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: 6.93
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

$2.31

09 Jul
2025

-0.050

OPEN

$2.35

-2.12%

HIGH

$2.37

4,349,601

LOW

$2.31

TARGET
$2.508 8.6% 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 . URW . VCX . WOT . WPR .
FNARENA'S MARKET CONSENSUS FORECASTS
NSR: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 16.9 11.8 xxx
DPS (cps) xxx 11.0 11.2 xxx
EPS Growth xxx - 34.5% - 30.0% xxx
DPS Growth xxx 0.0% 2.0% xxx
PE Ratio xxx N/A 19.7 xxx
Dividend Yield xxx N/A 4.8% xxx
Div Pay Ratio(%) xxx 65.1% 94.9% xxx

Dividend yield today if purchased 3 years ago: 5.05%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 4.72

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 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx16.9
DPS All xxxxxxxxxxxxxxx11.0
Sales/Revenue xxxxxxxxxxxxxxx354.9 M
Book Value Per Share xxxxxxxxxxxxxxx255.9
Net Operating Cash Flow xxxxxxxxxxxxxxx124.9 M
Net Profit Margin xxxxxxxxxxxxxxx64.88 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx6.68 %
Return on Invested Capital xxxxxxxxxxxxxxx4.90 %
Return on Assets xxxxxxxxxxxxxxx4.72 %
Return on Equity xxxxxxxxxxxxxxx6.68 %
Return on Total Capital xxxxxxxxxxxxxxx4.50 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx10.2 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 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx12 M
Long Term Debt xxxxxxxxxxxxxxx1,478 M
Total Debt xxxxxxxxxxxxxxx1,489 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx55 M
Price To Book Value xxxxxxxxxxxxxxx0.90

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx12.8 M
Capex % of Sales xxxxxxxxxxxxxxx3.61 %
Cost of Goods Sold xxxxxxxxxxxxxxx6 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx137 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx4,856 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

0.5

No. Of Recommendations

5
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Ord Minnett

xx/xx/xxxx

2

xxxxxxxxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Citi

11/06/2025

1

Buy

$2.70

16.88%

National Storage REIT boosted its JV with Singapore's sovereign fund GIC with the release of six development sites for $228m and will get $140m in return. The REIT will have a 25% stake in the fund with the remaining belonging to GIC.

Citi notes the REIT will use the proceeds to repay debt and will continue to act as the fund's manager, including earning fees for services. The deal is subject to regulatory approvals but is expected to be completed soon.

The broker is positive on the medium-term outlook for the self-storage sector, given interest from global investors.

Following a later meeting with management, Citi determined management remains optimistic on the short- and medium-term outlook, expecting ongoing operational momentum and strong potential improvements in occupancy.

The company also anticipates finance cost tailwinds from lower interest costs, as well as cap rate compression.

Expecting positive FY25 results in August, Citi opens an upside 90-day catalyst watch. Buy. Target unchanged at $2.70.

FORECAST
Citi forecasts a full year FY25 dividend of 11.30 cents and EPS of 12.00 cents.
Citi forecasts a full year FY26 dividend of 11.80 cents and EPS of 12.50 cents.

Macquarie

xx/xx/xxxx

1

xxxxxxx xx xxxxxxxxxx xxxx xxxxxxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

5

xxxxxxxxxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

2

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

xx/xx/xxxx

1

xxxxxxx xx xxx xxxx xxxxxxxxxx

$xx.xx

xx.xx%

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Moelis

24/03/2025

1

Upgrade to Buy from Hold

$2.37

2.60%

Moelis upgrades National Storage REIT to Buy from Hold and now prefers this storage REIT compared with Abacus Storage King ((ASK)).

The broker believes capital will continue to chase the storage sector because of a growing population, densification, lifestyle purchases etc. The sector too has performed well with the REIT's cap rate moving just 3bps since June 2022.

The broker reckons there is little downside risk in the REIT, given it is trading at a wide -16.7% discount to net tangible asset

Target price unchanged at $2.37.

FORECAST
Moelis forecasts a full year FY25 dividend of 11.10 cents and EPS of 11.80 cents.
Moelis forecasts a full year FY26 dividend of 11.20 cents and EPS of 12.10 cents.
Access Extra Coverage Research History >

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