Announcement • May 08
Brookfield Office Properties Inc. and Gic Investment (Australia) Pty Ltd completed the acquisition of National Storage REIT (ASX:NSR). Brookfield Office Properties Inc. and Gic Investment (Australia) Pty Ltd proposed to acquire National Storage REIT (ASX:NSR) for AUD 4 billion on November 26, 2025. As of December 8, 2025, a Scheme Implementation Deed has been entered into. A cash consideration of AUD 4.02 billion valued at AUD 2.86 per share will be paid by Brookfield Office Properties Inc. and Gic Investment (Australia) Pty Ltd. As part of consideration, AUD 4.02 billion is paid towards common equity of National Storage REIT. In case of termination of transaction, Brookfield Office Properties Inc., Gic Investment (Australia) Pty Ltd and National Storage REIT will pay a termination fee off AUD 40 million.
The transaction is subject to approval by regulatory board, including the Foreign Investment Review Board and New Zealand Overseas Investment Office, approval of merger agreement by target board, consummation of due diligence investigation, execution of a binding scheme implementation agreement, approval by Supreme Court of New South Wales and approval by the Australian Competition and Consumer Commission and other foreign competition approvals. As of December 8, 2025, the deal was unanimously recommended by the board of National Storage REIT, completed the due diligence investigation and approved by the European Commission, Anti-Monopoly Committee of Ukraine, Turkish Competition Authority, State Administration for Market Regulation of the People’s Republic of China and Korea Fair Trade Commission. The transaction is subject to a number of conditions and approvals and is expected to complete in Q2 2026. Effective Date of transaction will be on April 21, 2026. As on April 7, 2026, FIRB and OIO Conditions Precedent satisfied. As per the announcement dated April 21, 2026 the transaction has been approved by the Supreme Court of New South Wales.
Citigroup Inc. acted as financial advisor for National Storage REIT. JPMorgan Chase & Co. acted as financial advisor for National Storage REIT. Andrew Hay, Stephanie Daveson, Bruce Lloyd, Andrew Mackenzie, Clayton Barrett, Natalie Harawira, Carlos Cheng and Aidan Bryant of Clayton Utz acted as legal advisor for National Storage REIT. Jefferies LLC acted as financial advisor to Brookfield Office Properties Inc. and Gic Investment (Australia) Pty Ltd. Anton Harris and Tony Damian of Ashurst Australia acted as legal advisor for National Storage REIT. Philippa Stone, Robert Bileckij of Herbert Smith Freehills Kramer acted as legal advisor to GIC.
Brookfield Office Properties Inc. and Gic Investment (Australia) Pty Ltd completed the acquisition of National Storage REIT (ASX:NSR) on May 8, 2026. Reported Earnings • Feb 14
First half 2026 earnings released: EPS: AU$0.012 (vs AU$0.007 in 1H 2025) First half 2026 results: EPS: AU$0.012 (up from AU$0.007 in 1H 2025). Revenue: AU$216.8m (up 15% from 1H 2025). Net income: AU$17.1m (up 80% from 1H 2025). Profit margin: 7.9% (up from 5.0% in 1H 2025). Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Specialized REITs industry in Australia. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Declared Dividend • Dec 15
Final dividend of AU$0.06 announced Shareholders will receive a dividend of AU$0.06. Ex-date: 30th December 2025 Payment date: 20th February 2026 Dividend yield will be 4.2%, which is about the same as the industry average. 
