Computershare are present both in the room and on the platform to assist you. Representatives of our legal advisor, Clayton Utz, are also present. Today marks an important day in the National Storage Group's history. I'm grateful to everyone who's taken the time to be here today, whether in person or online. Your participation is genuinely important, and I thank you for it. Today's meetings are being held as hybrid meetings, meaning NSR securityholders can participate either in person here in Brisbane or online through Computershare's virtual meeting platform. The Computershare meeting platform will allow those securityholders and proxies who elected to participate virtually to attend the meetings online. All attendees can watch a live webcast of the meetings. In addition, NSR securityholders and proxies can ask questions and submit their votes.
For those attending online, a link to the virtual meeting online guide is included in the explanatory notes to the notice of meetings, which are included in Annexure E of the scheme booklet. That guide explains how to participate in the meetings virtually. If you are 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 four meetings have been called under the notices of meetings dated March 10th, 2026.
Each notice of meetings is included as Annexure E of the scheme booklet dated the March 10th, 2026, which was dispatched to NSR security holders in accordance with the orders of the Supreme Court of New South Wales, dated March 10th, 2026. If there is no objection, I propose to take each notice as read. It is now past 10:00 A.M. Brisbane time, and I've been informed by our Company Secretary that a quorum is present for each of the four meetings. I formally declare each of the Share Scheme Meeting of National Storage Holdings Limited, the Trust Scheme Meeting of National Storage Property Trust, and the General Meetings of National Storage Shareholders and National Storage Unit Holders open, and therefore formally open the poll for voting on each resolution put to each of the four meetings.
Before we turn to the items of business, I would like to take a few minutes to remind everyone of what you are being asked to vote on today and why the Board unanimously recommends that you vote in favor of each of the transaction resolutions. As you will be aware, on December 8th 2025, NSR announced that a Scheme Implementation Agreement had been entered into with entities jointly established and they're indirectly owned by a consortium comprised of Brookfield and GIC. Under the proposed transaction, the consortium, through its bidder entities, proposes to acquire 100% of the stapled securities of National Storage REIT.
Subject to receiving the requisite voting majorities at the meetings today and court approval, together with the satisfaction or waiver of certain other conditions, the transaction is proposed to be implemented in two steps, each of which will take place on the implementation date, which is currently expected to be Friday, May 8th, 2026. First, the National Storage units and National Storage shares will be unstapled from each other. Second, following the unstapling, all National Storage shares will be transferred to the bidder company under the share scheme, and all National Storage units will be transferred to the bidder trustee under the trust scheme. If the transaction is implemented, eligible NSR security holders will receive AUD 2.80 cash per security held at the scheme record date, currently expected to be Wednesday, April 29th, 2026.
Securityholders who held their NSR securities at the permitted distribution record date of December 31st, 2025 will have already received the permitted distribution of AUD 0.06 per security paid on the February 20th, 2026, bringing the total cash value to AUD 2.86 per security for those holders. Your Directors continue to believe that the reasons set out in the scheme booklet to vote in favor of the transaction outweigh the potential reasons to vote against the transaction. Accordingly, we maintain our previously stated recommendation that NSR securityholders should vote in favor of the five transaction resolutions in the absence of a superior proposal and subject to the independent expert continuing to conclude that the transaction is in the best interest of NSR securityholders. The consideration is all cash. It provides certainty.
You know exactly what you will receive and when if the transaction is approved and implemented. There is no market risk attached to the consideration. The consideration falls within the independent expert's assessed fair value range for NSR security of AUD 2.72-AUD 2.86 per security. I'll say more about the independent expert's conclusion shortly. NSR has traded at a discount to net tangible assets since June 2023. The transaction offers NSR securityholders a price within the independent expert's valuation range, a range which itself reflects NTA plus the value of NSR's management platform, development pipeline, and other adjustments. The Board considers that this is an attractive outcome. No superior proposal has been received as of the date of the scheme booklet, and no superior proposal has emerged since.
Each of your NSR Directors intends to vote or procure the voting of the NSR securities in which they have a relevant interest in favor of each of the Transaction Resolutions. Reasons to vote in favor of the transaction and reasons to vote against the transaction are set out in more detail in Sections 1.1 and 1.2 of the scheme booklet. The NSR Directors appointed Kroll as the Independent Expert to provide a report on whether the transaction is in the best interest of NSR securityholders. I'll draw your attention to their conclusion. Kroll has produced an Independent Expert report dated the March 6th, 2026, which can be found in Annex A of the scheme booklet, which was dispatched to securityholders. Kroll concluded that the transaction is fair and reasonable and therefore in the best interest of NSR securityholders in the absence of a superior proposal.
