National Storage REIT falls despite improved first-half profit, valuations
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The news: Shares in National Storage REIT lowered on the ASX even as the self-storage provider reported an 11% rise in first-half net profit to $87.9 million, aided by higher property valuations during the period.
The numbers: National Storage shares were down 2.9% to $2.19 at 2:45pm AEDT.
The company's total assets increased by 4.3% half over half to $5.3 billion, as the value of its property portfolio rose 4% to $5.1 billion.
It also reaffirmed its full-year underlying earnings guidance of a minimum of $163 million, or 11.8 cents per share.
The context: Despite the growth in first-half profit, UBS analyst Cody Shield called it a "soft result", with revenue per available metre broadly flat compared to the six months earlier. The company also saw occupancy fall 160 basis points to 80.3%, its lowest since June 2020.
The sources: ASX, UBS research
