The largest self-storage operator in the country recently raised $325m of equity at $2.41 having 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 into our targeted region – the one that got away for now!
While Abacus (ABP), which has Storage King would be a cheaper entry into self-storage, they have other strings to their bow which complicates the situation, for pure storage exposure, NSR is the play. While the stock is not cheap, we continue to like it as a defensive play, especially into dips towards $2.30, of which there have been many over the last 18 months.
- We have NSR on our hitlist with an ideal entry in the $2.30 area.
MM is keen on NSR ~$2.30
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