Self-Storage Investment Funds - Portfolio Management

Part A

Investment Fund overview

Self-storage investment fund is an international investing fund that has been investing since decade. But, recently for past few years this concept of commercial real estate or property investing has come up with several new ideas that has increased the business and it has grown in a vast popularity. By going through several reports, it can be stated that about 1.7 billion square feet with an estimation of 45,000 to 65,000 facilities are provided nationwide ("National Storage REIT - AnnualReports.com", 2020). The investors who are looking for investing the assets in a higher competitive and highly-priced market are selecting storage property as it is a diversified investment fund, according to the investors. The aim of the Self-storage investment fund is to provide risk-free returns for the investors and high quality self-storage properties. Moreover, for the institutional investors, the fund focuses on building a clear, suitable and see through investment product. The Self-storage investment funds takes the initiative to create portfolio properties throughout the cities of Australia and New Zealand to make the investment funds more diversified and spread the business. 

Investment Objectives

 

Economic and Property discussion for making decision for investment

Why Self-storage?

Nowadays, Self-storage investment funds are globally adopted by the investors and the investors supports the demand of self-storage real estate. Several convinced factors can be highlighted to evaluate reason behind the selection of Self-storage investment funds:

The huge growth of population and urban mass

According to the data provided by the World Bank, it can be observed that around 80% to 90% of Australian population is crowded with urbanized people ("Urban population (% of the total population) | Data", 2020). Therefore, Australia becomes one of the highest-rated countries carrying an urbanized population among other major countries. Moreover, Australia identifies and evaluates a positive and consistent population growth rate of 1.5% per annum for the past few years and decides to remain consistent in the same way for the rest of the decade ("Urban population (% of the total population) | Data", 2020). Therefore, the bulkiness and heaviness of the urban population will helps and support the self-storage investment fund to build rent residual properties in the future. 

Economical housing and reduction in living spaces

According to the report of the National Storage, it is observed that the rate of economical housing has increased from 25% to 31% approximately ("National Storage REIT - AnnualReports.com", 2020). The population pursuing the rental facility is increasing day by day in Australia. Due to this the homeownership rates are gradually declining. As the fact of which home inexpensiveness is getting declined along with the reduction of the living spaces, this factor is resulting in the drive or increase of Self-storage investment funds. 

Public Awareness 

Public awareness is the most fundamental and prime factor that drives the demand for self-storage investment funds because it was identified from several market surveys that the Australian Self-storage investment market is better and matured than any other Asian self-storage markets. Moreover, because of the public awareness the self-storage services are in an ongoing process that is continued and widely distributed or spread among other markets of other major countries. 

Demand for the storage of the business

The self-storage of the business along with its demand is driven with the help of E-commerce as the retailers or the distributors’ uses the facilities of self-storage which in turn helps them to pursue fastest delivery.

Diversification of the Portfolio

There is an important benefit for a portfolio investor if they decides and selects the self-storage and they are busted by the self-storage strategies. The portfolio is filled with diversification, and still it provide a sufficient amount of opportunities, which is commonly called portfolio diversification. This happens because of relatively low average rate of investment around AUD $10 to $15 million  ("National Storage REIT - AnnualReports.com", 2020). The initial equity is a disposable amount that deals with the portfolio geographically. As per the portfolio diversification, the amount of initial equity is AUD $1.9 million that is enough and sufficient for the diversification of the portfolio, geographically. The portfolio diversification is widely spread through the major cities of Australia as well as New Zealand.  

Objects for Acquisition

According to the report of National storage, the self-storage funds have already transacted 20 acquisition in two different sites in the financial year 2020 and then the fund continues to hold up the highly qualified acquisitions throughout every possible cities of Australia and New Zealand  ("Reporting - National Storage Investors", 2020). One of the important and vital competitive advantage of Self-storage investment funds is to have the ability to obtain and consolidate the strategic and ingenious acquisitions. The ability to build the overall growth strategy also helps to draw efficiency around the complete scales of the operating platform. 

Table 1: It shows the distribution of the transacted acquisitions throughout every possible cities of Australia and New Zealand. 

(Source: "Reporting - National Storage Investors", 2020)

Basic characteristics of the property

There are some basic characteristics of the property mentioned below:

• Exposure to extreme or excellent quality of road and highway.

• Stabilized income traits.