In reaching that conclusion, Kroll assessed the full underlying value of an NSR security on a controlling interest basis to be in the range of AUD 2.72-AUD 2.86 per security. As of today, the Independent Expert maintains their conclusion that the transaction is in the best interest of NSR securityholders. The transaction is subject to a number of conditions precedent, which are described in Sections 4.6 and 10.12 of the scheme booklet. As announced to the ASX on the April 7th, 2026, approval of both the Australian Foreign Investment Review Board and the New Zealand Overseas Investment Office has been received.
The conditions which remained outstanding at this time are NSR security holders approving all the transaction resolutions by the requisite majority at the meetings today, the court approving at the second court hearing the share scheme and providing the second judicial advice in respect of the trust scheme, and an office copy of the court order being lodged with ASIC. The second court hearing is expected to be held on Tuesday, April 21st, 2026. No court or government agency imposing restraints that prevent implementation of the transaction, no material adverse change or proscribed occurrence occurring before 8:00 A.M. on the second court date, the independent expert does not change its conclusion or withdraw its report before the second court date, warranties given by the NSR and the bidders are true and correct, and the restructure documents are entered into by NSR.
Far as the Board is aware, no circumstances have occurred to date that would cause any condition precedent not to be satisfied. I now turn to the proposed timetable for implementation of the schemes. If each of the transaction resolutions are approved by the requisite majorities of NSR securityholders during today's meetings and all conditions, other than the condition relating to court approval, the granting of the second judicial advice, and lodgment of the court orders with ASIC have been or can be satisfied or waived as applicable, NSR will apply to the Supreme Court of New South Wales on the April 21st, 2026 for orders approving the share scheme and the second judicial advice in order to implement the trust scheme.
If at the second court hearing, the court makes an order approving the share scheme in accordance with the Corporations Act and grants the second judicial advice, NSR will lodge with ASIC, one, a copy of the court orders, and two, the duly executed supplemental deed. Once these documents have been lodged with ASIC, the schemes will become legally effective and trading in NSR securities on ASX will be suspended from the close of trading on the effective date, also expected to be the April 21st, 2026. NSR securityholders who hold NSR securities on the scheme record date, which is expected to be Wednesday the 29th, 2026, will be entitled to receive the scheme consideration in respect of the NSR securities they hold on that date. The scheme consideration will be paid to scheme securityholders on the implementation date, currently Friday , May 8th, 2026.
These dates are indicative only and, among other things, are subject to satisfaction or waiver of applicable conditions. Any changes will be announced on the ASX. In respect of voting at today's meeting, on a poll, each NSR securityholder voting through the online 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 in respect of jointly held NSR securities, only the vote of the NSR securityholder whose name appears first on the NSR security register will be counted.
If 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, and no votes will be cast on any of the Transaction Resolutions by the bidders and their associates, noting they have confirmed that they do not have a relevant interest in any NSR securities. As Chair of each of the meetings, I advise that I intend to vote all undirected proxies in favor of each of the Transaction Resolutions, and I declare voting open. I'll now move to the five items of business today to be considered across the four concurrent meetings. They are Item one, Share Scheme Resolution to be put to the Share Scheme Meeting.
Item two, amendment of National Storage Trust Constitution, and Item three, the acquisition of National Storage Units to be put to the Trust Scheme Meeting. Item four, Company Unstapling Resolution to be put to the General Meeting of National Storage Shareholders. Item five, Trust Unstapling Resolution to be put to the General Meeting of National Storage Unit Holders. All five resolutions are interconditional. That means the transaction will only proceed if all five resolutions are passed by the requisite majorities and all remaining conditions are satisfied or waived. I will explain the required voting thresholds as I move through each item. The Notices of Meeting invited all NSR security holders to submit any written questions electronically, either prior to today's meetings or through the portal during the meetings. As mentioned earlier, we will respond to written and verbal questions following the conclusion of the final item of business.
The first item of business is the share scheme resolution, which is put to the share scheme meeting, being for holders of ordinary shares in National Storage Holdings Limited. The share scheme meeting has been convened pursuant to an order of the New South Wales Supreme Court made on March 10th, 2026. The purpose of the share scheme meeting is to consider and, if thought fit, to pass the share scheme resolution, which is shown on the screen and is as follows.
