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National Storage REIT
(Sydney:NSR)
National Storage REIT (NSR) vs. iShares MSCI Australia ETF (EWA)
National Storage REIT Business Overview & Revenue Model
National Storage REIT Financial Statement Overview
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 358.00M | 358.00M | 354.69M | 331.43M | 278.06M | 217.75M |
| Gross Profit | 303.40M | 303.40M | 349.23M | 324.73M | 269.87M | 211.63M |
| EBITDA | 214.20M | 314.80M | 292.07M | 196.08M | 152.62M | 111.68M |
| Net Income | 157.70M | 27.50M | 230.27M | 320.40M | 620.62M | 309.71M |
Balance Sheet | ||||||
| Total Assets | 5.80B | 5.80B | 5.17B | 4.58B | 4.05B | 3.25B |
| Cash, Cash Equivalents and Short-Term Investments | 223.00M | 223.00M | 55.24M | 67.33M | 83.65M | 95.91M |
| Total Debt | 1.97B | 1.97B | 1.49B | 1.04B | 1.08B | 868.75M |
| Total Liabilities | 2.16B | 2.16B | 1.66B | 1.20B | 1.22B | 967.23M |
| Stockholders Equity | 336.90M | 336.90M | 305.28M | 3.39B | 2.84B | 2.28B |
Cash Flow | ||||||
| Free Cash Flow | 147.90M | 214.30M | 112.10M | 135.56M | 134.11M | 112.13M |
| Operating Cash Flow | 175.80M | 218.60M | 124.90M | 143.33M | 141.24M | 113.69M |
| Investing Cash Flow | -491.80M | -485.20M | -466.62M | -345.55M | -281.25M | -429.74M |
| Financing Cash Flow | 372.60M | 276.90M | 332.93M | 185.84M | 127.87M | 321.56M |
National Storage REIT Technical Analysis
National Storage REIT Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | AU$2.86B | 11.40 | 8.25% | 6.09% | 2.70% | 205.08% | |
70 Outperform | AU$843.94M | 10.02 | 7.99% | 6.09% | -8.67% | ― | |
70 Outperform | AU$2.08B | 15.89 | 5.38% | 4.85% | 4.39% | 176.52% | |
68 Neutral | AU$2.82B | 10.45 | 9.58% | 4.87% | 16.53% | 36.39% | |
67 Neutral | AU$1.99B | 6.89 | 13.00% | 4.13% | 11.51% | 109.13% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
62 Neutral | AU$3.86B | 16.12 | 6.61% | 3.99% | 10.59% | 0.77% |
National Storage REIT Corporate Events
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 96,867,732 ordinary shares, with no relevant interest or short positions held by Pentwater Capital Management. This announcement highlights the transparency and regulatory compliance of National Storage REIT in its market operations.
The most recent analyst rating on (AU:NSR) stock is a Hold with a A$2.86 price target. To see the full list of analyst forecasts on National Storage REIT stock, see the AU:NSR Stock Forecast page.
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 ordinary shares of National Storage REIT, with no previous information disclosed or relevant interest in the securities by Pentwater.
The most recent analyst rating on (AU:NSR) stock is a Hold with a A$2.86 price target. To see the full list of analyst forecasts on National Storage REIT stock, see the AU:NSR Stock Forecast page.
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 conjunction with this announcement, the company has withdrawn all previous guidance announcements, indicating a potential shift in its operational or strategic outlook.
The most recent analyst rating on (AU:NSR) stock is a Hold with a A$2.86 price target. To see the full list of analyst forecasts on National Storage REIT stock, see the AU:NSR Stock Forecast page.
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 shares of National Storage REIT. This announcement highlights the transparency in equity derivative positions, which could impact market perceptions and investor relations.
The most recent analyst rating on (AU:NSR) stock is a Hold with a A$2.86 price target. To see the full list of analyst forecasts on National Storage REIT stock, see the AU:NSR Stock Forecast page.
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 consideration of $2.86 per security, representing a significant premium over recent trading prices and net tangible assets. The deal, valued at approximately $4.0 billion in equity and $6.7 billion in enterprise value, is subject to customary conditions and approvals, with implementation expected in the second quarter of 2026. The NSR Board unanimously recommends the transaction, highlighting its attractiveness and the substantial return it offers to long-term investors.
