National Storage Affiliates: Dividend Looks Tempting, But High Payout Ratio

Core Insights - Noor Darwish, a former management consultant at BCG, has shifted his investment strategy to focus on companies trading at significant discounts to their net asset value or liquidation value, as well as crypto-related equities [1] - In February 2023, Noor fully rotated his portfolio into crypto, investing in GDLC at $6 per share and selling at $21, achieving a 250% portfolio gain, which outperformed both Bitcoin and the broader market [1] - Noor has also transitioned into other Grayscale private placements, which yielded an 80% gain in 6 months, and relocated to Puerto Rico to benefit from a 0% capital gains tax rate under the Act 60 program [1] Investment Strategy - The investment focus is on companies with substantial discounts to net asset value or liquidation value, indicating a value-oriented approach [1] - The strategy includes a significant allocation to cryptocurrencies, reflecting a trend towards digital assets [1] - The decision to move to Puerto Rico is aimed at optimizing tax efficiency for capital gains, particularly in anticipation of future gains from crypto investments [1] Company Operations - Noor runs OverApply, a job application service that automates the job search process for clients, having applied to over 300,000 jobs resulting in more than 4,000 interviews and 500 job offers [1]