Ann: NSR Capital Raise Presentation, page-4

The occupancy increasing 4% to above 80% really impressed me in the report. As occupancy gets higher it's going to be harder to maintain the same growth percentage I suspect, so next year occupancy growth might slow. Dividend distribution grew 7% this year on the back of 6% for the previous year, which I'm happy with. Given that underlying EPS is not meant to move much, I'm not betting on much growth in dividend in the next 12 months, but I could be wrong. Current yield is about 5.6% based on today's share price and assuming no increase going forward. Earnings and profit growing nicely.

I consider NSR a fairly low-risk play. If there was a recession though, I suspect occupancy would take a bit of a hit. Management have proven their ability to successfully grow this business and generate good returns for holders over the years.

For a 5-6%+ dividend return (which is no danger of changing presently) with the upside outlook of 10% EPS growth in FY20 and FY21 I'm happy to continue backing the business and hope to increase my exposure through the SPP or on-market in the near future.