Company Overview - National Storage REIT operates across Australia and New Zealand, contributing to local communities and emphasizing diversity, tolerance, and respect [3][4]. Meeting Format - The 2025 Annual General Meeting (AGM) is being held as a hybrid meeting, allowing securityholders to attend in-person in Brisbane or participate virtually through the Computershare meeting platform [5].

Summary of REITs Equity Research Conference Call Industry Overview - The report focuses on the self-storage REITs sector, specifically analyzing the performance of major players including CUBE, PSA, LSI, EXR, and NSA [1][2][3][4][10]. Key Points and Arguments Year-over-Year Performance - Year-over-year same-store (SS) asking rents decreased by an average of -2.4%, a decline of 140 basis points from the previous week's -1.0% [1]. - Individual performance: - CUBE: -0.3% - PSA: -0.4% - LSI: -2.8% - EXR: -6.3% [1]. Guidance Expectations - A modest increase of +25 basis points in SS revenue growth guidance is anticipated for EXR and CUBE due to strong move-in rates in the second half of 2025 [2]. - No changes in FY25 SS revenue guidance are expected for PSA and NSA, as lower occupancy offsets performance [2]. Stock Performance Insights - Storage REITs are expected to trade in line or slightly below the broader REIT average due to weak demand in the second half of the year [3]. - CUBE is positioned for a positive stock reaction if it beats expectations, as it trades at a significantly lower multiple compared to peers [3]. Volatility Around Earnings - The third quarter is historically the most volatile for storage REITs, with CUBE and EXR typically outperforming PSA [4]. - Analysis shows that CUBE and EXR have delivered the strongest relative performance around 3Q earnings, while PSA tends to underperform [4]. Rent Trends and Market Conditions - Recent data indicates a significant decline in street rates: - CUBE: -4.1% vs. prior, -0.3% vs. same period - PSA: -9.1% vs. prior, -0.4% vs. same period - LSI: -8.4% vs. prior, -2.8% vs. same period - EXR: -8.4% vs. prior, -6.3% vs. same period [6][32]. - The average asking rents for storage units have shown a downward trend, with significant discounts being offered [34]. Supply and Demand Dynamics - Supply growth is slowing but not collapsing, with a breakdown of the supply pipeline indicating a steady increase in new storage facilities [79][80]. - The report highlights a correlation between home sales and storage street rates, suggesting that fluctuations in the housing market may impact storage demand [54][60]. ECRI Analysis - The report discusses the impact of ECRIs (Effective Customer Rate Increases) on SS revenues, indicating that the average magnitude and frequency of ECRIs are crucial for revenue growth [90][91]. - Factors influencing ECRIs include customer payment behavior, length of stay, and store occupancy [92]. Additional Important Insights - The report emphasizes the importance of web traffic and search volume trends for storage services, indicating a potential shift in consumer interest [45][69]. - The analysis of foot traffic trends suggests varying performance across different REITs, with implications for future occupancy rates [52]. This summary encapsulates the critical insights from the conference call, providing a comprehensive overview of the self-storage REITs sector's current state and future outlook.