National Storage Benefits From Improved Occupancy and Pricing but Earnings Growth Will Normalise

National Storage REIt, or NSR, is the largest operator of storage assets in Australia and New Zealand, and the only pure, listed, storage operator in the market. Major expansion plans have seen net lettable area grow to near 1.1 million square metres in early 2021, up from approximately 200,000 in 2014. The REIT has major plans to acquire and develop more sites. Acquisitions have exceeded former guidance of between AUD 100 million and AUD 120 million per year, with purchases of circa AUD 400 million and AUD 216 million of assets in fiscal 2019 and 2020, respectively.