Highlights

  • NSR’s total revenue increased by 10.4% year-on-year to AUD 392.4 million in FY25.
  • The company completed 28 acquisitions worth AUD 303 million during the year.
  • The company holds 54 active projects with a total pipeline of approximately 489,000 m².

National Storage REIT (ASX:NSR) is an ASX-listed independent, internally managed, and fully integrated self-storage owner and operator. It operates storage facilities across Australia and New Zealand, offering services to both residential and business clients.

Financial Update

For the year ended 30 June 2025 (FY25), the company has reported total revenue of AUD 392.4 million, up 10.4% YoY from AUD 355.4 million in FY24. IFRS profit after tax increased by 2.5% YoY to AUD 236.1 million in FY25 from 230.3 in FY24, while net cash flows from operations rose 18.5% to AUD 218.6 million from AUD 184.4 million. The company’s NTA reached AUD 2.58 per security in FY25, supported by a 9% increase in portfolio value to AUD 5.3 billion and higher rental rates, with average rent per square metre rising from AUD 338 to AUD 347.

Business Update

On 29 October 2025, NSR announced that Director Andrew Catsoulis acquired 194,479 stapled securities and 467,200 performance rights. The total value of the stapled securities was AUD 448,875, while no payment was required for the FY28 performance rights grant.

Key Positives and Negatives

In FY25, NSR recorded a YoY increase of about 6.4% in underlying earnings per security and a rise of roughly 2.4% in net tangible assets. However during the same period, the company’s current ratio decreased to 0.55x from 1.54x in FY24 and return on equity declined to 8.6% from 10.0% in the previous year.

Business Outlook

NSR has projected FY26 underlying earnings of at least 12.4 cps, equating to over AUD 173 million, and plans to distribute 90–100% of earnings, with 15–20% as fully franked dividends. In FY25, the company completed 28 acquisitions worth AUD 303 million, including 16 sites for future development, bringing its total to 54 active projects with a pipeline of around 489,000 m².

Share Performance of NSR

NSR’s shares were trading at AUD 2.270 per share on 04 November 2025 with intraday loss of 0.87%. NSR stock price dropped by 6.19% over the past three months as well as down by 2.16% over the past six months, and down by 9.19% over the past year. NSR’s 52 week high is AUD 2.555, recorded on 25 November 2024 and 52-week low is AUD 2.050, recorded on 12 March 2025.

Support and Resistance Summary

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 04 November 2025. The reference data in this report has been partly sourced from EODHD/Others.

 

Technical Indicators Defined:

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.