National Storage REIT announces AU$325 million equity raising to support growth strategy

National Storage REIT (ASX: NSR) has announced an AU$ 300 million institutional placement and a non-underwritten Security Purchase Plan to raise up to AU$ 25 million. The announcement follows strong growth in revenue per available meter (REVPAM) for H1 FY23, with REVPAM up to AU$274/m, a 5.1% increase from June 2022.

NSR is progressing on its strategic growth objectives, settling 28 acquisitions totaling AU$194 million in FY23 to date and committing to further acquisitions of AU$81 million. NSR has committed development, expansion, and redevelopment spend of approximately AU$124 million, with 46 development and expansion projects providing a forward NLA pipeline of approximately 350,000m to be executed in coming years.

The Equity Raising aims to fund strategic growth initiatives, repay debt, and strengthen the balance sheet. The company reaffirms FY23 underlying earnings per share guidance of a minimum of 11.5 cps. The equity raising strengthens NSR's liquidity position, reduces gearing, and provides the funding capacity to take advantage of value accretive opportunities.

Customer Notice:

Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.

Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com