National Storage REIT Announces Acquisition of Additional Storage Centres

National Storage REIT announces $102 million in storage centre acquisition opportunities settled, contracted or under exclusive due diligence.

The Total Acquisitions represent approximately 62,000 sqm in net lettable area (NLA) and 5,500 storage units. The Total Acquisitions will be funded via the drawdown of existing debt facilities, a $50 million institutional placement and a security purchase plan (SPP) to raise up to $15 million from eligible investors, in order to execute acquisition opportunities and strengthen its balance sheet.

The Total Acquisitions, together with the debt and equity capital raised, are expected to be accretive in their first full year of ownership. NSR re-affirms FY18 underlying EPS guidance of 9.6 – 10.1 cents per stapled security. Following completion of the capital raise and settlement of the above acquisitions, NSR’s pro-forma gearing will be 36.4%1 , and NTA will increase by approximately 4.5% to $1.402 per stapled security (from $1.34 as at 30 June 2017).

Furthermore, NSR advises that is has commenced negotiations on a further $35 million tranche of storage assets.


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