National Storage REIT (NSR) AI Stock Analysis

• Market Cap: AU$3.27B
• Dividend Yield: 4.76%
• Average Volume (3M): 5.63M
• Price to Earnings (P/E): 13.7
• Beta (1Y): 0.73
• Revenue Growth: 10.59%
• EPS Growth: 0.77%
• Country: AU
• Employees: 670
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Industrial
• EPS (TTM): 0.06
• Shares Outstanding: 1,403,727,500
• 10 Day Avg. Volume: 5,192,587
• 30 Day Avg. Volume: 5,630,479
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: AU$2.61
• Price Target Upside: 12.02% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 7

• Rating: 61 Neutral
• Price Target: AU$2.50 ▲(7.30% Upside)

National Storage REIT's overall score is driven by its strong valuation and cash flow generation capabilities. However, the declining revenue growth and increased leverage pose risks. The technical indicators suggest weak momentum, which could affect short-term performance.

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 fully integrated owner and operator of self-storage centres to be listed on the Australian Securities Exchange (ASX).

How the Company Makes Money

National Storage REIT makes money primarily through rental income generated from its extensive network of self-storage facilities. Customers pay a monthly fee for the use of storage units, which vary in size and features, such as climate control or enhanced security. This recurring revenue model is supplemented by additional services, including insurance products, packaging supplies, and vehicle storage options. The company's earnings are also supported by strategic acquisitions and partnerships that expand its facility offerings and geographical reach. Additionally, NSR may engage in property development and management, enhancing the value of its real estate assets over time.

National Storage REIT Financial Statement Overview

Summary

National Storage REIT shows strong operational efficiency and cash flow generation, but faces challenges with declining revenue growth and increased leverage. The company should focus on improving revenue streams and managing debt levels to enhance financial stability.

Income Statement

The income statement shows a mixed performance. The company has maintained strong gross profit margins, indicating effective cost management. However, there is a notable decline in revenue growth rate and net profit margin over the latest period, reflecting challenges in maintaining top-line growth and profitability. The EBIT and EBITDA margins remain robust, suggesting operational efficiency.

Balance Sheet

The balance sheet reveals a high debt-to-equity ratio, which has increased significantly, indicating potential leverage risks. The return on equity has decreased, suggesting reduced profitability for shareholders. However, the equity ratio remains stable, showing a balanced asset structure.

Cash Flow

Cash flow analysis indicates a positive trend with an increase in free cash flow growth rate, reflecting improved cash generation capabilities. The operating cash flow to net income ratio is healthy, demonstrating strong cash conversion. However, the free cash flow to net income ratio has slightly declined, which may warrant attention.

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

• Technical Analysis Sentiment: Negative
• Last Price: 2.33
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:NSR, the sentiment is Negative. The current price of 2.33 is below the 20-day moving average (MA) of 2.39, below the 50-day MA of 2.41, and above the 200-day MA of 2.28, indicating a neutral trend. The MACD of -0.02 indicates Positive momentum. The RSI at 36.41 is Neutral, neither overbought nor oversold. The STOCH value of 16.70 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:NSR.

National Storage REIT Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HDN	80 Outperform	AU$2.87B	11.44	8.15%	6.18%	2.70%	205.08%
CIP	70 Outperform	AU$2.25B	16.98	5.35%	4.58%	4.39%	176.52%
BWP	68 Neutral	AU$2.69B	9.97	9.35%	5.03%	16.53%	36.39%
DXI	67 Neutral	AU$929.60M	11.04	4.96%	5.60%	-8.67%	―
ASK	64 Neutral	AU$1.85B	6.39	12.41%	4.40%	11.51%	109.13%
NSR	61 Neutral	AU$3.27B	13.66	6.61%	4.76%	10.59%	0.77%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%

National Storage REIT Corporate Events

Runway Technologies Increases Stake in Abacus Storage King

Runway Technologies Pty Ltd and its associates have increased their substantial holding in Abacus Storage King, which comprises Abacus Storage Operations Limited and Abacus Storage Property Trust. The voting power of Runway Technologies has risen from 8.30% to 9.51%, indicating a significant increase in their influence within the company.

