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SHED Urban Logistics Reit Plc

0.20 (0.17%)
08 Dec 2023 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Urban Logistics Reit Plc LSE:SHED London Ordinary Share GB00BYV8MN78 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.20 0.17% 118.60 725,598 16:35:26
Bid Price Offer Price High Price Low Price Open Price
119.00 119.40 122.40 117.60 122.40
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Real Estate Investment Trust 59.71M -82.66M -0.1751 -6.82 563.54M
Last Trade Time Trade Type Trade Size Trade Price Currency
18:10:45 O 800 118.60 GBX

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Date Time Title Posts
02/12/202311:35Urban Logistics REIT673

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Posted at 09/12/2023 08:20 by Urban Logistics Reit Daily Update
Urban Logistics Reit Plc is listed in the Real Estate Investment Trust sector of the London Stock Exchange with ticker SHED. The last closing price for Urban Logistics Reit was 118.40p.
Urban Logistics Reit currently has 471,975,411 shares in issue. The market capitalisation of Urban Logistics Reit is £563,538,641.
Urban Logistics Reit has a price to earnings ratio (PE ratio) of -6.82.
This morning SHED shares opened at 122.40p
Posted at 09/11/2023 12:48 by igoe104
Alot of these property Reits are vulnerable for a T/O i hold Bbox, WHR and Shed all over 30% below there NAVs
Posted at 09/11/2023 07:17 by skinny

Strong Financial Performance

-- Net rental income of GBP28.5m +12.1% (Sep 2022: GBP25.4m)
-- High gross to net rental income ratio 96.5% (Sep 2022: 96.4%)
-- IFRS profit of GBP16.9m (Sep 2022: GBP2.4m)
-- Adjusted EPS(1) of 3.46 pence (Sep 2022: 3.38 pence)
-- Interim Dividend per share of 3.25 pence (Sep 2022: 3.25 pence)
-- 99.1% of H1 rents demanded were collected (Sep 2022: 99.6%)
Posted at 23/10/2023 07:31 by spectoacc
Lol @scrff1, also got some physical from those sort of times. The ETF been my one bright spot lately.

ME going to be interesting - not so much for Armageddon as the effect on oil price if Iran formally gets involved.

Thanks @nickrl. Was never keen on Tufnells, seemed a strange one & has proven so. One of the few missteps from what IMO is the best management.

Interesting how for most REITs, it's "can they hold the divi", not even a whiff of divi growth. The lower your cost of debt now, the bigger the potential hit later.

SHED trading at £1 but WHR also looking like breaking down. At some point they're big longs, but no clue when.

Been surprised how well the generalist REITs have held up - API, UKCM - neither of which I rate.
Posted at 20/10/2023 15:27 by spectoacc
SHED is last mile, EBOX is giant European boxes. Completely different co's. I hold EBOX but I'd rate SHED's management far higher.

But raises the interesting point of Opportunity Cost.

There's going to be a great buying op soon, on a lot of things - but not convinced we're there yet, albeit am long eg GSF, SEIT, GCP, SOHO, EBOX, SUPR, ORIT, EPIC, AGR, BOOT.

Long-dated Gilts and a gold ETF still my largest holdings. And why not.
Posted at 16/10/2023 06:03 by skinny
Notice of Half Year Results

Urban Logistics (LON: SHED), the last mile logistics focused REIT, announces that the Company will publish its half year results for the six months ended 30 September 2023 on Thursday, 9 November 2023.

A sell-side analyst briefing will be held at 09:30 a.m. on the day of results at the offices of Buchanan, 107 Cheapside, London, EC2V 6DN. A webcast link will also be available for those unable to join in person. To register attendance, please contact Buchanan at
Posted at 04/10/2023 22:57 by nickrl
seven year low here almost below IPO price. Divi is covered at the cash level and no immediate debt issues but everything being contaminated now by higher for longer.
Posted at 10/8/2023 19:03 by shalder
AdamB: Director share dealings even more interesting if they involve large sales, as purchases very often are part of the normal pattern, i.e. one would usually expect directors to be accumulating under various heads like share incentive/bonus schemes, reinvestment of divis etc.

I personally watch out more for substantial sales, partly the result of experience: I owned shares in Queens Moat in 1993. It was disclosed that the dep chairman had sold 1.1 million shares on the eve of the closed period prior to the results for 1992 - the red flag for me was the stated reason for the sale, which from memory was that his daughter would be going to uni, so she needed funds to buy a flat there. 1.1 million shares sold @ about 57p = approx £627,000. That sort of money to buy a provincial student flat in 1993 was quite literally unbelievable so I immediately sold my shares, and of course QMH then proceeded to go spectacularly bust, and they now crop up as a cautionary tale on dodgy accounting practice.
Posted at 05/7/2023 13:16 by spectoacc
Still in a few SHED but agree re recession. Think more a question of interest rates/returns/the risk-free atm tho - if just recession, the likes of SUPR (almost immune) wouldn't be on its rear end.