• Neat and tidy properties with nominal negotiated maintenance.

• Strong demographics of the market fundamentals.

• Higher and tighter obstructions to the entry.

Market overview and determine the position in the market

Self-storage investment industry is one of the most highly disintegrated industry in Australia. Moreover, there are three companies that consumes at least 25% of the market. 

Figure 1: It represents the number of centers and corporate operators in Australia which is disintegrated into three different types of market (Major, Regional, and Independent). The figure is taken from National Storage, Australia (Investors presentation, 2019).

(Source: "Reporting - National Storage Investors", 2020)

According to ASX, some storage funds have a huge role to play with the exposure of the self-storage investment sectors. Firstly, National Storage is a self-storage sector that is listed on AUX and its Assets Under Management (AUM) is AUD $2.28 billion. Secondly, Kennards is an AUX listed self-storage company that owns at least 80 companies and is in a joint venture with Valad Property Group  ("Reporting - National Storage Investors", 2020). Finally, the Abacus Property Group is the self-storage company that hold 66 assets in Australia as well as in New Zealand. According to the annual report of the Abacus Property Group for the financial year ended as on 30^th June 2020, the company has an Asset Under Management (AUM) of $2.93 million. After going through the complete report of these self-storage companies it can be observed that our self-storage investment fund with Asset Under Management (AUM) of AUD $500 million (that includes the additional equity as well as the leverage) can become the fourth largest investor in the market along with greater possibilities and capabilities for the growth rate to increase via fortification or combination and acquisition because of the highly disintegrated market space ("Reporting - National Storage Investors", 2020). The presence of large competitors will help us to maintain the competition in the market and also help us to come up with innovative ideas and services. These provided services and the presence of large participants or competitors will help us to understand that the property management companies are more professional as they manage self-storage real estate at a very high rate. It is expected that such self-storage real estate services will be managed by the management team of our company. 

Major investment risks and Management issues

It is essential for the investors to identify and determine the risks whereas it is crucial for the management team to manage the risks and make changes in the risk management policy. The risk can be managed and control by implementing certain strategies like avoid the risk and look after the cause of the risk, transfer the risk and its causes to the third party, mitigate the causes of risk and make changes to the policy if needed, and accept the changes if it is reducing the level of risk of the company ("National Storage REIT - AnnualReports.com", 2020). Here are some risks that can come up in an investment funds, especially in self-storage investment funds:

Financial objectives getting decreased in a particular object, in an area, of a country

In this case, the risk can be high and it can be mitigated by introducing a geographic portfolio diversification that will helps us to implement the possible states and cities of Australia as well as New Zealand. This will reduce the level of unpredictability and investment risk. 

Lower expectations in case of return on investment (especially in self-storage companies)

This type of risk is also high and it should be mitigated as soon as possible. To mitigate the cause of the risk it is important to make the decision of acquisition only after calculating all financial documents, carrying out the reports, and analyzing every details of the fund. A proper and positive acquisition can only be performed if the company has a powerful and meaningful business and financial traits or characteristics. 

Risks related to political and regulatory aspects in self-storage centers

These type of risks are moderate as these risks can be higher in case of the core asset classes. It can be mitigated by implementing proper geographic portfolio diversification so that the rewards and services are received by every city, state, as well as every country and it will build a positive impact on the business practices. 

Self-storage funds are niche rather than institutional sector

The level of risk is low in this case because it cannot be assumed that self-storage funds will be transferred into institutional sectors afterwards and supplies a greater value from the process. Therefore, it can be stated that some sectors are meant to be niche as it provides opportunity and this fact has a probability of rise rather than fall or risk. 

Self-storage funds exposed to unpredictability rather than core asset sector

Geographical diversification is the prime and fundamental process through which the cause of the risk can be mitigated and there is an expectation of receiving premium returns from the financial models of the companies. Therefore, this factor has a moderate range of risk management.

Lower rate of Occupancy

In the financial year of 2020, the average occupancy has fall from 100% to 84.7% ("National Storage REIT - AnnualReports.com", 2020).  This risk can be ranged as moderate as our company will need high quality of assets and situated near or in metropolitan city with stabilized and normal income growth and evolved business practices. 