The most recent analyst rating on (AU:NSR) stock is a Buy with a A$2.70 price target. To see the full list of analyst forecasts on National Storage REIT stock, see the AU:NSR Stock Forecast page.

Runway Technologies Increases Stake in Abacus Storage King

Runway Technologies Pty Ltd has increased its voting power in Abacus Storage King, a company comprising Abacus Storage Operations Limited and Abacus Storage Property Trust, from 7.17% to 8.30%. This change in substantial holding indicates a growing influence of Runway Technologies within the company, potentially impacting its strategic decisions and stakeholder interests.

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 Settles Second Tranche of Development Assets

National Storage REIT (NSR) has announced the settlement of the second tranche of development assets by the National Storage Ventures Fund. This tranche involves the acquisition and development of six assets from NSR’s existing portfolio, with a total capital deployment of approximately $228 million. The transaction has resulted in net sale proceeds of around $140 million for NSR, which will be used to repay debt. NSR and GIC will maintain equity interests of 25% and 75% respectively, with NSR continuing as the fund manager and developer, earning fees for its services. This development is part of NSR’s strategy to expand its footprint independently while leveraging its balance sheet and development capabilities.

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 Announces Dividend Distribution

National Storage REIT has announced a dividend distribution of AUD 0.056 per unit for its fully paid ordinary units stapled securities. The distribution covers a six-month period ending on June 30, 2025, with an ex-date of June 27, 2025, and a payment date set for September 2, 2025. This announcement reflects the company’s ongoing commitment to providing returns to its investors and may influence its market positioning by reinforcing investor confidence.

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 Announces Change in Substantial Holder Interests

National Storage REIT has announced a change in the interests of its substantial holder, Runway Technologies Pty Ltd, which now holds a 7.17% voting power in Abacus Storage King, up from 6.16%. This increase in voting power reflects a strategic move that could influence the company’s decision-making processes and impact its market positioning, potentially affecting stakeholders involved with Abacus Storage King.

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.

Resolution Capital Acquires Substantial Stake in National Storage REIT

Resolution Capital Limited has become a substantial holder in National Storage REIT, acquiring a 5.04% voting power with 70,169,444 ordinary fully paid shares. This acquisition indicates a significant investment interest in National Storage REIT, potentially impacting its market positioning and signaling confidence in its business operations to stakeholders.

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 Releases Q3 FY25 Exit Statements

National Storage REIT has announced that the exit statements for the third quarter of the fiscal year 2025 are now available for investors to download via the Computershare Investor Centre website. This update is part of their regular communication with stakeholders, ensuring transparency and accessibility of financial information, which is crucial for maintaining investor confidence and supporting the company’s market position.

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 Expands Ventures Fund with New Asset Tranche

National Storage REIT has entered into agreements with GIC for the National Storage Ventures Fund to invest in a second tranche of development assets. This tranche involves acquiring, developing, and operating six additional assets from NSR’s portfolio, with a total capital deployment of approximately $228 million. The acquisition is expected to generate net sale proceeds of about $140 million for NSR, which will be used to repay debt. NSR will maintain a 25% equity interest in the fund and continue to manage and develop the assets, reaffirming its earnings guidance and distribution policy.

The most recent analyst rating on (AU:NSR) stock is a Sell with a A$2.35 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 Appoints New Joint Company Secretary

National Storage REIT has appointed Tanya Mangold as Joint Company Secretary to cover parental leave until August 2026. This strategic appointment ensures continuity in governance and compliance, as Mangold brings extensive experience from previous roles at several major companies. Katherine Hammond will continue as Joint Company Secretary until her leave in July 2025, with Emily Ackland also responsible for ASX communications. This move underscores National Storage’s commitment to maintaining robust corporate governance during leadership transitions.

The most recent analyst rating on (AU:NSR) stock is a Sell with a A$2.35 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 Increases Stake in Abacus Storage King

National Storage REIT, through its associate Runway Technologies Pty Ltd, has increased its voting power in Abacus Storage King from 5.11% to 6.16%. This change signifies a strategic move to strengthen its influence within the company, potentially impacting its operations and decision-making processes.

The most recent analyst rating on (AU:NSR) stock is a Sell with a A$2.35 price target. To see the full list of analyst forecasts on National Storage REIT stock, see the AU:NSR Stock Forecast page.