That subject to and conditional on each of the trust scheme resolutions and each of the unstapling resolutions, as defined in the scheme booklet of which the notice convening this meeting forms part, being passed pursuant to and in accordance with Section 411 of the Corporations Act, the scheme of arrangement proposed to be entered into between National Storage Company and holders of its fully paid ordinary shares, the details of which are described in the scheme booklet, of which the notice convening this meeting forms part, is approved with or without any modifications approved by the Court.
In accordance with the requirements of the Corporations Act for the share scheme resolution to be passed, votes in favor must be received from a majority in number, that is, more than 50% of NSR securityholders present and voting in person or by proxy, attorney, or corporate representative, and at least 75% of the total number of votes cast on the share scheme resolution. Details of valid proxies received by National Storage Company in respect to the share scheme resolution are shown on the screen. I will now turn to the formal business of the trust scheme meeting. The trust scheme meeting has been convened by the trustee and responsible entity of National Storage Property Trust with the benefit of the first judicial advice obtained at the first court hearing. There are two resolutions to be considered at this meeting, and I will take each resolution in turn.
First, the National Storage Trust Constitution Amendment Resolution. The purpose of the National Storage Trust Constitution Amendment Resolution is for NSR security holders as holders of units in the National Storage Property Trust to approve by special resolution amendments to the National Storage Trust Constitution to enable National Storage Trustee to implement the trust scheme. The amendments are set out in the supplemental deed, which is included as Annexure C of the scheme booklet. The National Storage Trust Constitution Amendment Resolution, being the first resolution before the trust scheme meeting, is shown on the screen and is as follows. That subject to and conditional on, A, each of resolution two in this notice convening the trust scheme meeting, the share scheme resolution, and each of the unstapling resolutions as defined in the scheme booklet of which this notice forms part being passed.
B, the share scheme being approved by the court under Section 411(4)(b) of the Corporations Act, with or without modifications as approved by the court, and an office copy of the order of the court approving the share scheme being lodged with ASIC. The National Storage Trust Constitution be amended with effect on and from the effective date as that term is defined in the supplemental deed, as set out in the scheme booklet of which the notice convening this trust scheme meeting forms part. For the purpose of giving effect to the trust scheme, a National Storage Trustee be authorized to execute and lodge with ASIC a copy of the supplemental deed. This resolution is a special resolution under Section 601GC(1) of the Corporations Act.
To pass, it requires at least 75% of the votes cast by NSR securityholders present and voting as holders of the National Storage Units to be in favor. We will now move to the National Storage Units Acquisition Resolution, which is the second resolution put to the Trust Scheme Meeting.
This resolution seeks approval from NSR securityholders as unitholders for the acquisition by the bidder trustee of all National Storage units as at the scheme record date for the purposes of Item 7 of Section 611 of the Corporations Act. The National Storage Units Acquisition Resolution, being the second trust scheme resolution before the trust scheme meeting, is shown on the screen and is that subject to and conditional on each of, A, Resolution One set out in the notice convening the trust scheme meeting, the share scheme resolution, and each of the unstapling resolutions as defined in the scheme booklet of which this notice forms part, being passed.
B, the share scheme being approved by the court under Section 411(4)(b) of the Corporations Act, with or without modifications as approved by the court, and an office copy of the order of the court approving the share scheme being lodged with ASIC. For the purposes of Item 7 of Section 611 of the Corporations Act, the acquisition by Bidder Trustee of all National Storage Units existing as at the scheme record date, as described in the scheme booklet of which this notice forms part, be approved and National Storage Trustee be authorized to do all things which it considers necessary, desirable, or reasonably incidental to give effect to the acquisition. This resolution is an ordinary resolution. To pass, it requires a simple majority. That is more than 50% of votes cast by NSR securityholders as holders of National Storage Units to be in favor.
Details of valid proxies received in respect of each of the trust scheme resolutions are shown on screen. Moving to the next item, the company unstapling resolution, which is put to the general meeting of National Storage shareholders, being for the holders of the National Storage shares. The unstapling is a necessary step to implement the post-implementation restructure proposed by the consortium. The National Storage Units and National Storage shares are currently stapled together and trade as a single security on the ASX. As part of the trade transaction, they need to be unstapled so that the shares can be transferred to the bidder company and the units to the bidder trustee.
