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National Storage REIT (NSR) Stock Overview

National Storage REIT is the largest self-storage provider in Australia and New Zealand. More details

NSR fundamental analysis
Snowflake Score
Valuation	2/6
Future Growth	2/6
Past Performance	4/6
Financial Health	1/6
Dividends	5/6

Rewards

Trading at 28% below our estimate of its fair value

Earnings are forecast to grow 15.06% per year

Earnings grew by 61% over the past year

Pays a reliable dividend of 4.3%

Risk Analysis

Debt is not well covered by operating cash flow

Large one-off items impacting financial results

NSR Community Fair Values

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National Storage REIT Competitors

Price History & Performance

Summary of share price highs, lows and changes for National Storage REIT
Historical stock prices
Current Share Price	AU$2.79
52 Week High	AU$2.85
52 Week Low	AU$2.22
Beta	0.44
1 Month Change	0.36%
3 Month Change	1.45%
1 Year Change	17.23%
3 Year Change	11.60%
5 Year Change	39.50%
Change since IPO	186.15%

Recent updates

Analysis Article • Dec 27

With EPS Growth And More, National Storage REIT (ASX:NSR) Makes An Interesting Case

For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to...

Analysis Article • Sep 13

We Ran A Stock Scan For Earnings Growth And National Storage REIT (ASX:NSR) Passed With Ease

The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even...

Shareholder Returns

	NSR	AU Specialized REITs	AU Market
7D	0%	-3.6%	-1.2%
1Y	17.2%	-17.3%	0.8%

Return vs Industry: NSR exceeded the Australian Specialized REITs industry which returned 2% over the past year.

Return vs Market: NSR exceeded the Australian Market which returned 7.2% over the past year.

Price Volatility

Is NSR's price volatile compared to industry and market?
NSR volatility
NSR Average Weekly Movement	0.6%
Specialized REITs Industry Average Movement	3.2%
Market Average Movement	10.2%
10% most volatile stocks in AU Market	17.2%
10% least volatile stocks in AU Market	4.1%

Stable Share Price: NSR has not had significant price volatility in the past 3 months compared to the Australian market.

Volatility Over Time: NSR's weekly volatility (1%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
2000	679	Andrew Catsoulis	www.nationalstorage.com.au

National Storage REIT is the largest self-storage provider in Australia and New Zealand. With over 290 centres providing tailored storage solutions to over 100,000 residential and commercial customers. NSR is the first independent, internally managed and fully integrated owner and operator of self-storage centres to be listed on the Australian Securities Exchange (ASX).

National Storage REIT Fundamentals Summary

How do National Storage REIT's earnings and revenue compare to its market cap?
NSR fundamental statistics
Market cap	AU$4.26b
Earnings (TTM)	AU$35.10m
Revenue (TTM)	AU$417.80m

121.4x

P/E Ratio

10.2x

P/S Ratio

Is NSR overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
NSR income statement (TTM)
Revenue	AU$417.80m
Cost of Revenue	AU$54.30m
Gross Profit	AU$363.50m
Other Expenses	AU$328.40m
Earnings	AU$35.10m

Last Reported Earnings

Dec 31, 2025

Next Earnings Date

n/a

Earnings per share (EPS)	0.023
Gross Margin	87.00%
Net Profit Margin	8.40%
Debt/Equity Ratio	63.0%

How did NSR perform over the long term?

See historical performance and comparison

Dividends

4.3%

Current Dividend Yield

45%

Payout Ratio

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2026/05/07 00:12
End of Day Share Price	2026/04/21 00:00
Earnings	2025/12/31
Annual Earnings	2025/06/30

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

National Storage REIT is covered by 12 analysts. 2 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Nicholas McGarrigle	Barrenjoey Markets Pty Limited
Mollie Urquhart	Barrenjoey Markets Pty Limited
Benjamin Brayshaw	Barrenjoey Markets Pty Limited

This company listing is no longer active

National Storage REIT (NSR) Stock Overview

Rewards

Risk Analysis

National Storage REIT Competitors

Abacus Storage King

Arena REIT

BWP Trust

Mirvac Group

Price History & Performance

Recent News & Updates

Brookfield Office Properties Inc. and Gic Investment (Australia) Pty Ltd completed the acquisition of National Storage REIT (ASX:NSR).

First half 2026 earnings released: EPS: AU$0.012 (vs AU$0.007 in 1H 2025)

Final dividend of AU$0.06 announced

Brookfield Office Properties Inc. and Gic Investment (Australia) Pty Ltd proposed to acquire National Storage REIT (ASX:NSR) for AUD 4.0 billion.

Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind

National Storage REIT, Annual General Meeting, Oct 22, 2025

Recent updates

Brookfield Office Properties Inc. and Gic Investment (Australia) Pty Ltd completed the acquisition of National Storage REIT (ASX:NSR).

First half 2026 earnings released: EPS: AU$0.012 (vs AU$0.007 in 1H 2025)

Final dividend of AU$0.06 announced

Brookfield Office Properties Inc. and Gic Investment (Australia) Pty Ltd proposed to acquire National Storage REIT (ASX:NSR) for AUD 4.0 billion.

Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind

National Storage REIT, Annual General Meeting, Oct 22, 2025

First half dividend increased to AU$0.056

National Storage REIT Announces Estimated Ordinary Dividend for Six Months Ending June 30, 2025, Payable on September 2, 2025

National Storage REIT Reportedly to Acquire 4.78% of Abacus Storage King

MD & Director recently bought AU$211k worth of stock

New major risk - Financial position

First half 2025 earnings released: EPS: AU$0.064 (vs AU$0.012 in 1H 2024)

Final dividend of AU$0.055 announced

National Storage REIT Appoints Simone Haslinger as Non-Executive Director, Effective from 24 October 2024

National Storage REIT, Annual General Meeting, Oct 23, 2024

New minor risk - Shareholder dilution

National Storage REIT Announces Estimated Final Distribution for the 6 Months to 30 June 2024, Payable on 2 September 2024

Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind

First half dividend of AU$0.055 announced

National Storage REIT to Report First Half, 2024 Results on Feb 21, 2024

First half 2024 earnings released: EPS: AU$0.012 (vs AU$0.015 in 1H 2023)

Now 21% undervalued

Upcoming dividend of AU$0.055 per share at 4.8% yield

National Storage REIT Announces Dividend for the Six Months Ending December 31, 2023, Payable on March 1, 2024

National Storage REIT, Annual General Meeting, Oct 25, 2023

National Storage REIT Provides Earnings Guidance for the Year 2024

Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind

National Storage REIT Announces Dividend for A Period of Six Months Ended June 30, 2023, Payable on September 5, 2023

Now 21% undervalued after recent price drop

First half 2023 earnings released: EPS: AU$0.15 (vs AU$0.007 in 1H 2022)

With EPS Growth And More, National Storage REIT (ASX:NSR) Makes An Interesting Case

Upcoming dividend of AU$0.055 per share

National Storage REIT Announces Dividend for the Six Months Ending December 31, 2022, Payable on March 1, 2023

Independent Non-Executive Director recently bought AU$61k worth of stock

We Ran A Stock Scan For Earnings Growth And National Storage REIT (ASX:NSR) Passed With Ease

Non-Executive Director recently bought AU$243k worth of stock

Full year 2022 earnings: EPS exceeds analyst expectations

National Storage REIT Announces Dividend for A Period of Six Months Ended June 30, 2022, Payable September 2, 2022

National Storage REIT Upgrades Earnings Guidance for the Year 2022

National Storage REIT Announces Dividend for the Six Months Ending June 30, 2022, Payable on September 2, 2022

Now 20% undervalued

Less than half of directors are independent

National Storage REIT Announces Board Changes

Price target increased to AU$2.40

First half 2022 earnings: EPS and revenues exceed analyst expectations

National Storage REIT Announces Dividend for the Six Months Ended December 31, 2021, Payable on March 1, 2022

Upcoming dividend of AU$0.046 per share

Price target increased to AU$2.29

Price target increased to AU$2.12

Full year 2021 earnings released: EPS AU$0.004 (vs AU$0.007 loss in FY 2020)

National Storage REIT Provides Earnings Guidance for the Fiscal 2022

New 90-day low: AU$1.85

First half 2021 earnings released: EPS AU$0.001 (vs AU$0.001 in 1H 2020)

Earnings beat expectations, revenue disappoints

Upcoming Dividend of AU$0.04 Per Share

New 90-day high: AU$1.95

National Storage REIT (ASX:NSR) completed the acquisition of National Storage Albion, Kelvin Grove and Canterbury Self Storage Centres in Australia.

National Storage Holdings Limited Does Not Declare an Interim or Final Dividend for the Year Ending 30 June 2020

Shareholder Returns

Price Volatility

About the Company

National Storage REIT Fundamentals Summary