National Storage reaches a ton

National Storage REIT (NSR) has announced further acquisitions located in South Melbourne and Wellington, NZ. The assets are all due to settle in May 2016 and will be debt funded. We had previously assumed there would be no further acquisitions settled in 2H16 so have adjusted our forecasts accordingly. FY16 acquisitions now total around A$130m (with cA$70m settling in 2H16). We continue to assume A$75m in acquisitions in FY17, which may prove conservative. NSR now owns and manages a portfolio of 100 centres across Australia and New Zealand with further acquisitions expected given the fragmented market. For more detail and our updated investment view please visit the Morgans Blog (VIEW LINK)