. Wade Hansen from EY, the entity's auditor, is in attendance with us at this meeting, and questions may be directed to him through me relevant to the conduct of the audit and the preparation and content of the auditor's report, the accounting policies adopted by the company and the trust and the independence of the auditor. It is not necessary for the meeting to formally approve the financial statements or reports. This item gives securityholders an opportunity to ask questions about the company and the trust and the operational performance of the REIT. Please submit any comments or questions you may have in relation to the financial report, the directors' report, the auditor's report or on the operations of the company and the trust so that we can respond at the end of the meeting. I will now move on to Item 2. The next item on the agenda today is to present securityholders with the remuneration report for the financial year ended 2025. I'd like to make a few introductory comments of the report in context. The remuneration report looks back at the remuneration arrangements for the 2025 financial year and relates to the remuneration of key management personnel and fees paid to directors during the year. The remuneration report contained in the FY '25 annual report provides securityholders with detailed disclosure regarding terms of and rationale behind the company's remuneration framework. We believe we have developed policies which balance the need to attract and retain senior executives with value for securityholders. The objective of the remuneration policy is to ensure that the company's remuneration is competitive, reflects the responsibilities of the officers and ensures that the company can attract and retain directors and key management personnel with the skills and capabilities required to deliver the REIT's objectives. Our policies demonstrate the relationship between performance and remuneration and aim to motivate senior executives to pursue the long-term growth and success of the company. The Board believes it has a successful remuneration structure that creates incentives for high-performing executives and which delivers financial reward to them as the company increases earnings and value. Please note that the vote on Item 2 is advisory only and is not binding. However, any discussion on this item and the outcome of the nonbinding vote will be taken into consideration by the Board. In light of this context, are hereby propose to move that the remuneration report for the financial year ending 30th of June 2025. A voting exclusion applies to this item as set out in the notice of meetings. The voting exclusion means no key management personnel or members of the senior management team or any of the closely related parties may vote on this resolution. I'll now hand over to Howard Brenchley to conduct the meeting for Item 3.

Thank you, Tony. We move to the resolution, ordinary business Item 3, being the reelection of Anthony Keane as Director. Mr. Keane's biography is set out in the notice of meeting. For the company to meet the requirements of the ASX listing rules and the company's constitution, there must be an election of directors at each Annual General Meeting. Mr. Keane has offered to retire as a Director of the company and offered himself for reelection as a Director of the company. The company accepts Mr. Keane's retirement. In accordance with Rule 11.3(b) of the constitution, the directors of the company, except for Mr. Keane, who is abstaining from the resolution, recommends Mr. Keane be reelected, I'm sorry, I'm struggling to read this, as a Director of the company and recommend that securityholders vote in favor of the resolution. Details of valid proxies received by the company on this resolution appear on the screen. I'll now hand the meeting back to Mr. Keane.

Thank you. We move to resolution ordinary business Item 4, being the election of Scott Smith as a director. Mr. Smith's biography set out in the notice of meetings. ASX Listing Rule 14.4 and Section 11.3(a) of the constitution of the company provide the directors must not hold office for than the third Annual General Meeting following their appointment for three years whichever is longer, without seeking reelection at Annual General Meeting. Mr. Smith has been a director of the company since 2022 and last been elected to the Board on the 2022 AGM. As this will be third Annual General Meeting Mr. Smith was reelected, reelection in accordance with ASX Listing Rule 14.4 and Section 11.3(a) of the constitution of the company of the meeting. In accordance with Rule 11.3(b) of the constitution, the directors of the company recommend Mr. Smith be elected as a director of the company and Mr. Smith offers himself for election as a director of the company. The directors recommends that securityholders vote in favor to the resolution. Details of proxies received by the company resolution [indiscernible]. We move to the resolution ordinary business Item 5 being the approval to issue 194,479 stapled securities to Andrew Catsoulis on behalf of the company and trust as payment for a proportion of the equity component of the short-term incentive payments awarded to Andrew Catsoulis for remuneration for the financial year-end ending June 2025 on the terms set out in the explanatory notes of notice of meetings. Details of valid proxies received by the company in this resolution appear on the screen. A voting exclusion applies to this item as set out on the notice of meeting. For those voting exclusion means that Mr. Catsoulis and any other person who will obtain a material benefit as a result of the issue of securities, except the benefit solely by reason of being a holder of stapled securities or any associate of these persons, any person who is a key management personnel or any of their closely related parties may not vote on this resolution. We move to resolution ordinary business Item 6, being the approval to issue 467,200 performance rights to Andrew Catsoulis on behalf of the company and the trust under the NSR equity incentive plan in respect to the equity component of the FY '28 LTI on the terms set out in the explanatory notes of the notice of meetings. Details of valid proxies received by the company on this resolution appear on the screen. A voting exclusion applies to this item as set out in the notice of meetings. The voting exclusion means that Mr. Catsoulis who is eligible to participate in the NSR equity incentive plan and associated with Mr. Catsoulis or any person who is a key management personnel or any of their closely related parties may not vote on this resolution. Resolution ordinary business Item 7 has been withdrawn. We move to the resolution Item 8, which proposes that the meeting -- that the existing proportional takeover provisions in the form contained in Clause 24 of the company's constitution are renewed for a period of three years commencing on the date of the meeting. This resolution is proposed as a special resolution and requires approval of 75% of votes cast by shareholders entitled to vote on the resolution. Details of valid proxies received by the company on this resolution appear on the screen. We will now answer questions relating to resolutions 1 to 6 and 8 that have been submitted throughout the meeting and welcome securityholders to ask additional questions. We'll begin by answering any questions from the floor, followed by written questions and verbal questions via telephone. For those in the room that may wish to ask a question, please raise your hand now to indicate your intention. Moving to online questions. Okay. No questions. On that basis, that concludes our discussion on the items of business. In a couple of minutes, I will close the voting system and formally ask [indiscernible] to act as returning officer to count the votes following the expiry of that period. Please ensure that you have cast your vote on all resolutions. [Voting]

If you are voting in person, please ensure that your voting cards have been complete for each resolution today. Representatives from our share registry, Computershare, will collect your completed voting card shortly. If you're uncertain about any of the voting procedures or require any assistance, please see Computershare staff at registration desk, who will be happy to help you. If you're voting via the online portal, please click on submit vote at the bottom of the resolution to submit your voting card. I'll now pause to allow you time to finalize your voting. [Voting]

I now declare voting closed. The results of the poll on Items 2 to 6 and 8 will be released to the ASX shortly and made available on our website today. Thank you all for your continued support and for your attendance today. That concludes the official business of the meeting, and I now declare the National Storage REIT 2025 voting closed. Thank you, and good morning.