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 the land on which our centers are located across Australia and New Zealand. 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 Ltd, the shares of which are stapled to units in the National Storage Property Trust and listed on the Australian Securities Exchange as National Storage REIT. Our business operates across every 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 Ltd, the responsible entity of the National Storage Property Trust, and have been appointed as Chair for the meeting of unit holders of the Trust, which will be run contemporaneously today. We are holding this year's AGM as a hybrid meeting. Security holders 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 security holders, 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, security holders 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 text box. Once you have finished typing, please hit the send button. Security holders 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, I may allow them 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 A. 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 meetings, security holders, representatives, attorneys of security holders, as well as proxy holders should have received a yellow voting card. Relevant voting instructions and all resolutions are printed on the voting cards. I encourage security holders and representatives to complete their voting cards after each item has been discussed.
Our voting cards will only be collected at the conclusion of the discussion of all items of business. To vote, simply place a mark in the front of the for, against, or abstain boxes for each resolution. If you mark the abstain box, your votes will not be counted for that resolution. If relevant, please indicate whether you are voting as an attorney or representative. At the time of voting, if you are uncertain about any of the voting procedures or requiring 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 on Computershare. I'll 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 will be activated with voting options. To cast your vote, simply select one of the options. There is no need to hit a 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 meetings of 22nd October 2025, details of which were sent to all security holders. If there is no objection, I propose to take the notice of read as written. A copy of the notice can be found on the National Storage REIT investor website if required. It is now 10:05 A.M.
Brisbane time, and I have been informed by our Company Secretary that a call has been pressed. I have formally declared 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 the Company Secretaries of the company. Non-Executive Directors, Howard Brenchley, Chair of the Audit and Risk Committee and member of Nomination and Remuneration Committees. Inma Beaumont, member of the Audit and Risk, Nomination, and Remuneration Committees. Scott Smith, Chair of the Remuneration Committee, member of the Audit and Risk, Nomination Committees. Simone Haslinger, member of the Audit and Risk, Nomination, and Remuneration Committee. The Executive Team members, our Managing Director and CEO, Andrew Catsoulis, our Chief Financial Officer and Chief Investment Officer, Stuart Owen, our General Counsel, Emily Ackland, and our Head of Acquisition and Development, Nick Crang.
Our Company Secretaries, Katherine Hammond and Tanya Mangold, who also hold positions of Head of Risk and Compliance. Please note 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 it being my reelection room. Representatives of our auditor, Ernst & Young, and our share registry, Computershare, and our lawyers, Owen, are also present at the meeting today. This morning, I'll 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 2025 marks NSR's 11th full year of operations post its initial public offering in December 2013. Our market capitalization now exceeds $3.2 billion.
Our total assets are valued at $5.8 billion, and total returns to security holders 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 pay rates 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 multi-site, geographically diverse businesses, SEO and SEM, marketing, AI, and call centre operation, to note 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 our peers.
We have achieved significant milestones during FY 2025. Our FY 2025 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- $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 capitalisation rate of 5.84%. In FY 2025 alone, we've 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 sourced for each sector. In FY 2025, NSR has been able to exceed its earnings guidance by achieving underlying earnings of $0.119 per unit of security.
This outcome has been built upon our ability to drive growth in both rate per square metre of rental space, which has increased to $347 per square metre, and rent PAM, which has increased by 1% to $277 per square metre. Our total build capacity now stands at 1.52 million square metres, an increase of over 9% year on year. The increase has been achieved through a combination of ongoing acquisition and development activity. A significantly expedited development pipeline has over 50 current and future development projects comprising approximately 490,000 square metres of new landable 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 and security of new development opportunities and will allow us to further build on our advantage of critical mass and economies of scale in the coming years.
Our storage centre configurations are larger to optimize land utilization, maximize construction efficiency, and minimize construction costs on a per square metre of book 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 2025. This has precluded completing the second tranche of the National Storage Ventures Fund, which now comprises 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 additional 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 cover ratio of 2.8 x. 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 2025 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 exchange notes, as well as the negotiation of an additional AUD 325 million and NZDD 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 a proportion of debt hedge 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 its 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 the following core principles. Firstly, organic growth, optimizing occupancy and rate growth on an individual center basis, combined with proven cash management and co-management. Secondly, acquisitions, developments, and expansions, identifying market-leading opportunities in combination with proven delivery capabilities to drive sustained growth. Thirdly, technology and automation, leadership in development and implementation of innovative technology and automation. 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've significantly increased our solar installations, adding solar photovoltaic systems to another 15 centers, totaling 546 kW peak capacity. NSR now has total solar capacity of 3,446 kWp and produced approximately 4,220 MW hours of solar power in FY 2025. Our ninth annual standalone 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's 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 technology, driving greater efficiency, delivering optimal customer experience, and ensuring NSR remains at the forefront of digital innovations. In summary, our belief is that our strong, united team will continue to achieve extraordinary outcomes in FY 2026 and beyond, as it has done over the last 30 years since the commencement of the business. We're fully committed to the pursuit of excellence in our service delivery and in 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 year.
