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. They reaffirmed FY24 guidance, saying underlying earnings will be a minimum of 11.3cps and greater than $154mn – and they’ll pay 90-100% out in distributions. Their NTA is $2,48, meaning the stock is trading at a 6.5% discount.
- We continue to like NSR, a low beta, high quality operator of self-storage assets.
MM is long & bullish NSR
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