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.
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