Investment Vehicle and Source of funding

The investment vehicle of an investor is institutional investor and the property type is self-storage investment fund that is an open-end and unlisted on ASX property fund. In this case, the investor is looking out for a proper property asset class so that the fund can provides a stronger diversification (including Geographic diversification) as it is important to the portfolio as well as for the investors and it will also provide benefit because of the low and negative co-relation among the stocks, treasury bonds, A-REITs, and volatility or unpredictability at low level. Moreover, the investors won’t have to wait or depend on the stock market results. Rather, they will achieve the profit via the use of unlisted property vehicle. 

The Fund will be establish in 1^st December 2020, where the Asset Under Management (AUM) will be AUD $500 million and after the acquisition is completed the fund or the equity will rise to AUD $700 million to AUD $800 million in the financial year 30^th November 2023 ("National Storage REIT - AnnualReports.com", 2020). While the capital will be getting raise the company will spend the funds on properties and again in the financial year of December 2025 another set of investment will start with new and fresh turn and the strategy will attract new institutional investors. 

Future Performance of the Fund 

As per the report, our objective is to attract more investors by providing a stabilized and income growth from a geographical diversified portfolio that will provide highly qualified self-storage asset class where the income and capital growth is driven with portfolio management and active asset class. This process includes acquisition, revaluation of the portfolio, as well as recycling of the self-storage center. According to the report, the portfolio performance has an important key element that drives and maintains its performances i.e. an effective and adequate capital structure that focuses and targets on the fact to minimize the risk and improvise or develop the viability of the long-term profits and revenue or income growth strategy.

Our highest expected return is 15% whereas the lowest is 12%. Therefore, the expected annual return will be our key to success as higher the annual return, higher will be the profits in case of long-term benefits. According to SELF- Global Property Index, the dividend payout ratio is 1.63% (last calculated on September, 2020).

Management team

Laurence Brindle is extremely experienced in financial planning, fund management, and investment. He is responsible for the portfolio of $9 billion as he was the Head of Global Real Estate. He is also the Non-Executive Chairman of an ASX listed company, Viva Energy, REIT.

Anthony Keane is from the background of banking and financial management. Moreover, he is a business and financial executive. He held various leadership posts that includes institutional banking and corporate banking. He is currently the Chairman of Oncore Group Holidays Pty, Ltd ("People - National Storage Investors", 2020). 

Howard Brenchley has an experience on Australian Property Industry with the designation of an analyst, investor as well as a fund manager for over 30 years. Currently, Howard Brenchley has become the Non-Executive Director of an ASX listed company known as APN Property Group (ASX Code-APD) ("People - National Storage Investors", 2020).  

Steven Leigh has an experience of more than 30 years in the real estate investment management as well as in developmental industry. He was the Managing Director of Trinity Limited and currently he is a non-executive director of ASX listed company known as Scentre Groups.

Andrew Catsoulis was previously a successful lawyer who went to the Federal Court of Australia well as to the supreme court of Queensland. He is extremely experienced in the areas of finance, property law, and commercial law ("People - National Storage Investors", 2020). 

Claire Fidler has an experience on commercial and corporate law for more than 10 years and she was appointed as the Executive Director in July, 2017. 

Stuart Owen became a member of National Storage during 2014 and gradually became the Chief Financial Officer (CFO). Moreover, he is extremely experienced in some areas like project development, mergers and acquisitions, and project financing.

 

Part B

Rural Funds Group REIT at a Glance

Company Overview

Rural Funds Group, listed on ASX (Code- RFF) is a Real Estate Investment Trust (REIT) that deals with agriculture. RFF controls or dominate a variegated portfolio of Australian Agricultural Assets that helps to unite or join the agricultural operators by leasing widely. Distribution growth rate aimed or spotted by RFF is 4% per annum that is done by occupying and improvising farms that are further leased to valuable buyers or counterparties. Rural Funds Management (RFM) is part of Rural Funds Group, founded in 1997 that is responsible to become an important entity of RFF  ("Key documents | Rural Funds Group", 2020). The company carries a time-honored motto i.e. “Managing good assets with good people” that helps them to stand by their culture. The company settled several objectives for achieving the targeted goals in the market. 

Company Objectives

Rural Funds Group’s prime or fundamental objective is to make investments so that a substantial and balanced flow income is generated by leasing the assets to the quality tenants, and capital growth with an inflation in value of the assets. Another important objective of Rural Funds Group is to remain unchanged and invest more so that they can aim to achieve greater profit ("Key documents | Rural Funds Group", 2020). The final objective of the company is to gain overall income growth and reduce the risks on the assets of the company. To reduce the risks the company introduced several strategies to manage and control the assets of the company. 

