07/11/2023 09:11

National Storage REIT (NSR) $2.10

NSR closed up +1.9% on Monday, finally finding some love after struggling as bond yields leapt higher over the last few months. We were looking to increase our position into weakness under $2, but we’re happy to have been too pedantic if the stock can rally higher into Christmas. Interestingly, as yields retreat, one of the worst-performing property stocks through the tough September & October recovered strongly.

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02/11/2023 09:15

National Storage REIT (NSR) $2.00

NSR endured a tough end to October, but we remain committed to the mega trend that people will need to “store stuff” as a trend toward higher-density living becomes more common through Australia’s major cities. With a valuation of under 18x for FY24 and an estimated yield over the next 12-months of 5.85%, we believe NSR has become a very compelling story.

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23/08/2023 17:04

National Storage REIT (NSR) $2.25

NSR +2.27%: The largest supplier of self-storage in Australasia and recent addition to our Growth Portfolio reported FY23 results today that were ahead of expectations. FY23 EBITDA of $191.5m was ~4% ahead of consensus while post-tax profit of $141.8m was up 12% and in line with expectations.

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11/08/2023 09:50

Flagship Growth Portfolio – Amendments

We are making multiple changes to the Flagship Growth Portfolio.

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11/08/2023 09:18

Goodman Group (GMG) v National Storage (NSR)

We’ve discussed our penchant for NSR over recent months including in Thursday's What Matters Today Report, our focus has been on the performance elastic band between Goodman Group (GMG), which MM has held in our Flagship Growth Portfolio since 2021.

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02/08/2023 09:21

Goodman Group (GMG) v National Storage (NSR)

Yesterday saw a new IPO Abacus Storage King (ASK) -4.26% commence trading after raising $225m as they de-stapled the storage assets from the traditional Abacus Property (ABP) business and by definition created a direct competitor to NSR. As we said yesterday we felt the IPO was a bit complicated, however, they raised at $1.41, with the stock finishing on Thursday at $1.35.

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12/07/2023 09:10

National Storage REIT (NSR) $2.24

NSR is an interest rate-sensitive stock which has been illustrated by its pullback over recent months as bond yields climbed to multi-year highs, the inverse correlation has been amplified over the last few weeks as rates popped on the upside. However, the subsequent sharp pullback by NSR in our opinion is more related to the relative valuation that Abacus (ABP) has spun out Storage King.

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29/06/2023 09:21

National Storage REIT (NSR) $2.40

The interest rate-sensitive Real Estate Sector popped over 2% yesterday following the market-friendly inflation print, this is one sector where we want to increase our exposure moving forward, especially if we are correct with our outlook toward 3-year bond yields. NSR has been on our hitlist for a while with the $2.20 level being where we had been considering starting to accumulate a position.

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23/06/2023 09:06

National Storage REIT (NSR) $2.33

NSR has resided in our Hitlist for many months, the market’s current aversion towards property is steadily taking the storage companies’ shares down toward an appealing area for MM – note the stock trades ex-dividend 5.5c unfranked next week which will lower our entry target if we haven’t yet pushed the ”Buy button”.

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21/04/2023 09:25

National Storage REIT (NSR) $2.54

The largest self-storage operator in the country recently raised $325m of equity at $2.41having raised equity in 9 of the last 11 years, this was clearly no surprise, however, MM unfortunately missed the trade that was smack in front of us (and we had flagged) as the shares pulled back during a post raise sell down – the one that got away for now!

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