National Storage REIT (AU:NSR)
ASX:NSR
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National Storage REIT
(Sydney:NSR)
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Rating:58Neutral
Price Target:
AU$3.00
▲(8.30% Upside)
Action:ReiteratedDate:11/28/25
The overall stock score of 58 for AU:NSR is primarily driven by mixed financial performance, with high leverage and revenue decline posing key risks, despite strong operational margins and cash flow growth. Positive technical momentum and a reasonable valuation with an attractive dividend yield provide some support, but financial stability concerns remain the dominant factor.
Positive Factors
Operational Efficiency
Strong operational efficiency indicates effective management and cost control, which can enhance profitability and sustain competitive advantage.
Negative Factors
Revenue Growth Challenges
Declining revenue growth can limit the company's ability to expand market share and improve earnings, affecting long-term growth prospects.
Read all positive and negative factors
Positive Factors
Negative Factors
Operational Efficiency
Strong operational efficiency indicates effective management and cost control, which can enhance profitability and sustain competitive advantage.
Read all positive factors
National Storage REIT (NSR) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$3.92B
Dividend Yield3.99%
Average Volume (3M)4.42M
Price to Earnings (P/E)13.0
Beta (1Y)0.70
Revenue Growth10.53%
EPS Growth-8.77%
CountryAU
Employees670
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)0.06
Shares Outstanding1,458,132,000
10 Day Avg. Volume3,914,820
30 Day Avg. Volume4,420,789
Financial Highlights & Ratios
PEG Ratio-1.31
Price to Book (P/B)9.44
Price to Sales (P/S)8.89
P/FCF Ratio14.84
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$2.78Price Target Upside0.24% Upside
Rating ConsensusHold
Number of Analyst Covering3
EPS Forecast (FY)0.12
Revenue Forecast (FY)AU$425.31M
National Storage REIT Business Overview & Revenue Model
Company Description
National Storage is the largest self-storage provider in Australia and New Zealand, with 194 centres providing tailored storage solutions to over 70,000 residential and commercial customers. NSR is the first independent, internally managed and ful...
How the Company Makes Money
National Storage REIT generates revenue primarily through the leasing of storage units to individual and business customers. The company charges rental fees based on the size and location of the storage units, which can vary depending on market de...
National Storage REIT Financial Statement Overview
Summary
Income Statement
45
Neutral
Balance Sheet
30
Negative
Cash Flow
65
Positive
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 374.70M | 358.00M | 354.69M | 331.43M | 278.06M | 217.75M |
| Gross Profit | 310.60M | 303.40M | 349.23M | 324.73M | 269.87M | 211.63M |
| EBITDA | 219.70M | 314.80M | 292.07M | 196.08M | 152.62M | 111.68M |
| Net Income | 221.90M | 27.50M | 230.27M | 320.40M | 620.62M | 309.71M |
Balance Sheet | ||||||
| Total Assets | 6.21B | 5.80B | 5.17B | 4.58B | 4.05B | 3.25B |
| Cash, Cash Equivalents and Short-Term Investments | 77.70M | 223.00M | 55.24M | 67.33M | 83.65M | 95.91M |
| Total Debt | 2.45B | 1.97B | 1.49B | 1.04B | 1.08B | 868.75M |
| Total Liabilities | 2.49B | 2.16B | 1.66B | 1.20B | 1.22B | 967.23M |
| Stockholders Equity | 3.72B | 336.90M | 305.28M | 3.39B | 2.84B | 2.28B |
Cash Flow | ||||||
| Free Cash Flow | 114.60M | 214.30M | 112.10M | 135.56M | 134.11M | 112.13M |
| Operating Cash Flow | 143.50M | 218.60M | 124.90M | 143.33M | 141.24M | 113.69M |
| Investing Cash Flow | -681.70M | -485.20M | -466.62M | -345.55M | -281.25M | -429.74M |
| Financing Cash Flow | 566.90M | 276.90M | 332.93M | 185.84M | 127.87M | 321.56M |
National Storage REIT Technical Analysis
Positive
2.77
Price Trends
2.77
Positive
2.73
Positive
2.53
Positive
Market Momentum
<0.01
Negative
61.75
Neutral
88.89
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:NSR, the sentiment is Positive. The current price of 2.77 is below the 20-day moving average (MA) of 2.78, below the 50-day MA of 2.77, and above the 200-day MA of 2.53, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 61.75 is Neutral, neither overbought nor oversold. The STOCH value of 88.89 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:NSR.
National Storage REIT Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | AU$2.61B | 2.94 | 11.96% | 6.09% | 5.78% | 79.44% | |
70 Outperform | AU$777.31M | 4.92 | 6.84% | 6.09% | -6.09% | 41.37% | |
70 Outperform | AU$1.88B | 7.50 | 5.63% | 4.85% | 2.44% | 42.65% | |
69 Neutral | AU$2.85B | 3.21 | 11.25% | 4.87% | 7.04% | 11.87% | |
67 Neutral | AU$1.85B | 7.03 | 12.48% | 4.13% | 8.27% | 42.20% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
58 Neutral | AU$3.92B | 12.96 | 10.94% | 3.99% | 10.53% | -8.77% |
* Real Estate Sector Average
AU:NSR
National Storage REIT
2.79
0.63
29.17%
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National Storage REIT Corporate Events
National Storage REIT Discloses Equity Derivative Details
Dec 15, 2025
National Storage REIT has disclosed an updated notice from Pentwater Capital Management LP in accordance with the Australian Takeovers Panel Guidance Note 20 on equity derivatives. The disclosure involves a cash-settled equity swap related to 96,8...
