This report is an updated version of the report published on 27 November 2025 at 2:24 PM AEDT.

National Storage REIT (ASX: NSR)

National Storage REIT (ASX: NSR) is Australia’s first independent, internally-managed and fully integrated owner-operator of self-storage centres listed on the Australian Securities Exchange. The company operates in both Australia and New Zealand, providing storage services to residential and commercial customers.

Recommendation Rationale – SELL at AUD 2.70

• Trading Near the Resistance: NSR stock is approaching its R2 level recommended on 04 November 2025. Therefore, share price can face resistance at the current levels.
• Decline in Margin: In FY25, operating margin declined to 69% as compared to 71% reported in the year ago period.
• Overvalued Multiples: On a forward 12-month basis – key trading multiples (EV/Sales, EV/EBITDA, Price/Earnings, and Price/Cash flow) are higher than the average of Real Estate sector.
• Market Risk: Slower economic conditions or oversupply in the self-storage market could reduce occupancy rates and pricing power, impacting revenue and earnings growth. As a property-based REIT, NSR’s portfolio valuations and financing costs are sensitive to interest rate movements. Rising rates could pressure asset values and increase borrowing expenses.

NSR Daily Chart

NSR Daily Technical Chart, Data Source: REFINITIV

Valuation Methodology: Price/Earnings Approach (FY June'26E) (Illustrative)

Stock might trade at a slight premium to its peers, considering the successful advancement of acquisition and development strategy, focusing on maximising REVPAM, increase in top-line, sustained portfolio expansion, etc. For the valuation purpose, peers include Centuria Capital Group (ASX: CNI), Arena Reit No 1 (ASX: ARF), Goodman Group (ASX: GMG), and others.

Considering that the stock is approaching its R2 level, macroeconomic uncertainty, share price movement, current trading level, and risks associated, the share price can face consolidation at the current levels. Hence, a ‘Sell’ recommendation is given on the stock at the current market price of AUD 2.700, at 1:48 PM AEDT, as of 27 November 2025.

Note: This report may be updated with details around fundamental and technical analysis, price/ chart in due course, as appropriate.

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

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 27 November 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.    

Note 4: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.

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.

Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.