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Warehouse REIT PLC (WHR)

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idpickering
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Warehouse REIT PLC (WHR)

#544733

Postby idpickering » November 8th, 2022, 7:59 am

Half-year Results.

· Total portfolio valued at £1,006.1 million (31 March 2022: £1,012.0 million), reflecting a like-for-like decrease (excluding acquisitions and disposals) of 6.9% comprising:

o £918.9 million for the investment portfolio of completed assets and £87.2 million of development property and land (31 March 2022: £913.0 million and £99.0 million)

· EPRA NTA per share decreased by 11.8% to 153.3 pence (31 March 2022: 173.8 pence), driven primarily by a fall in the portfolio's valuation

· Total accounting return for the period (9.9%) (six months ended 30 September 2021: 15.1%)

· Continued strong rent collection performance, with 94.2% of rent due in relation to the period collected at 4 November 2022, with occupier covenants continuing to be monitored through the use of credit rating providers

· Strong balance sheet with bank debt of £336.0 million and cash balances of £11.2 million, resulting in a loan to value ("LTV") ratio of 32.3% (31 March 2022: 25.1%), with the increase reflecting debt funded asset acquisitions in the period and a decrease in portfolio valuation

· Short-term strategy to reduce gearing is on track through the disposal of non-income earning, non-core properties and will remain disciplined in the deployment and allocation of capital with extra caution until markets stabilise

· Acquired a further two interest rate caps of £100.0 million each for three and five years respectively, capping the SONIA rate in the debt facilities at 1.5% and together with existing two caps of £30.0 million each, ensures c.75.0% of debt is hedged against interest rate volatility

· Weighted average cost of debt was 3.6%, with no refinancing event until 2025 and an option to extend this until 2027

· Dividends totalling 3.2 pence per share paid or declared in respect of the period, in line with the full-year target of at least 6.4 pence per share. The dividends paid will be covered by cash inflows from both adjusted earnings and from realised gains on the disposal of assets

· Transfer from AIM to Main Market completed on 12 July 2022, with the shares included in the FTSE 250, All-Share and FTSE EPRA/NAREIT Global Real Estate Index Series from 19 September 2022

And later;

Dividends.

The Company has declared the following interim dividends in respect of the six months ended 30 September 2022:

· an interim dividend of 1.60 pence per share in relation to the three months to 30 June 2022, which was paid as a property income distribution ("PID") on 3 October 2022; and

· an interim dividend of 1.60 pence per share in relation to the three months to 30 September 2022, which will be paid in full as a PID on 30 December 2022, to shareholders on the register at 2 December 2022.

The total dividend for the period of 3.2 pence per share is in line with the target for the year of at least 6.4 pence per share and was 88% covered by adjusted earnings.

The cash cost of the total dividend for the period will be £14.0 million (six months ended 30 September 2021: £13.2 million).


https://www.investegate.co.uk/warehouse ... 00055974F/

Ian.
Last edited by csearle on November 8th, 2022, 8:02 am, edited 1 time in total.
Reason: Subject change

idpickering
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Re: Warehouse REIT PLC (WHR)

#548344

Postby idpickering » November 21st, 2022, 7:41 am

Finance and asset management senior appointments.

https://www.investegate.co.uk/warehouse ... 00109607G/

Ian.

idpickering
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Re: Warehouse REIT PLC (WHR)

#554215

Postby idpickering » December 12th, 2022, 7:05 am

Major lettings update.

Transactions reduce portfolio vacancy and increase WAULT as UK warehouse occupier demand remains strong.

Warehouse REIT ("the Company"), the specialist urban and 'last-mile' industrial warehouse investor, has maintained its positive leasing momentum with the completion of four long-term lettings totalling 121,400 sq ft, increasing portfolio occupancy to 93.3% from 92.7% (as at 30 September 2022) and increasing the portfolio's WAULT to 5.7 years from 5.4 years (as at 30 September 2022).

At Valley Point, Rugby, the Company has completed a 38,600 sq ft lease for 20 years with no break to PWR Europe, a leading developer and manufacturer of cooling solutions, supplying a range of sectors such as motorsport, renewable energy, and aerospace. The unit will serve as its new European headquarters. The lease will generate a contracted rent of £332,400 per annum, equating to circa £8.60 per sq ft, 11.0% above the 31 March 2022 ERV, and is subject to 5 yearly upward only rent reviews to the higher of open market rent or indexation.



Full item here; https://www.investegate.co.uk/warehouse ... 00022748J/

Ian.


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