Morningstar | Cash yields for self-storage are higher than most other property classes.
National Storage REIT is the only listed pure-play self-storage operator in Australia and New Zealand. It is internally managed, owns over 100 facilities, and operates about another 15 centres, mostly on a leasehold basis. About 70% of revenue comes from residential customers, with the balance from business users. Key revenue drivers are rental rates and occupancy. There are more than 1,000 self-storage facilities in Australia, with the market highly fragmented. The three largest operators--National Storage, Storage King, and Kennards Self Storage--have a market share of less than 10% each. There has been a trend towards industry consolidation, with National Storage an active acquirer of both mature and greenfield assets. Financial leverage is reasonable, with targeted long-term gearing at between 25% and 40%.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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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