The company unstapling resolution before the general meeting of National Storage shareholders is shown on the screen and is that subject to and conditional on each of, A, each of the trust scheme resolutions, the share scheme resolution, and the other unstapling resolution being passed. B, the share scheme being approved by the court and an office copy of the order being lodged with ASIC for the purposes of Article 2 and Schedule 1 of the National Storage Company constitution. C, the National Storage shares cease to be stapled to the units in National Storage Trust by the unstapling. D, the date of the unstapling is to be the implementation date. E, National Storage Company be authorized to determine the particular time on the unstapling date when the unstapling is to occur. This resolution is a special resolution.
To pass, it requires at least 75% of votes cast by NSR securityholders as holders of National Storage shares to be in favor. Details of valid proxies received in respect of the company unstapling resolution are shown on screen. The final item is the trust unstapling resolution, which is put to the general meeting of National Storage unitholders, being for the holders of National Storage units. This is the counterpart resolution to the company unstapling resolution and is a resolution from the unitholder's perspective. As previously mentioned, the unstapling is a necessary prerequisite to implementing the post-implementation restructure proposed by the consortium and the overall transaction.
The trust unstapling resolution before the general meeting of National Storage unitholders is shown on the screen and is that subject to and conditional on each of, A, each of the trust scheme resolutions, the share scheme resolution, and the other unstapling resolution being passed. B, the share scheme being approved by the court and an office copy of the order being lodged with ASIC for the purpose of Clause 13 and Schedule 1 of the National Storage Trust Constitution. C, the National Storage units cease to be stapled to the ordinary shares in National Storage Company, the unstapling. D, the date of the unstapling is to be the implementation date. E, National Storage Trustee be authorized to determine the particular time on the unstapling date when the unstapling is to occur. This resolution is a special resolution.
To pass, it requires at least 75% votes cast by NSR security holders as holders of National Storage Units to be in favor. Details of valid proxies received in respect of this trust unstapling resolution are shown on screen. That concludes the presentation on all five resolutions. I'll now invite questions and comments from NSR security holders in relation to the transaction and the five resolutions before us today. We will begin with questions from the floor here in Brisbane, then move to written questions submitted online and any verbal questions through the audio facility. For those in the room that wish to ask a question, please raise your hand now and a microphone will come to you. Please state your name prior to asking your question. Are there any questions? Moving to online questions.
I will read the question and then provide the answer or invite the appropriate person to speak to the answer. If we receive any verbal questions, I will introduce you to speak at the relevant time. Please state your name prior to asking your question. First question is from Mr. Stephen Mayne in respect to item one, the share scheme resolution. The question is, what sort of proxy solicitation campaign did we run to encourage our 6,800 shareholders to vote, and how many of them voted by proxy? Also, thank you for offering best practice hybrid meetings today to maximize participations. Four hybrids in a row must be some sort of record. Why did it need four separate meetings legally?
The response to that is NSR followed market-standard processes to notify securityholders of the meetings, including issuing the scheme booklet, ASX announcements, and engaging an independent third-party service provider to operate the NSR securityholder information line. That provider also conducted a targeted outbound campaign to advise securityholders of the meeting details and the available voting options. The Board considers that appropriate and customary steps were taken to inform securityholders and facilitate participation, and respects the decision of securityholders as to whether or not they chose to vote. The four meetings were required to be held due to the stapled structure of National Storage, the target of the share and trust acquisition, as well as the unstapling of securities to facilitate the transaction. Second question is from Mr. Stephen Mayne in respect to number one, share scheme resolution.
In takeover situations, you sometimes see Non-Executive Directors paid so-called exertion payments, given all the additional work required. Didn't think of that. Anyway. Sorry, he didn't say that. That wasn't part of the question. What was our approach to this issue, and exactly how much extra work did this deal generate for the Directors? The Non-Executive Directors are not receiving any exertion payments as a result of the proposed transaction. The additional work generated was usual for a transaction of this nature. Ongoing involvement is as stated in the scheme booklet. A question from Mr. Stephen Mayne regard to Item one, Share Scheme Resolution. It is very unusual to have a Chair CEO team in place for 12 years, and well done indeed for those outstanding shareholder returns laid out in the formal addresses.
Is our Founder at all sad to be exiting the industry, just like the Miller family did all those years ago? Did he ever try to buy Kennards, the last Founder-led family left in the Australian self-storage industry? Did Kennard run the numbers on launching a rival bid, or was the combined might of the Canadian-Singapore coalition just too big and strong to take on? Our response to that is we note that the Chair and CEO in recommending the transaction are supportive of the offer. Further, we trust that the addresses of both will respond to the remainder of this statement in a moment. The purpose of the meetings today are to address the business of the meeting in relation to the transaction. Accordingly, it would not be appropriate to discuss competitors or speculate on the consideration of competitors during this process.
