National Storage REIT (ASX:NSR) announces $325M equity raising, business update

National Storage REIT (ASX:NSR) has announced a fully underwritten $300M institutional placement and a non-underwritten Security Purchase Plan to raise up to a further $25M from eligible investors, to repay debt and strengthen the balance sheet.

Its REVPAM (revenue per available metre) to February this year is $274M, a 5.1% increase from June last year.

National Storage also says it continues to execute its strategic growth objectives with 28 acquisitions totalling $194M settled in FY23, and committed further acquisitions totalling $81M.

Following the announcement, shares of National Storage REIT were unchanged at $2.51.