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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$2.81B | 11.19 | 8.25% | 6.18% | 2.70% | 205.08% | |
70 Outperform | AU$894.70M | 10.63 | 7.99% | 5.87% | -8.67% | ― | |
70 Outperform | AU$2.20B | 16.75 | 5.38% | 4.65% | 4.39% | 176.52% | |
68 Neutral | AU$2.76B | 10.24 | 9.58% | 4.84% | 16.53% | 36.39% | |
67 Neutral | AU$1.86B | 6.43 | 13.00% | 4.41% | 11.51% | 109.13% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
60 Neutral | AU$3.19B | 13.31 | 6.61% | 4.89% | 10.59% | 0.77% |
National Storage REIT Corporate Events
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.
Resolution Capital Limited has ceased to be a substantial holder in National Storage REIT as of September 19, 2025. This change in substantial holding could impact National Storage REIT’s shareholder structure and influence its market positioning, as substantial holders often play a significant role in corporate governance and strategic decisions.
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 scheduling of its 2025 Annual General Meeting for shareholders and unitholders, set to take place on October 22, 2025. The meeting will be held in a hybrid format, allowing participants to attend either in person or virtually. This approach aims to enhance accessibility and engagement, providing stakeholders with the opportunity to participate actively through an online platform where they can watch, listen, submit questions, and vote.
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 its annual statements for the fiscal year ending June 30, 2025, are now available for investors to download via the Computershare Investor Centre website. This update, authorized by Company Secretary Tanya Mangold, ensures transparency and accessibility for stakeholders, reinforcing National Storage’s commitment to maintaining clear communication with its investors.
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 application for quotation of 12,094,168 fully paid ordinary units stapled securities on the ASX, issued under a dividend or distribution plan. This move is likely to enhance the company’s liquidity and market presence, potentially impacting its stakeholders by increasing the availability of its securities in the market.
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 a change in the indirect interests of its director, Andrew Catsoulis. The change involves various trusts and entities where Mr. Catsoulis holds indirect interests, including the A & K Catsoulis Superannuation Fund and the Catsoulis Family Trust. This update reflects the company’s compliance with disclosure requirements and provides transparency to stakeholders regarding the director’s financial interests.
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 application for quotation of 195,202 fully paid ordinary units stapled securities on the Australian Securities Exchange (ASX). This move is part of the company’s ongoing efforts to enhance its capital structure and potentially improve its market presence, reflecting a strategic step to support its growth and operational objectives.
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 Finance Pty Ltd, along with its guarantors, announced an adjustment to the exchange price of its A$300 million 3.625% Guaranteed Exchangeable Notes due 2029. The exchange price has been revised from A$3.0100 to A$2.9393, effective 21 August 2025, following the distribution with a fair market value of A$0.056 payable on 2 September 2025. This adjustment reflects the company’s ongoing financial management and impacts stakeholders holding the exchangeable notes.
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.
National Storage Holdings Limited has announced its intention to hold its 2025 Annual General Meeting on October 22, 2025, which will include the re-election of directors. The company has set September 2, 2025, as the deadline for director nominations and will provide further details about the meeting in a separate notice. This announcement is part of the company’s ongoing governance and operational activities, reflecting its commitment to maintaining transparent and structured shareholder engagement.
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.
National Storage REIT reported a robust financial performance for FY25, with an IFRS profit after tax of $236.1 million and a 6.4% increase in underlying earnings. The company completed 28 acquisitions and 14 developments, enhancing its asset base and development pipeline. The reaffirmed Baa2 credit rating and successful execution of $300 million in exchangeable notes underscore its financial stability. The company’s sustainability initiatives, including solar energy generation and emissions reduction, highlight its commitment to environmental responsibility. These developments position NSR for continued growth and stability, benefiting stakeholders and reinforcing its market position.
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.
National Storage REIT has announced the final distribution for the fiscal year 2025, updating its previous announcement. This distribution relates to a six-month period ending on June 30, 2025, and reflects the company’s ongoing commitment to providing returns to its stakeholders, potentially impacting its market positioning and investor relations positively.
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.
National Storage REIT has released its Corporate Governance Statement, outlining its commitment to maintaining robust governance standards. The document details the company’s governance framework, board structure, compliance with ASX standards, and principles for ethical and responsible management. This announcement underscores the company’s dedication to transparency and accountability, which are crucial for stakeholder trust and long-term success.
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.
National Storage REIT has released its corporate governance statement for the financial year ending June 30, 2025, which is available on their website. The statement confirms compliance with the ASX Corporate Governance Council’s principles and recommendations, ensuring transparency and accountability in its operations. This disclosure is crucial for stakeholders as it reflects the company’s commitment to maintaining high governance standards, which can impact investor confidence and the company’s market reputation.
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.
National Storage REIT’s 2025 Annual Report highlights the company’s performance for the financial year ending June 30, 2025, detailing its strategy, governance, and financial outcomes. The report underscores the company’s commitment to sustainability, with a dedicated report to be released prior to the AGM. The annual report serves as a comprehensive overview of NSR’s operations, investment partnerships, and corporate governance, providing stakeholders with insights into its market positioning and future outlook.
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.