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 and who aren't able to attend for what has been a phenomenal year of effort, resulting in some really great outcomes from the business. This doesn't happen by chance. It happens by a concerted effort that comes from a very experienced, highly skilled team of individuals, which are driving hard towards a strategic five-year plan that we are intending to implement in current years.
You'll see by the results that we announced today coming into the first quarter and coming into the second quarter at the end of the first quarter of the 2026 financial year that we are well on the way to achieving those results. I'll start with the year-end review. We could just, yep, the first slide. FY 2025 results, as I'm sure you're all familiar, interest 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 5.3%. NTO, $2.58 per staple security. That's a 2.4% increase that has been predominantly driven out of improved operational performance of a largely unchanged valuation. FY 2025 total return of 7.2% and group revenue of $277.3 million, up 1%. When we look at the FY 2026 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 a 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 2026. We took some really strong positive momentum from Q4 of FY 2025, where you'll recall we achieved 32,000 square metres of total occupancy growth across the portfolio. That's chewing into that previously announced 250,000 metres of build capacity that we have already constructed and available to fill. That places us in a uniquely strong position compared to anyone else in the Australia and New Zealand market. Having that runway of 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.
When we look at that Q1 now, 2026, you'll see that we've actually grown by 29,700 square metres of new occupancy growth. That's on top of the 32,000 we announced at Q4 of financial year 2025. In addition to that, you'll see that rep PAM as of 30 September 2025, up 1.4%. I'd stress that's for the reportable group only, which has increased from 208 centres to 229 centres. That's a very strong result for the reportable group. Occupancy growth, 81.5%, up 0.7% for the reportable group on June 2025. Reportable group rate up marginally to $341.6. 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 rates sits at a historically very low level of 7%. That gives us a lot of confidence looking forward into future quarters for the continued growth and revenue for the business. It's a really tremendous position to be in at the end of Q1 for 2026. If we look down the bottom of that slide of the total portfolio, the situation improves further, where you'll see rep PAM up 2.4% for the quarter. That's a discrete quarter result. Annualized, that's quite a large number. Occupancy growth up for the total group as well, 1.8%, and rate largely unchanged. There are some very strong results that we've posted coming into the end of Q1 and heading into Q2. 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 as a continuation of the new slide that we presented as part of our four-year financial FY 2025 results. This is the core portfolio breakup. This is the whole portfolio breakup for the reportable group of centres. If we look at the core occupancy for the centres over 80% occupancy, that has risen 0.3% to 86.2% with corresponding increases in both rate and rep PAM. The core plus portfolio has also increased 1.3%, again, with rate and occupancy increases, rate and rep PAM increases. The value-add portfolio has risen quite strongly by 2.2% to 68.4%. Really pleasingly, from our perspective, New Zealand has stabilized and seen a little bit of positive growth there in occupancy as well as rep PAM.
That is a pleasing result from our perspective, given the decline of New Zealand over the last couple of years where it's been facing some tough economic x. We're starting to see some green shoots in that market, which is really pleasing from our perspective. 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. We made a decision coming into the start of this calendar year to review our entire marketing strategy. 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 multi-channel marketing campaign, spanning a whole series of avenues, including social media, various forms of social media, and non-traditional search engines. That has significantly broadened our reach. Of course, with that, you need to improve. Everything needs to lift. You need to have a highly engaging statement to the market in terms of customer attraction and engagement. We've done that through our makespace marketing campaign. I'm sure many of you may have seen this because it spanned TV, radio, and those non-traditional marketing channels. 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. 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. 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 still have improved from already high levels. Our conversion rate through our full-service contact center has also improved. That's a great testament to the efforts of our marketing and operational team. 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 fill that space, that build capacity I talked about a little earlier. 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. I think you run into few people these days who aren't 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. That's been helpful. Certainly, the viewer numbers that we've seen across all those sponsorship platforms have 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. That's, again, reflected in that 29,700 metres of growth that we've achieved in Q1 of 2026. Next, I'll touch briefly, next slide, please, on the acquisitions and developments.
This is another great story coming off the back of a very busy year from the acquisition and developments team in FY 2026. We'll just touch on the 2025 highlights briefly. Fourteen development and expansion projects completed in FY 2025, adding 98,000 sq m. Average centre size, as Anthony mentioned, is up to 7,000 m. Total development cost of those centres is $294 million. There's typically a 40%- 50% value uplift on cost that's stabilised. Enormous NTI uplift that should drive share price accretion off the back of that completion of those new developments and bringing them online into the portfolio. We established the National Storage Ventures Fund, which we're very proud to be able to do with a company of the calibre of GIC, deploying $498 million of capital across 16 self-storage assets in FY 2025. 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 centres, 2 new storage centres, 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 2026 Q1, and this is exciting. Nine acquisitions totaling $82 million settled in Q1 alone. That comprises seven established storage centres 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 41,850 sq m of new NLA.