National Storage REIT Discloses Equity Derivatives Notice from Pentwater Capital
Dec 15, 2025
National Storage REIT has disclosed a notice from Pentwater Capital Management LP regarding equity derivatives, as per the Australian Takeovers Panel Guidance Note 20. This disclosure involves a cash-settled equity swap related to 96,867,732 ordin...
National Storage REIT Announces Estimated Dividend and Withdraws Guidance
Dec 11, 2025
National Storage REIT has announced an estimated fully franked dividend of 6 cents per stapled security for the period from 1 July 2025 to 31 December 2025, with a record date of 31 December 2025 and a payment date set for 20 February 2026. In con...
National Storage REIT Discloses Equity Derivatives Notice
Dec 10, 2025
National Storage REIT has disclosed a notice from Pentwater Capital Management LP regarding equity derivatives under the Australian Takeovers Panel Guidance Note 20. The disclosure involves a cash-settled equity swap related to 76 million ordinary...
National Storage REIT Agrees to $4 Billion Acquisition by Brookfield and GIC Consortium
Dec 7, 2025
National Storage REIT has entered into a Scheme Implementation Deed with a consortium led by Brookfield Asset Management and GIC, which will acquire 100% of NSR’s issued stapled securities. The transaction offers NSR securityholders a cash c...
National Storage REIT Releases Q1 FY26 Exit Statements
Nov 27, 2025
National Storage REIT has announced that the exit statements for the first quarter of the fiscal year 2026, covering the period from July 1 to September 30, 2025, are now available for investors to download via the Computershare Investor Centre we...
National Storage REIT Receives Acquisition Proposal from Brookfield and GIC
Nov 26, 2025
National Storage REIT has received an unsolicited, non-binding proposal from a consortium led by Brookfield Property Group and GIC Investments to acquire 100% of its stapled securities. The proposal, which includes a cash offer of $2.86 per securi...
National Storage REIT Initiates Trading Halt for Potential Control Transaction
Nov 26, 2025
National Storage REIT has requested a trading halt on its securities pending an announcement regarding a potential control transaction involving all of its stapled securities. This move indicates a significant corporate development that could impa...
National Storage REIT Issues Performance Rights to Boost Employee Incentives
Oct 29, 2025
National Storage REIT has announced the issuance of 368,500 performance rights as part of an employee incentive scheme. These securities are unquoted and are not intended to be listed on the ASX, reflecting the company’s strategy to incentiv...
National Storage REIT Issues New Securities Under Executive Incentive Plan
Oct 29, 2025
National Storage REIT has announced the issuance of 54,591 fully paid ordinary units stapled securities as part of its executive incentive plan for the year ending June 30, 2025. This move, approved by the Board, is aimed at enhancing the company&...
National Storage REIT Issues New Securities Under Incentive Program
Oct 29, 2025
National Storage REIT announced the issuance of 83,186 fully paid ordinary units as part of its Key Management Personnel incentive program, as approved by the Board. This move is expected to enhance the company’s operational capabilities and...
National Storage REIT Announces Quotation of New Securities
Oct 29, 2025
National Storage REIT has announced the application for quotation of 194,479 fully paid ordinary units stapled securities on the ASX, following approvals at its Annual General Meetings. This move is part of the company’s strategic efforts to...
National Storage REIT Announces Director’s Interest Change
Oct 29, 2025
National Storage REIT has announced a change in the indirect interests of its director, Andrew Catsoulis, as of October 28, 2025. The changes involve various trusts and companies where Mr. Catsoulis holds positions as a director and shareholder, i...
FMR LLC Ceases to be a Substantial Holder in National Storage REIT
Oct 22, 2025
National Storage REIT has announced that FMR LLC and its entities have ceased to be substantial holders in the company as of October 20, 2025. This change in substantial holding may impact the company’s stock market dynamics and investor per...
National Storage REIT Faces ‘First Strike’ on Remuneration Report at AGM
Oct 22, 2025
National Storage REIT held its Annual General Meeting on October 22, 2025, where all resolutions were decided by poll. A significant outcome was the ‘first strike’ against the Remuneration Report, as over 25% of votes were cast against...
National Storage REIT Withdraws Resolution on Executive Incentive Plan
Oct 17, 2025
National Storage REIT has announced the withdrawal of a resolution from its upcoming Annual General Meeting agenda, which involved the issuance of GRIP Performance Rights to Managing Director Andrew Catsoulis. This decision follows stakeholder fee...
National Storage REIT Releases 2025 Sustainability Report
Oct 17, 2025
National Storage REIT has released its Sustainability Report for the fiscal year 2025, detailing its approach and performance on key Environmental, Social, and Governance (ESG) topics. The report, prepared in accordance with global standards, high...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.