KSS Information Memorandum 2021

Executive Summary

Invitation Kennards Self Storage (“KSS”) is looking to refinance $110 million of its existing debt facility. The existing debt will be secured by a strong portfolio of property assets with $1.9 billion value and consistently strong operating cash flows. The purpose of this Debt Information Memorandum (“IM”) is to: • provide an overview and description of the business and its operations; • provide an overview of the historical and forecast business performance; and • outline the key terms and structure of the debt finance being sought as well as existing debt. KSS is inviting a limited number of financial institutions as part of this process to consider providing part or all of the facility on terms consistent with those outlined in this IM and the Common Terms Agreement. The Kennards Self Storage business was founded in 1973 by Neville Kennard and has successfully operated for over 45 Years as a family owned business. From the humble beginnings of the business as “Mini Storage” units in Moorebank, NSW, the company has gradually and successfully grown to 95 centres operated in Australia and New Zealand. The growth of the business has come from organic means, strategic property acquisitions with development potential and business acquisitions. The business today is managed by Sam Kennard and a highly capable Management Team, supported by an independent Board. The operating centres of the business are managed by a dedicated team on location and against agreed financial and operational performance targets. A related company, Kennards Storage Management Pty Ltd provides operational oversight and management services to the KSS business under an arm’s length Management Agreement. The KSS business is focused on providing an outstanding customer experience and identifying opportunities to add value to the customers. KSS takes a long term view of its business and invests in operating assets to support this long term view. Portfolio Performance Highlights

• Valued at $1.90 billion (Going Concern) as at 30 June 2020 • 88% occupancy as at May 2021 • Forecast 2020-21 Revenue of $165 million; EBITDA $107 million • Budget 2021-22 Revenue of $175 million; EBITDA of $115 million Performance Summary

For the 2019-20 Financial Year the KSS Group reported a Total Income of $154m; EBITDA of $95m. (62% of Total Income). The financial performance of the Group has been consistent with strong cash flow, retained within the business to fund new acquisitions and capital expenditure. The value growth in property is derived from new acquisitions, developments, strong financial performance, and cap rate compression. The summary of the financial results reflects the continued consistent performance, increased development activity and resultant revenue growth.

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