No big surprises. Many of the metrics look normal and no real...

No big surprises. Many of the metrics look normal and no real drops in business conditions. In some ways, storage is a good indicator of overall business and personal activity, so you can see the rebound as we get back to normal (it wouldn't surprise me if NSR is one of the businesses the RBA and Treasury tap for up-to-the-minute economic data).

Although the cap raise has suppressed EPS and DPS for a while. The company is doing exactly what they said they would with the extra capital - continue to develop new centres or buy up existing ones. These will pay off for many years to come.

The industry dynamics still look good to me and am happy to stay the course with this long termer. Deep down I still think someone is going to see the value and make another bid to take it over, (but I also kind of hope that day never comes).

Should get a small boost from ultra-low interest rates as old interest rate hedges roll off and new ones are made.