National Storage REIT

NSR: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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National Storage REIT Focusses on Empire Building in a Fragmented Sector

, Adrian Atkins

Aug 27, 2015

National Storage REIT reported fiscal 2015 underlying earnings of AUD 24.3 million, or AUD 0.082 per security, consistent with guidance. Fiscal 2016 guidance is for growth of 6.0% to 7.5%, implying earnings per security of AUD 0.087 to AUD 0.088 and a distribution towards the upper end of the 90% to 100% payout target range. Portfolio metrics continue to gradually strengthen, with average rent per square metre for the original IPO portfolio increasing by 3% to AUD 282 and the total portfolio (incorporating acquired assets), achieving rent growth of 7% to AUD 293. Occupancy across the portfolio stepped up from 70% to 72%.

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