NATIONAL STORAGE REIT (NSR)
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NSR

NSR - NATIONAL STORAGE REIT

FNArena Sector : REITs
Year End: June
GICS Industry Group : Real Estate
Debt/EBITDA: 9.01
Index: ASX200 | ASX300 | ALL-ORDS

National Storage is a real estate trust that owns and operates over 160 self storage facilities in Australia and New Zealand. It listed on the ASX in 2013.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$2.42

27 Oct
2025

-0.010

OPEN

$2.44

-0.41%

HIGH

$2.45

2,686,251

LOW

$2.42

TARGET
$2.575 6.4% upside
OTHER COMPANIES IN THE SAME SECTOR
ABG . AOF . ARF . ASK . BWP . CDP . CDP . CHC . CIP . CLW . COF . CQE . CQR . DGT . DXC . DXI . DXS . ECF . GDF . GDI . HCW . HDN . PLG . REP . RFF . RGN . SCG . TGP . VCX . WOT . WPR .
FNARENA'S MARKET CONSENSUS FORECASTS
NSR: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 17.1 12.5 xxx
DPS (cps) xxx 11.1 12.0 xxx
EPS Growth xxx 0.9% - 26.8% xxx
DPS Growth xxx 0.9% 7.7% xxx
PE Ratio xxx N/A 19.4 xxx
Dividend Yield xxx N/A 4.9% xxx
Div Pay Ratio(%) xxx 65.1% 95.7% xxx

Dividend yield today if purchased 3 years ago: 4.46%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 4.59

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 30/12 - (franking ex-di

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx17.1
DPS All xxxxxxxxxxxxxxx11.1
Sales/Revenue xxxxxxxxxxxxxxx392.5 M
Book Value Per Share xxxxxxxxxxxxxxx261.4
Net Operating Cash Flow xxxxxxxxxxxxxxx129.5 M
Net Profit Margin xxxxxxxxxxxxxxx60.15 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx6.61 %
Return on Invested Capital xxxxxxxxxxxxxxx4.60 %
Return on Assets xxxxxxxxxxxxxxx4.31 %
Return on Equity xxxxxxxxxxxxxxx6.61 %
Return on Total Capital xxxxxxxxxxxxxxx4.08 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-3.8 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx319 M
Long Term Debt xxxxxxxxxxxxxxx1,654 M
Total Debt xxxxxxxxxxxxxxx1,974 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx66 M
Price To Book Value xxxxxxxxxxxxxxx0.88

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx31.7 M
Capex % of Sales xxxxxxxxxxxxxxx8.08 %
Cost of Goods Sold xxxxxxxxxxxxxxx6 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx170 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx5,563 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.9

No. Of Recommendations

4
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Macquarie

25/09/2025

1

Outperform

$2.63

8.68%

Macquarie has increased valuation and target price for the majority of its listed property sector coverage on stronger income fundamentals, together with improved access to and cost of capital.

Weighted average cap rate assumptions lowered by -25bps to -50bps across retail, office, and industrial, reflecting tighter spreads to bonds.

The broker notes commercial real estate transactions rose 19.1% y/y to $28.7bn in the year to June, with retail the standout, up 56% y/y.

The broker highlights equity inflow in some sectors beat expectations, with Charter Hall a good example, raising $1.75bn (with more demand) when it was seeking $300m.

No change to assumptions for National Storage REIT.

Outperform. Target unchanged at $2.63.

FORECAST
Macquarie forecasts a full year FY26 EPS of 12.47 cents.
Macquarie forecasts a full year FY27 EPS of 13.41 cents.

Ord Minnett

xx/xx/xxxx

2

xxxxxxxxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

27/10/2025

1

Buy

$2.90

19.83%

National Storage REIT's FY25 operating EPS marginally missed Jarden's forecast by -0.3%. The key takeway for the broker was earnings and valuation upside from the company's disclosure, though execution will remain a risk.

Specifically, the broker notes only 38% of the assets are in the mature bucket, indicating significant runway to lift occupancy and pricing acoss the rest.

Development pipeline of 489sqm of net lettable area across 54 projects suggests further upside potential. FY26 FFO forecast trimmed by -0.6% but FY27 lifted by 1.1%.

Buy. Target lifted to $2.90 from $2.80.

FORECAST
Jarden forecasts a full year FY26 dividend of 11.80 cents and EPS of 11.50 cents.
Jarden forecasts a full year FY27 dividend of 12.30 cents and EPS of 12.30 cents.
Access Extra Coverage Research History >

NSR STOCK CHART

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