National Storage REIT’s Organic Growth Driven by Balancing of Occupancy and Rental Rates
No-moat National Storage REIT significantly increased occupancy across its Australian portfolio of 100 storage centres in the first four months of fiscal 2017. Occupancy was 79.0% as at Oct. 31, 2016, up 5% from 75.4% in June 2016. However, the improvement in occupancy was mainly caused by discounting offered to new tenants. These discounts resulted in lower rates in the short term, with same-centre rates declining by 6% to AUD 257 per square metre, from AUD 272 as of June 30. In aggregate, reve...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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