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National Storage REIT

NSR: XASX (AUS)

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Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$5.60	Jhkr	Jrpxddr

National Storage REIT's Rent Growth Moderates and Occupancy Rates Are Yet to See Improvements

Alexander Prineas

Feb 21, 2024

Business Strategy and Outlook

National Storage REIT is the largest operator of storage assets in Australia and New Zealand, controlling about 17% of the Australasian market, versus rivals Kennards with 10%, and Abacus Storage King who has 9%. Major expansion plans saw net lettable area grow to over 1 million square meters as at December 2023, up from approximately 200,000 in 2014. The REIT plans to keep acquiring and developing more sites. Acquisitions have exceeded former guidance of AUD 100 million-AUD 120 million per year, with purchases of circa AUD 216 million, AUD 350 million, AUD 200 million and AUD 234 million of assets in fiscal 2020, 2021, 2022, and 2023, respectively.

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