As previously mentioned, no superior offer has been received. I have a question from Mr. Stephen Mayne , number one, share scheme resolution. The question is, fourth and final question, Australia is currently in the midst of an unprecedented deluge of takeovers that has contributed to listed entities on the ASX dropping by more than 10% since January 2023, to a nearly 20-year low of 2024 on March 30th, 2026. There were a record 27 major takeovers above AUD 100 million completed in 2024, 2025, and we're headed for a higher number in 2025, 2026. Why do the Chair and CEO believe this is happening? There is a clear mispricing between public markets and private markets. Is there also a problem with the scrutiny and extra regulation of smaller ASX-listed companies which don't benefit from index investing?
Does the Chair agree this is a problem for the nation, particularly with so few new floats replenishing the ASX ranks? This question raises broader policy and market questions that extend beyond the transaction being considered today. The role of the meetings is to consider the proposed transaction resolutions in the context of NSR and the information set out in the scheme booklet. It would not be appropriate for me to express views on broader market trends or regulatory policy in this forum. Are there any more? Okay. That concludes our discussion. I'll now give NSR security holders a moment to finalize their votes. For those voting in person, if you've not yet completed your yellow voting card for all five resolutions, please do so now and hand it to a Computershare representative. Someone here. Please make sure you have recorded your vote for each of the five resolutions.
If you're uncertain about any of the voting procedures or require any assistance, please see Computershare staff at the registration desk who will be happy to help you. Jessie Yerma from Computershare will act as Returning Officer for the purposes of conducting and determining the results of the poll. If you are voting via the online portal, please submit your votes now. In a couple of minutes, I'll close the voting system and formally ask Jessie Yerma, as Returning Officer, to count the votes. You've forgotten mine. If you please ensure that you've cast your votes on all resolutions. Just give you a couple moments for those. Has everybody had the opportunity to cast their votes? Okay. I hereby declare each poll closed and formally ask Jessie Yerma, as Returning Officer, to count the votes.
The results of each poll will be released to the ASX and made available on our website today. Finally, a few words. While the transaction remains subject to NSR securityholders voting in favor of the transaction resolutions and the other outstanding conditions precedent, Andrew and I want to take this opportunity to provide an address to NSR securityholders. This transaction marks the culmination of NSR's growth as a listed entity. From its IPO in December 2013, with an initial market capitalization of AUD 198 million and total value assets valued at approximately AUD 250 million, NSR has achieved extraordinary outcomes for its securityholders. Based on the current transaction, our market capitalization now exceeds AUD 4 billion, and the total enterprise value of NSR sits at approximately AUD 6.7 billion.
The outcome manifested by this transaction, which has been overwhelmingly endorsed by the voters, NSR security holders today, means that NSR security holders at IPO are set to receive total returns of 438% if the transaction is implemented. Our combined annual growth rate for both our underlying earnings, 20%, and total revenue, 19%, over the last 12 years means NSR has been one of the most consistently performing AREITs over this period. We have achieved some very significant milestones during FY 2026 to date. Our first half FY 2026 growth in underlying earnings has been better than 8%, with REVPAM up 5.3%. NSR has achieved these results despite the significant additional demands of negotiating and executing the current transaction over the same period.
As at the date of these meetings, NSR's center count has reached 300, creating the largest, high-quality, and most geographically diverse portfolio of self-storage assets throughout Australia and New Zealand. Our team of over 700 people has worked tirelessly to achieve our objective to become Australia and New Zealand's leading provider of tailored storage units, and a global leader in innovation and excellence in customer service, whilst building an unrivaled pipeline of acquisitions and state-of-the-art development projects. Thank you to each and every one of our team for your commitment and dedication. Throughout our time as a listed entity and for many years prior, our company has been very capably led by its Founder, Andrew Catsoulis, who together with his wife, Karen, who's with us today, had the foresight to envisage and then build their first self-storage center some 30 years ago.
Andrew's vision, determination, energy, and resilience has been the cornerstone on which this business has grown to become the very significant and successful organization that it is today. He's been greatly assisted in this endeavor by a highly credentialed and committed Senior Management and Executive Team, and I offer my thanks for their efforts today. In addition, I'd like to acknowledge the contribution of my fellow Board members who have worked tirelessly to successfully guide our team through many years of challenges and opportunities. In doing so, they've maintained the highest level of professionalism, goodwill, and importantly, a sense of humor, for which I sincerely thank them. Being a Board member, or at times the Chairman of a listed public company with such a strong growth trajectory as NSR, is an enormous privilege, but equally comes with a large degree of obligation.
