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National Storage REIT (NSR.AX)

National Storage REIT (NSR.AX)
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National Storage REIT is the largest self-storage operator in Australia and New Zealand. Majority of its income is derived from rents. Additional revenue streams come from ancillary products and services such as packaging materials, locks, and insurance. The REIT owns most of the centers it operates, and leases roughly a dozen of the sites secured under long-term agreements. The self-storage industry is fragmented, with three large players in National Storage, the listed Abacus Storage King, and privately owned Kennards, accounting for about one-third of the market. The rest are independent operators, with a single center or a small state-based portfolio of assets. Besides organic rent increases, the company's key growth drivers are acquisitions and developments.

Fiscal Year End Date: 06/30

(Values in U.S. Thousands) Jun, 2025 Jun, 2024 Jun, 2023 Jun, 2022 Jun, 2021
Sales 358,000 340,053 320,131 268,912 208,787
Sales Growth +5.28% +6.22% +19.05% +28.80% +23.15%
Net Income 27,500 230,271 320,400 620,618 3,728
Net Income Growth -88.06% -28.13% -48.37% +16,547.48% +162.33%
(Values in U.S. Thousands) Jun, 2025 Jun, 2024 Jun, 2023 Jun, 2022 Jun, 2021
Total Assets 5,797,300 5,166,741 4,582,036 4,053,981 3,251,873
Total Assets Growth +12.20% +12.76% +13.03% +24.67% +23.16%
Total Liabilities 2,160,100 1,659,920 1,195,519 1,215,089 967,231
Total Liabilities Growth +30.13% +38.85% -1.61% +25.63% +5.30%
(Values in U.S. Thousands) Jun, 2025 Jun, 2024 Jun, 2023 Jun, 2022 Jun, 2021
Operating Cash Flow 0 0 0 0 0
Operating Cash Flow Growth unch unch unch unch unch
Net Cash Flow 10,300 -12,074 -16,384 -12,135 5,512
Change in Net Cash Flow +185.31% +26.31% -35.01% -320.16% +106.23%
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