NSR Flat: We like this self-storage business that we’ve owned in the past, while it currently resides on our Hitlist.. Today they increased their FY23 guidance for underlying EPS of at least 11.5c versus prior guidance of at least 11c – an incremental upgrade rather than anything more definitive, however clearly the trends remain positive in Self Storage. They also reaffirmed their policy to distribute 90% – 100% of underlying earnings, and based on the midpoint of guidance, it implies a 4.8% dividend yield. In the short term, Abacus (ABP) flagging the potential spin out of their self-storage assets could be a headwind. We have ABP management in tomorrow and will learn more about these plans then.
MM likes NSR, and has it on our Hitlist
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