Property portfolio overview and its diversification

The property portfolio of Rural Funds Group is diverse structure that is distributed among climatic zones and agricultural sectors. The investments are done by the Fund in these sectors where Australia gains a comparative advantage as well as the Rural Funds Management (RFM), the entity endures operating skills and knowledge. As per the strategy of RFF, balanced flow of income is generated by occupying and improvising lands or farms and leasing them to better counterparties ("Key documents | Rural Funds Group", 2020). Moreover, RFF gains or achieves lease income growth by indexation mechanisms, improvements in productivity, and faster, higher and better use developments. It can be stated that improvement in productivity automatically amplifies the overall income growth of the company. A distribution growth of 4% per annum is aimed by RFM. Furthermore, RFM is an agricultural entity with an experience of 23 years. This experience has helped the company to build or endure six agricultural sectors and own sixty-one properties. The corporate or listed lessees were held up to 78% and the Weighted Average Lease Expiry (WALE) profile is for 10.9 years ("Key documents | Rural Funds Group", 2020). The WALE is always calculated by forecasted financial year’s rent and the year when the lease is expired. The properties that are not leased, are not included while calculating the WALE. According to the Annual report of Rural Funds Group, several positive outcomes have been sighted by following the strategy of the property portfolio. This resulted a continuous expansion and inflation of the portfolio and independent valuation of several  assets of the Rural Funds Group. 

Table1.1: It shows the sectors and assets that the company comprises along with the values of the financial year 2020

(Source: "Key documents | Rural Funds Group", 2020)

 

Table 1.2: It shows the diversification of the total agricultural sectors that are exposed (revenue of financial year 2021) along with the corporate lease properties (78% of revenue in the financial year 2021).

(Source: "Key documents | Rural Funds Group", 2020) 

Risk management strategies used by the company

The risk management is an effective procedure as it enables the company to rescue and protect from harmful incidents. Moreover, the risk management strategy of Rural Funds Group is to control or manage the lease income growth as well as to practice good corporate governance and add value for the investors. The purpose of the risk management policy is to pursue risk assessment process that will provide consistent and reproducible risk assessments that will be controlled and regulated on the activities of RFM. The scope of risk management policy is that the risks of RFM is expected that management activities will turn into decision-making approaches as a part of usual business activity by the employees and contractors. The risk management approach of RFM is constant and effective that contains the International Standard ISO 31000:2018  ("Corporate governance | Rural Funds Group", 2020).

The framework of risk management of RFM is created by the formulation of certain principles that is expected to bring positive result to the creation of an effective risk management culture. According to the risk management policy of Rural Funds Group, risk management is a pivotal part that is important in every organizational processes that creates, protects, and adds value for the investors. The risk management strategy of RFM comprises four components i.e. Avoid, Transfer, Mitigate, and Accept. The risk is avoided by removing and eliminating the causes that are responsible for the risk. Then the avoided risk is transferred to the third party by applying the transfer approach. The third party then mitigates and come up with solutions that helps to minimize the negative impacts of the risk and reduces the contingency of the risk to occur within acceptable limits. Finally, the changes that occurs after the elimination and mitigation of the risk are accepted by the company as it has a probability to bring positive impact on the company ("Corporate governance | Rural Funds Group", 2020). The management of the Rural Funds Group has the responsibility to implement the framework of risk management by developing and improvising the risk management policies and processes of the company. The management of the company also has the responsibility to communicate with the shareholders and providing necessary trainings that are related to the risk management of the company. The objective of the risk management approach is that to manage, regulate, and control the risks by implementing and executing strategies like Avoid it, Transfer it, Mitigate it, and Accept it.