Over the last 12 years, the NSR Board has endeavored to balance a desire to maximize the return on securityholders' funds invested with a strong commitment to ethical practices, including sustainability and the environment, while ensuring that our customers receive good service and a safe place to store their valued possessions. During this time, we have reduced NSR's business carbon footprint substantially while maintaining a strong focus on both asset and earnings growth and running a successful business with a strong brand and reputation. I would also like to take this opportunity to thank all those who have embarked on this journey with us, including our many and varied service providers, including our lawyers, accountants, bankers, valuers, insurers, and investment advisors, as well as our valued joint venture partners. All of them have greatly assisted us over the years.
To our NSR security holders, I trust that we have fulfilled the sacred trust which you have invested in us, and that the outcome from this transaction is a validation of the many years of support you have provided to the NSR business in underpinning its growth aspirations, which has seen NSR go from an ASX minnow to one of the most successful companies in its sector today. Finally, to the consortium, we've got representatives here today. Pending the culmination of this transaction, I firmly believe that you will be the custodians of the business, which is in great shape and has the capacity to continue to grow and flourish. Our best wishes to you. I would like now to hand over to our Managing Director, Andrew, to say a few words.
Good morning, everyone. Thank you all for attending. I'll be brief. Substantially more brief than I was at my eldest daughter's wedding, where the speech went for some 20 minutes, I can assure you I'll be brief. I'd like to acknowledge and thank our Chairman, Anthony Keane, for his kind words. We could have never achieved these outcomes without you, TK. Your guidance and support has been instrumental over the last 12 years. You have been steadfast, calm, considered, and have always provided very thoughtful insights from your over 40 years of corporate experience. Likewise, I would acknowledge our Board. Your calmness under pressure, belief in management, willingness to work hard, and professionalism has been critical in bringing us to this point today. Thank you all sincerely for your efforts.
My Executive Team, Stuart Owen, our CFO, Emily Ackland, our General Counsel, Nicholas Crang, our Head of Acquisitions and Developments, to them, you are quite simply the best in the business. Your assistance and advice over the years has been invaluable. Much of this outcome has been built on your relentless drive, hard work ethic, and ability to derive the best, not only from your own teams, but from the NSR business as a whole. Likewise, our senior management team, many of whom are here today, and our team members do an incredible job, often in difficult circumstances. On behalf of Board and Management, we can't thank you enough. When I reflect on the last 30 years in this wonderful industry of self-storage, it's hard not to become a little emotional.
My wife and I built our first storage center at Oxley on what was then the outskirts of Brisbane. We generally had no idea of what the self-storage industry looked like or what we were getting ourselves into, to be honest. We've really been humbled to be surrounded by the highest quality people who have assisted us when this assistance was most essential. To have built a business at the scale, geographical diversity, and quality of NSR was inconceivable to us at the time. Yet here we are today. I can only thank most sincerely all of those who believed in us and who supported us on this journey, including our team, some of whom I've had the privilege to work with for over 30 years. I'm humbled to call you my friends, and thank you for your willingness to have committed to NSR over this period. It's been incredible.
Our security holders, over 6,800 of them, have believed in NSR and our vision to become the number one provider of excellence in tailored storage solutions across Australia and New Zealand. You have been steadfast in your support over the years, with nine capital raises oversubscribed, having raised approximately AUD 1.8 billion in equity. Thank you. I would also like to extend my sincere thanks to the countless number of self-storage customers who have entrusted us with their valued possessions over the last 30 years. Without you, we actually wouldn't have a business, so thank you. I believe that GIC and Brookfield are buying a wonderful business with, as TK has pointed out, amazing potential for future growth, and I hope to be able to continue to play my part in the next phase of this incredible journey. Finally, I'd like to sincerely thank my wife and daughters and their families.
You've been steadfast in your love and support without which the creation of NSR would have been impossible. Thank you.
Thanks, Andrew. That clearly came from the heart. I now declare these proceedings and each of the meetings closed. Thank you all again for attending today's meetings and invite those who can to stay for light refreshments. The Directors and Management will be in the room for a time afterwards and welcome the opportunity to speak informally with securityholders. Thank you again. Have a good day.