The pipeline remains very strong with an expectation that we will, we should complete and deliver another five to six centres by the end of Q2, December 31 this year. Very exciting from our perspective. You'll see there the projects through that construction, DIA, and concept planning and design remain very strong. Forty-nine projects with an additional 558,000 sq m . The criticality of that can't be understated from the perspective of maintaining a high level of engagement with our extremely hard-working and united Executive and Senior Management Team. From a sustainability perspective, we'll just turn to the next slide. I'll provide a quick update on sustainability. 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 metre of NLA, over 4,200 MWh generated from approximately 180 solar installations across our centres. One hundred fifty-one solar systems are up 16 FY 2025. I think the 180 I referred to include those under construction for installation in this year. Two hundred forty-six LED lighting systems installed. That's up 83 during FY 2025. Our smart metering project, importantly, is now complete as of FY 2025. We are recycling 92% recycled content in cardboard boxes. As well as that, there's 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. With that, I'll pass back to our Chairman, Anthony.
Thank you, Andrew. In respect of voting at today's meeting, on poll, each member voting through the portal in person or the properly appointed attorney or a corporate representative has one vote for each security holder. Only one vote is allowed per joint holding. If more than one joint holder tendered the vote, the vote of the member named first in the register must be accepted to the exclusion of the others. When a 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. For some items of business, certain votes will be disregarded, as explained in the voting exclusion statements and notice of meetings.
As Chair of this meeting, I advise that I intend to vote all items directed proxies in favor of the resolutions of items 2 to 6 and 8 and declare the vote open. I'll now move to the formal business of the meeting. There are seven items on the agenda. Item one relates to the financial statements and does not require a vote. Items 2- 6 are ordinary resolutions for consideration today, meaning that in order for each resolution to be passed, more than 50% of the votes cast on the resolution must be in favor of it. Item eight is a special resolution, meaning that more than 75% of votes cast on the resolution must be in favor of it. The notice of meeting invited all security holders 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 eight. The first item of ordinary business listed in the notice of meetings is to receive and consider the financial statements of the company and the trust for the financial year ending end of 2025 and the reports of the directors and auditors. Wade Hanson from EY , the entity 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 for the auditor's report, the accounting policies adopted by the company and the trust, and the independence of the audit. It is not necessary for the meeting to formally approve the financial statements or reports.
This item gives security holders the opportunity to ask questions about the company and the trust and the operational performance of the group. Please submit any questions, comments, or questions you may have in relation to the financial report, the director's 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'll now move on to item two. The next item on the agenda today is to present security holders with the remuneration report for the financial year ending end of 2025. I'd like to make a few introductory comments and put the report into 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 2025 annual report provides security holders with detailed disclosure regarding the 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 security holders. 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 lead'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 two is advisory only and is not binding. However, any discussion on this item and the outcome of the non-binding vote will be taken into consideration by the board. In light of this context, I hereby propose to move that the remuneration report for the financial year ending June 2025, as detailed in the company's annual report, be adopted. 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 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 our branch leader to conduct the meeting for item three.
Thank you, Tony.
We move to the resolution ordinary business item three, 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, recommend Mr. Keane be reelected. As a director of the company, I recommend that security holders vote in favour 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.
We move to resolution ordinary business item four, being the election of Scott Smith as a director. Mr. Smith's biography is set out in the notice of meeting. ASX listing Rule 14.4 and Section 11.3(a) of the Constitution of the company provide the directors must not hold office for longer than the third annual general meeting following their appointment or three years, whichever is longer, without seeking reelection at the annual general meeting. Mr. Smith has been a director of the company since 2022 and the last member elected to the board at the 2022 AGM. As this will be the third annual general meeting since Mr. Smith was elected, he seeks reelection in accordance with ASX listing Rule 14.4 and Section 11.3(a) of the Constitution of the company at 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 recommend that security holders vote in favour of the resolution. Details of proxies received by the company on this resolution are on the screen. We move to the resolution ordinary business item five, being the approval to issue 194,479 stapled securities to Andrew Catsoulis on behalf of the company and the 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 of 30 June 2025 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 and any other person who will obtain a material benefit as a result of the issue of securities, except a 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 the resolution ordinary business item six, 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 2028 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, an associate of 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 seven has been withdrawn. We move to the resolution item eight, 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 those 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 related to resolutions one to six and eight that have been submitted throughout the meeting. I welcome security holders 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 attention. Moving to online questions. On this item, this concludes our discussion on the business.
In a couple of minutes, I will close the voting system and formally ask a guest adjournment to act as returning officer to count the votes following the expiry of that period. Please ensure that you have cast your vote on the resolutions. If you are voting in person, please ensure that your voting cards have been completed for each resolution today. Representatives from our share registry Computershare will collect your completed voting cards shortly. If you're uncertain about any of the voting procedures or require any assistance, please see Computershare staff at the registration desk. I think they'll be happy to help you. If you're voting via the online portal, please remember to click on submit vote at the bottom of the resolutions to submit your voting cards. I'll now pause to allow you time to finalize those votes. I'll now declare the voting closed.
The results of the poll on items two to six and eight 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.