Individual sector performance

Climate zone

Rural Funds Group is aware of the possible risks that climatic change can put on its assets. Rural Funds Management (RFM) has introduced several climatic diversification strategies that will help to mitigate the risks and control the assets. Moreover, it can be observed that majority of the assets of RFM are opt for leasing and at the end of the leasing term the most vital risk that it done by climatic change is that it effects the residual risks of the assets (). According to annual report of Rural Funds Group, these risks can be mitigated and the changes can be accepted. Moreover, during financial year 2020, Rural Funds Management (RFM) cooperated and performed with Meat and Livestock, Australia (MLA) so that RFM could emit from the selection of cattle properties by RFF. The target of the company’s project management team was to work out about carbon neutrality on the assets of the company that is contributed in the industry to achieve the targeted goals. Furthermore, during the financial year 2020, Rural Funds Management (RFM) also evaluates the activities of the solar energy system on the assets, especially Almond orchard by working with huge Australian Energy Companies ("Key documents | Rural Funds Group", 2020). This will help the company to generate energy requirements of several major operators. Therefore, the discussions on the consideration on possibility of these projects are at process and ongoing. 

Agriculture

The Rural Funds Group (ASX Code- RFF) has also taken considered and necessary actions against the negative impacts of the emission of the assets of the company that includes hazardous gases like methane, nitrous oxide, and carbon di-oxide. The infrastructure, build and machinery, assets of the cattle properties, and the application of several fertilizers on the agricultural land is responsible for the emission of such harmful gases. The RFF owns the major agricultural property portfolio for the agricultural assets of Australia along with the supervision of these assets is a pivotal part as it justifies the performance of RFM in asset management ("Key documents | Rural Funds Group", 2020). According to the annual report of Rural Funds Group for the financial year 2020, RFM has taken several initiatives in developing and managing the farms by introducing biodiversity, and reducing the negative impacts of the environment. Moreover, the farm management can also be done by managing the flow and use of natural resources. The irrigation system is also improvised by installing and maximizing a better and efficient water-using techniques. This will also minimize the useless consumption of water or water run-off and the agricultural properties will also get a better quality of water. During the financial year 2020, a decision was also considered to improvise the communication skills and technologies so that the company can approach and use the water-logging or water-using data appropriately ("Key documents | Rural Funds Group", 2020). The performance of Rural Funds Group was also improvised and developed by reducing and sustaining the optimum water use and by enduring newly developed nutrient management techniques and activities. These activities reduced the emission of above-mentioned harmful gases and the quality and health of the soil got better and improvised. Furthermore, managing pesticides and weeds requires the use of several harmful chemicals which are now safe for environment and is used in a secure manner. Finally, the lessees follow the exact regulation and legislation that is provided by the company so that there is no risk on the assets of the company. 

Financial Summary of the Company

The provided financial report states the financial statements of the Rural Funds Group and its entities. The Board of Directors stated and authorized the entity to issue the financial report on 25^th August 2020. The calculations of the items that are included in the financial statements are measured by using the currencies of the respective and primary economic environment in which the entity operates (Functional Currency). Therefore, as the company’s parent entity is in Australia, the calculations of the financial statements are measured by using Australian Dollars as it is the functional currency. According to the annual report of Rural Funds Group, it is stated that at the end of the financial year 30^th June 2020, a disease called Corona Virus (COVID-19) crashed into the country ("Key documents | Rural Funds Group", 2020). There was a bizarre and miraculous measurements that were taken by the government of Australia along with the governments of other country around the globe.RFM continues to monitor the possible effects and impacts of the outbreak of COVID-19 on Australian economic growth. As per the working capital, it is affected by the timing of distribution of the capital. Moreover, it can be observed from the cash flow statement of the financial year 30^th June 2020 that all the debts will be cleared within the period of 12 months. The company has a capacity of $37.8 million approximately as its bank facility limit because 30^th June 2020 was subjected to make agreement with the bank covenants of the group. According to the financial report of Rural Funds Group, the revenue of the company is hugely encompasses the incomes that are consumed via leases and other financial income and all the revenue it mentioned as Net Goods and Sales Tax (GST). The rental income has arisen from AUS $48,386 to AUS $55,716 as the leasing of assets of the property as well as the operational plant and equipment are accounted by the straight-line method over the period of leasing. The Weighted Average Lease Expiry (WALE) of Rural Funds Group was constant since 2019 that is 10.9 years. The Earning Per Share (EPS) has sustainably increased by 4.29 (cents) in 2020. Moreover, the gearing ratio of Rural Funds Group has increased to 29.7% in 2020 and the ASX return from last five years financial report has substantially become 26% per annum. Finally, the forecasted annual dividend per share has increased to AUS $0.11 with a dividend yield of “alpha” and the calculation the payout ratio of RFF is conducted and the result is 18.71% (chasing 12 months of earnings and income). The financial statements are prepared under the accordance and guidance of Australian Accounting Standards, Australian Accounting Interpretation, along with other declarations like Australian Accounting Standard Board, The Corporation Act 2001, and the Constitutions. 

