National Storage REIT

NSR: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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NSR - National Storage REIT - Company Report

Aug 27, 2015

Business Strategy and Outlook

Self-storage in Australia is highly fragmented, with more than 1,000 individual facilities. The three largest operators have a combined market share of approximately 25%, led by Storage King's 10%, followed by Kennards at 8%, and National Storage at 7%. The sector in Australia could be characterised as a "cottage industry," with many sole operators. We expect the industry will consolidate going forward, with larger operators acquiring individual assets or small portfolios. As good operators, we expect the major players to improve productivity of acquisitions, and hence boost operating metrics.

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