@Chris60 From my understanding of the self storage industry in the USA one of the reasons they got such good returns was the roll up strategy they used. Where the industry started off quite fragmented, which was bought by the large players who automated the facilities, added their brand, optimized pricing etc and so improved the productivity of the properties.
In addition, Australia is still pretty far from the USA in terms of self storage space per capita. we probably won't catch up to the USA, but we could probably be closer. I actually own more shares in Big Yellow Group in the UK than NSR.
In addition when REITs trade at a premium to the value of the properties they own they can create value by issuing new shares and reinvesting it into equivalent properties. They dilute shareholders, but due to trading at a premium its not so bad.
@Chris60 From my understanding of the self storage industry in...
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$2.41 |
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