03/10/2024 09:18

National Storage (NSR) $2.53

NSR is very well positioned after its recently announced Ventures JV with GIC, which should provide short-term earnings support as NSR ramps up on the development front - this self-storage REIT remains one of our core holdings in two portfolios, liking both its 4.3% sustainable yield and strategic direction.

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12/09/2024 17:08

National Storage REIT (NSR) $2.42

NSR -1.22%:  Soft in a strong market due to a financing deal they announced this morning for $300m of exchangeable notes paying a 3.125% - 3.625% coupon with the proceeds to be used to repay higher cost debt, fund further growth and diversify funding sources.

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21/08/2024 17:28

National Storage REIT (NSR) $2.41

NSR +1.26% delivered exactly what we’d expect today, a clean, inline result with a slight upside bias to guidance given they usually under promise and over deliver;

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28/06/2024 09:29

National Storage REIT (NSR) $2.30

National Storage, the nation’s largest self-storage manager, recently announced a JV with Singapore Sovereign Wealth fund GIC, which demonstrates there’s plenty of interest in Australian storage assets.

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13/06/2024 16:45

National Storage REIT (NSR) $2.30

NSR +3.14%: the self-storage manager announced a JV with Singapore Sovereign Wealth fund GIC to develop an initial portfolio of 10 assets, with the partnership planning to deploy $270m within the next 18 months. NSR will own 25% of the venture but will act as the manager for the initial 5-year term. NSR will reap $120m from asset sales into the fund, helping to reduce debt. The deal shows plenty of interest in Australian storage assets and the announcement leaves the door ajar for a far bigger investment from the fund which controls ~$US750b.

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16/05/2024 09:52

Active Income Portfolio – Amendments

We believe National Storage (NSR) now looks relatively more attractive than Dexus (DXS) as a consequence of recent relative performance.

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21/02/2024 17:22

National Storage REIT (NSR) $2.31

NSR -0.43%: An inline result and guidance from the self-storage operative we own in the Active Growth Portfolio. 1H24 underlying earnings per share (EPS) of 5.6cps was up 1.8% YoY in line with consensus.

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06/02/2024 09:19

National Storage REIT (NSR) $2.34

NSR is Australia’s largest self-storage business, which we believe is cheap today after the surge in interest rates and spin-out by Abacus of its Storage King assets at a discounted valuation to NSR. This stock fits into our current defensive stance, helped by a forecasted 4.7% yield over the coming 12-months. Plus, we like the medium-term outlook for storage facilities as the country moves to higher-density living.

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01/02/2024 09:58

National Storage REIT (NSR) $2.31

NSR rallied strongly after the inflation data yesterday, although it remains below its late 2023 high. We are fans of this business, believing it enjoys the long-term macro tailwind of higher-density living leading to an increased demand for storage.  We like NSR with a relatively depressed valuation since Abacus floated Storage King, while a yield of almost 5% should support the stock moving forward.

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22/12/2023 09:01

National Storage REIT (NSR) $2.31

We like NSR on several fronts, including the long-term trend of higher-density living, which creates an increased demand for storage over the years ahead.

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