Fund Manager Summary
The fund managers believe that the outlook for National Storage REIT presents a significant opportunity, as they view the current share price of $2.22 as undervalued. In their opinion, the business has been oversold, trading at 2 standard deviations below its historical premium to NTA, and notably below a pre-COVID bid price of $2.40. They highlight a remarkable growth in NTA/S by 43% and a 63% increase in storage footprint. The fund managers are optimistic about the business model of storage and anticipate near-term tailwinds as housing turnover is expected to rebound.
Source: Trading View
Commentary From The Managers
Subscribe To Unlock
Date
Price
Summary
Unlock Recent Updates With ThesisTracker Pro
Don’t let information asymmetry undermine your investment returns. Join other engaged investors on ThesisTracker Pro.
Ten Cap
31 Mar 2025
$2.22
Summary
- Ten Cap initiated a position in National Storage REIT (NSR) due to perceived overselling of the business.
- NSR was trading at 2 standard deviations below its historical premium to NTA.
- The current price is significantly below the pre-COVID bid price of $2.40.
- Despite these valuations, NSR has shown growth in NTA/S by 43%.
- The storage footprint has expanded by 63%, highlighting growth prospects.
- Ten Cap appreciates the business model of storage and anticipates near-term tailwinds with housing turnover rebound.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Updates are made available to members within 12 hours in accordance with the ThesisTracker Pro Service Level Agreement.
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Ten Cap
31 Mar 2025
$2.22
- Ten Cap initiated a position in National Storage REIT (NSR) due to perceived overselling of the business.
- NSR was trading at 2 standard deviations below its historical premium to NTA.
- The current price is significantly below the pre-COVID bid price of $2.40.
- Despite these valuations, NSR has shown growth in NTA/S by 43%.
- The storage footprint has expanded by 63%, highlighting growth prospects.
- Ten Cap appreciates the business model of storage and anticipates near-term tailwinds with housing turnover rebound.
Summary
Endeavor Asset Management
31 Mar 2025
$2.22
- Endeavor Asset Management initiated a position in National Storage REIT (NSR) following significant share price weakness in March.
- NSR is recognized as a national leader in the Australian self-storage industry.
- The investment was made as NSR was trading at an attractive 17% discount to NTA, an occurrence seen only twice in its history.
- The fund manager expects management to balance rates and occupancy growth sustainably.
- Endeavor anticipates a growing dividend stream from NSR moving forward.
- There is potential upside in NSR's development pipeline.
- Endeavor sees value in NSR's ability to recycle existing assets alongside its investment partner, GIC.
- Heightened corporate interest in the Australian self-storage sector is viewed positively, although the fund does not rely on takeover activity to justify investments.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"It seems National Storage REIT is emerging from the shadows of an oversold market, with compelling growth metrics suggesting a potential rebound. As housing turnover picks up, the current share price may just be the tip of an iceberg of opportunity."
Last Updated: 31 Mar 2025
Query The Data
Frequently Asked Questions
Who is investing in National Storage REIT (ASX:NSR)?
Fund managers including Ten Cap and Endeavor Asset Management have invested in National Storage REIT (ASX:NSR).
Why do fund managers invest in National Storage REIT?
Fund managers are investing in National Storage REIT due to its undervaluation, trading significantly below historical premiums and pre-COVID levels, despite strong growth in net tangible assets (NTA) and storage capacity. They anticipate positive momentum as housing turnover improves, making the storage business model attractive.
What happened to National Storage REIT (ASX:NSR)?
There have been no recent updates from fund managers regarding National Storage REIT although fund managers including Ten Cap and Endeavor Asset Management have previously commented.