Pinnacle Investment Management reduces stake in National Storage REIT

Pinnacle Investment Management Group Limited and its subsidiaries reported a change in their substantial holding in National Storage REIT on November 28, 2025. Their voting power decreased from 10.02% (140,666,335 ordinary fully paid votes) to 8.97% (126,011,639 ordinary fully paid votes). The previous notice of substantial holding was given on September 24, 2025.

The changes in relevant interests included a series of sales and purchases between September 23, 2025, and November 28, 2025. Notable transactions include a sale on October 13, 2025, for -$5,499,698.86 affecting 2,333,545 securities, and an in-specie transfer out on October 28, 2025, for -$12,431,694.88 affecting 5,137,064 securities. The most significant individual transaction was a sale on November 28, 2025, for -$10,859,205.57, impacting 4,014,467 securities.

The present relevant interests are held across various registered holders including BNP Paribas (11,571,274 securities), Citicorp Nominees Pty Limited (38,790,845 securities), Northern Trust (30,172,843 securities), and State Street – IRL (8,683,915 securities), among others. Pinnacle Investment Management Group Limited maintains its relevant interest through direct and indirect voting power in its affiliated investment managers.