National Storage FVE Unchanged with its Acquisition Pipeline Compensating for Lower REVPAM
No-moat National Storage REIT’s fair value estimate is unchanged at AUD 1.72 per security after broadly in line first-half fiscal 2019 results. The key takeaway from the results was a higher-than-expected AUD 135 million worth of acquisitions offset by lower like-for-like revenue per square metre, or REVPAM. This leads to a modest adjustment lower to our forecast fiscal 2019 underlying net profit after tax, or NPAT, to AUD 62.6 million from AUD 63.8 million, within management’s reaffirmed guidan...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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