National Storage REIT

NSR: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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National Storage REIT Earnings: Strong 2023, Signs of Moderation in Demand for 2024

Nathan Zaia

Aug 23, 2023

National Storage REIT posted fiscal 2023 underlying earnings of AUD 11.5 cents per security, slightly ahead of our AUD 11.3 cps estimate. We forecast underlying earnings of AUD 11.4 cps in 2024, close to guidance of at least AUD 11.3 cps. The time value of money increases our fair value by 2% to AUD 2.25, with the REIT fairly valued after a 10% fall since June.

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