National Storage REIT (NSR), Australia’s largest owner of self-storage assets is now trading on a cap rate of ~4.5%. The cap rate (standing for capitalisation rate) is a widely used measure in property which divides the net income generated by the property by its value. In other words, it’s the return the property (or portfolio of properties) will spin off relative to its value expressed as a percentage. A cap rate of 4.5% is low meaning NSR is on the expensive side. We hold NSR in this portfolio and while we like the thematic of self-storage, we are now assessing this position.
MM is now neutral NSR around $2.60
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