By Digifin Pty Ltd · About this coverage
Key Points
- Group established portfolio RevPAM of $338 per square metre, up 1.4% year-on-year
- Group occupancy of 88.4%, towards the bottom of the 88% to 92% comfort range
- Gearing of 36.3% at quarter end, up from 33.7% at June
- Two mature assets under contract at a weighted 9.3% premium to book value
- FY27 distribution guidance of 4.5 cents per security affirmed
About Storage King (ASX:SKG)
Storage King Group is an ASX-listed self storage owner, operator and developer headquartered in Sydney. It holds a portfolio of self storage centres across Australia and New Zealand trading under the Storage King brand, and licenses that brand to third-party centre operators. It is a stapled group, with securities comprising a share and a trust unit that trade together.
Storage King Group (ASX:SKG) released its AGM addresses with a first quarter FY27 trading update, affirming distribution guidance while flagging occupancy near the bottom of its comfort range and a move toward capital recycling.
The company says trading for the three months to 30 September was in line with expectations. Group established portfolio RevPAM was $338 per square metre, up 1.4% year-on-year, while Australian RevPAM rose 3.6% to $348 per square metre. Group occupancy was 88.4%, towards the bottom of the 88% to 92% comfort range, and Australian occupancy was 88.9%, down 100 basis points. New Zealand RevPAM rose 2.1% in local currency on the fourth quarter of FY26 but remains below Q1 FY26 levels. Gearing ended the quarter at 36.3%, up from 33.7% at June and within the 25% to 40% target range, and the interest coverage ratio remained around 3 times. The group has exchanged contracts on two mature trading assets at a weighted 9.3% premium to book value, started an asset-by-asset portfolio review, and anticipates further selective recycling to fund growth and pay down some debt. It affirmed FY27 distribution guidance of 4.5 cents per security, against an FY26 distribution of 6.20 cents.
The guidance is subject to no material deterioration in current business conditions. The release does not name the assets sold or their prices, and says recent interest rate increases affect returns without quantifying the effect.
Source: Storage King Group (ASX:SKG), 13 November 2026. Summary content supplied by Digifin Pty Ltd.
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