Corporate Action: National Storage Fuels Expansion With AUD 65 Million Equity Raise, Take Up SPP
No-moat-rated National Storage REIT announced an equity raising to maintain its gearing levels within management’s guided range of 25%-40% following AUD 102 million worth of storage centre acquisitions in recent months. On a per-security basis, we expect the dilution from the issuance of some 43 million in new securities and additional interest costs from the increase in debt to be largely offset by additional earnings from the new centres. We maintain our fair value estimate of AUD 1.50. Nation...NNational Storage is an owner and operator of self-storage centres. Co. is engaged in the operation and management of storage centres in Australia and New Zealand. Co.'s portfolio of owned and managed centres comprised of 105 centres, managing 59,200 storage units around Australia and New Zealand as of June 30 2016. Of the 105 self-storage properties in Co.'s portfolio, ownership is as follows: 60 self-storage centres owned by National Storage Property Trust; 16 self-storage centres operated as long-term leasehold centres (Leasehold Centres); 26 self-storage centres managed for the Southern Cross Storage Group (Southern Cross); and three third party managed centres.
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