WHR, BBOX, SHED - & same for other near-proxies like LXI.
Posted at 05/7/2023 13:12 by lefrene
jonwig, I suspect they will have got themselves the best possible terms, and will pay at the last possible moment the contract allows! :¬) Which I guess is what everyone else tries to do.

I like SHED as a business model, but feel that now is not the time, we seem to be going into a general recession, thus one would expect some decline in demand for logistics space, even if SHED has the most favourable sort.
Posted at 28/6/2023 05:11 by scruff1
27 JUN, 2023
Urban Logistics swings to a loss but pricing 'equilibrium' in sight
The last-mile warehouse investor has been hit by the selloff in commercial property but says investors are being tempted back by repriced assets.
Michelle McGagh
Urban Logistics (SHED) swung to a full-year loss as the warehouse investor counted the cost of the commercial property selloff but says a pricing ‘equilibrium’ will return more quickly than in previous downturns.

The £556m real estate investment trust (Reit), led by chief executive Richard Moffitt, reported a 31 March net asset value (NAV) of 162.44p, which represents a 14% decline for the full year and an 11% drop over the six-month period since 30 September, when the disastrous mini-Budget caused a gilt meltdown and a sharp repricing in property markets.

The fall was, unsurprisingly, driven by a 9.8% decline in valuation over the year. The Reit fell to a pre-tax loss of £82.7m from a profit of £171.8m the year before.

As is the story with most commercial property trusts, while valuations took a hit, rental income was buoyant, with estimated rental value growing by 9.5% over the year. Rents increased most in the ‘active management’ part of the portfolio, up 10.9%, where tenant covenants were improved and leases lengthened.

Moffitt, whose management contract has been extended to 2027 on the approval of shareholders, said this helped ‘protect against the impact of negative yield shift’ in the portfolio.

‘By holding firm to the strategy first set out in 2016, we aim to mitigate the worst effects of the economic downturn,’ he said.

High demand
Despite the valuation write-down, Moffitt said the portfolio of last-mile, single-let logistics assets is ‘in high demand given the undersupply of assets of this type, driven by long-term structural shifts in our economy and a chronic lack of supply’.

‘This supports the occupational market and allows us to offset yield erosion with rising rental rates, captured in 42 lease events over the year, generating £6.1m in additional rental income,’ he said.

Property investors had hoped for a swift uptick in price after the selloff but Moffitt said the ‘macroeconomic and geopolitical picture for 2023 and beyond continues to evolve’.

‘Given the repricing of real estate assets and land values in 2022, we believe the equilibrium level where buyers and vendors will trade has been found more quickly than witnessed in previous cycles.

‘Investors are already returning to the market, attracted by re-based higher yields, rental value growth and the long-term drivers of the logistics sector.’

Moffitt said e-commerce, which powers much of the logistics sector, remains a ‘fundamental and growing part of the economy’ and therefore provides a ‘sound footing to our business model of last-touch, mid-sized logistics assets, let to financially resilient tenants’.

Low vacancy rates also provide confidence to investors wanting to buy properties and although the cost-of-living crisis is burdening the consumer, and higher labour costs and business rates are weighing on companies, Moffitt said the logistics sector remains ‘attractive217;.

‘We continue to take pride in what we have achieved in what has been a challenging 12 months,’ he said.

‘We have renewed leases with existing tenants, built warehouses for new tenants, and welcomed new team members and shareholders to the company. We see significant opportunity and value within the portfolio and look to the future with a mix of caution, ambition and excitement.’

Leasing success
Numis analyst Andrew Rees said the Reit has a ‘strong track record of leasing success’ that the trust should be ‘well placed to capture over the next 12 months’.

‘This runway for top line rental growth, combined with relatively low cost of debt, should help further improve dividend cover towards 100%,’ he said.

‘In the current environment transaction activity will be focused on the “active management” portion of the portfolio, and we would therefore not be surprised to see further disposals of “core” assets in addition to the £15m since year-end.’

Shares in the trust have been weak recently and are trading at a 27% discount to NAV, which Rees said is ‘not reflective of the attractive occupational demand story, notwithstanding the scope for further yield driven valuation weakness as interest rates look set to be raised further’.
Urban Logistics Reit share price data is direct from the London Stock Exchange

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