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Warehouse REIT collects 96% of rent for year

Warehouse REIT considers fresh fundraise as portfolio holds up against covid-19

Warehouse REIT has collected 96% of rent for its financial year to the end of March 2021, it announced as part of a trading update.

For the current quarter, it has received 95% of rent (including 3% that has been deferred). This, it said, was higher than the equivalent date for the previous three quarters.

The company also announced that during the period since 1 October, it had completed 19 new lettings and 24 lease renewals, all ahead of estimated rental values (ERVs) and generating £1.5m of annual rent.

Occupancy across the portfolio has notched up by 0.6% to 94.9%, with effective vacancy at 2.6% excluding space under refurbishment and under offer to let.

Warehouse REIT also acquired 11 new assets in the period for a combined £80.2m, at an average yield of 6.3%. It has now spent £162m since its July 2020 capital raise.

The group has declared a dividend for the third quarter of the year ending March 2021 of 1.55p per share, in line with its target dividend for the year of 6.2p.

Balance sheet

The company has around £8m of cash and a further £40m of undrawn facilities and a £55m accordion available to it. Its pro-forma loan to value (LTV) is around 30% (adjusted for recent purchases and disposals).

There are no debt maturities until January 2025. Its intention remains to have an LTV ratio of around 35%.

WHR : Warehouse REIT collects 96% of rent for year

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