national storage shop frontage
Source: National Storage
  • Australian and New Zealand occupancy rates up 8.5% and 3.5% respectively.
  • Profits after income tax $101.4M, operating profit $56M.
  • Maintained full staffing and wage rates without relying on government subsidies.

Self-storage company National Storage (ASX: NSR) recently posted their half-yearly figures.

Despite the huge variation in what different real estate investment trusts (REIT’s) invest in, there has been an overwhelming show of strength across the board.

National Storage seems no different, with operating profit up 14% to $56M for the half-year, so too its underlying earnings (up 14%).

Overall profit after income tax was reported as $101.4M, down from half-yearly results in 2020 of $150.7M, the COVID pandemic a distinct but not too damaging impact.

Acquisitions and growth seem near-universal and are not limited to players in the commercial space like Centuria and Primewest that are making sizeable acquisitions.

Net Tangible Assets (NTA) for National Storage also increased 4.2% to $1.72 per stapled security, with investment properties up 16% to $2.66B worth of property for the current half-yearly reporting period.

Talking COVID may feel like stale news, but National Storage seems one of the exceptions to the stale news rule.

The company reported in their half-yearly results that they:

“Continued to maintain full staffing and wage rates with zero draw on government subsidy during COVID-19 period.”

The outlook is bright, says National Storage, with more expansions and acquisitions on the horizon.

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