Table 2: It represents the consolidated financial statement of the Rural Funds Group for the financial year ended as on 30^th June 2020.

(Source: "Key documents | Rural Funds Group", 2020)

Performance Valuation

 The valuation of the property assets of the Group were attained and were assured that each property will be valued independently in every two or more financial years. These performance valuation reports are always allocated and the nature of the valuation depends on the type of lease arrangement.

The following table shows the independent valuations of the remaining properties on the financial year 30^th June 2020.

 

Yield- Based performance 

The dividend Yield of the Rural Funds Group is 4.20%. The dividend yield is calculated by dividing the annual dividend per share with the current share price. But, according to the latest financial report, it can be observed that the dividend yield has increased by 0.12% on 3^rd December 2020 and the actual dividend yield is 4.32%.

Net Tangible Assets (NTA) Valuation

The Rural Funds Group had balanced intangible assets for the past years. But, it increased in 2019 by AUS $11,605. Then, in 2020 the graph reduced by AUS $11,000. In case of the Net Tangible Assets (NTA), the net property assets, and plant and equipment were decreased by 1.15% in the financial year 2020. The higher the value of tangible assets, the company will gain more long-term profits ("Key documents | Rural Funds Group", 2020). In 2020, the fall of tangible assets happened from AUS $181,452 to AUS $156,729. These findings helps us to understand and assume that the stakeholders have a high expectation and believe in the long-term growth and profits. 

Discounted Dividend Payment Valuation

The Discounted Dividend Payment (DDP) Valuation is always based on the concept and assumption that the Rural Funds Group and its entity will maintain and balance it dividend growth for 5 years in an average manner. According to the financial statement of the Rural Funds Group, it can be observed that the growth rate of dividend for the last five years is 4.6%. It is important to evaluate the dividend growth rate as it can act as a benchmark to the included estimation of the PV discount because the return marks as five years average REIT return on the ASX for the financial year of 2020 ("Key documents | Rural Funds Group", 2020). 

Investment Recommendation

Presently, the share prices are hugely valued in the market and the Rural Funds Group not only consists of huge revenue but also a lump-sum profits. The Earning Per Share (EPS) of the company is constantly growing and it can be observed that the EPS of the Rural Funds Group has increased by 24%, past last three years. Therefore, it can be said that if the company remains constant in making such profit in future then the stakeholders as well as the investors will be smiling as they believe in long-term profits. 

The Board and Management of the Rural Funds Group

Board of Directors, 2020

Figure 4: Board of Directors

(Source: "Board | Rural Funds Management", 2020)

The Board of Directors of the Rural Funds Group possesses most expertise knowledge, skills and also has an overall experience of 40 years approximately in financial planning, funds management and agribusiness.  

Management Profile

Figure 5: Management Profile

(Source: "Management Profile | Rural Funds Management", 2020) 

References

Board | Rural Funds Management. (2020). Retrieved 4 December 2020, from https://ruralfunds.com.au/about-rfm/board/

Corporate governance | Rural Funds Group. (2020). Retrieved 4 December 2020, from https://ruralfunds.com.au/rural-funds-group/about/corporate-governance/

Key documents | Rural Funds Group. (2020). Retrieved 4 December 2020, from https://ruralfunds.com.au/rural-funds-group/investor-information/key-documents/

Management Profile | Rural Funds Management. (2020). Retrieved 4 December 2020, from https://ruralfunds.com.au/about-rfm/management-profile/

National Storage REIT - AnnualReports.com. (2020). Retrieved 4 December 2020, from https://www.annualreports.com/Company/national-storage-reit

People - National Storage Investors. (2020). Retrieved 4 December 2020, from https://www.nationalstorageinvest.com.au/people/

Reporting - National Storage Investors. (2020). Retrieved 4 December 2020, from https://www.nationalstorageinvest.com.au/reporting/

Urban population (% of total population) | Data. (2020). Retrieved 4 December 2020, from https://data.worldbank.org/indicator/SP.URB.TOTL.IN.ZS