I like it for the consistency. Look at the portfolio and earnings CAGR over the years and it shows how small, incremental increases add up over time. The beauty of compounding at work.
It is still a dispersed industry ready to be rolled up. Many of the US storage places are doing the same. You get regular payments from customers who are paying a small(ish) amount each month where the pain of switching is great (got to go pack up all your stuff, move it, unpack it again). Human nature says it isn't going to happen often - all to save a few bucks compared to another place. The sticky revenue is like software in some ways.
2 years ago it had three bidders trying to take it out at $2.40. It's not far off now and with a business and economy in better shape. Wait for dips, hold for a long time.
NSR Price at posting:
$2.55 Sentiment: Hold Disclosure: Held
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