The most recent analyst rating on (AU:NSR) stock is a Hold with a A$3.00 price target. To see the full list of analyst forecasts on National Storage REIT stock, see the AU:NSR Stock Forecast page.
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 website. This update is part of the company’s ongoing efforts to maintain transparency and provide timely information to its stakeholders, reinforcing its commitment to investor relations.
The most recent analyst rating on (AU:NSR) stock is a Sell with a A$2.55 price target. To see the full list of analyst forecasts on National Storage REIT stock, see the AU:NSR Stock Forecast page.
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 security, is subject to several conditions, including regulatory approvals and due diligence. The NSR Board has granted the consortium a period of exclusivity to negotiate a binding agreement, although there is no certainty that the transaction will proceed.
The most recent analyst rating on (AU:NSR) stock is a Hold with a A$2.50 price target. To see the full list of analyst forecasts on National Storage REIT stock, see the AU:NSR Stock Forecast page.
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 impact the company’s market position and stakeholder interests, with trading expected to resume by November 28, 2025, or upon the announcement’s release.
The most recent analyst rating on (AU:NSR) stock is a Hold with a A$2.50 price target. To see the full list of analyst forecasts on National Storage REIT stock, see the AU:NSR Stock Forecast page.
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 incentivize and retain key personnel, potentially impacting its operational efficiency and stakeholder engagement.
The most recent analyst rating on (AU:NSR) stock is a Buy with a A$2.57 price target. To see the full list of analyst forecasts on National Storage REIT stock, see the AU:NSR Stock Forecast page.
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’s operational capabilities and aligning executive interests with shareholder value, potentially impacting its market positioning positively.
The most recent analyst rating on (AU:NSR) stock is a Buy with a A$2.57 price target. To see the full list of analyst forecasts on National Storage REIT stock, see the AU:NSR Stock Forecast page.
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 strengthen its market position by aligning management incentives with shareholder interests.
The most recent analyst rating on (AU:NSR) stock is a Buy with a A$2.57 price target. To see the full list of analyst forecasts on National Storage REIT stock, see the AU:NSR Stock Forecast page.
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 enhance its market presence and operational capacity, potentially impacting its stakeholders by increasing the liquidity and marketability of its securities.
The most recent analyst rating on (AU:NSR) stock is a Buy with a A$2.57 price target. To see the full list of analyst forecasts on National Storage REIT stock, see the AU:NSR Stock Forecast page.
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, impacting the company’s governance and potentially its strategic direction.
The most recent analyst rating on (AU:NSR) stock is a Buy with a A$2.57 price target. To see the full list of analyst forecasts on National Storage REIT stock, see the AU:NSR Stock Forecast page.
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 perceptions, as FMR LLC has been actively buying and selling shares in recent weeks, indicating a shift in investment strategy or portfolio adjustments.
The most recent analyst rating on (AU:NSR) stock is a Buy with a A$2.80 price target. To see the full list of analyst forecasts on National Storage REIT stock, see the AU:NSR Stock Forecast page.
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 it, indicating potential shareholder dissatisfaction. This development could impact the company’s governance and future shareholder relations.
The most recent analyst rating on (AU:NSR) stock is a Buy with a A$2.80 price target. To see the full list of analyst forecasts on National Storage REIT stock, see the AU:NSR Stock Forecast page.
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 feedback and reflects the company’s commitment to aligning executive remuneration with long-term value creation and retention of key executives. The withdrawal will not affect other meeting items or proxy votes already submitted.
The most recent analyst rating on (AU:NSR) stock is a Hold with a A$2.50 price target. To see the full list of analyst forecasts on National Storage REIT stock, see the AU:NSR Stock Forecast page.
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, highlights the company’s commitment to sustainability and its impact on stakeholders, with carbon emissions data verified by the Carbon Reduction Institute.
The most recent analyst rating on (AU:NSR) stock is a Hold with a A$2.50 price target. To see the full list of analyst forecasts on National Storage REIT stock, see the AU:NSR Stock Forecast page.