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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Warehouse Reit Plc | WHR | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
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|---|---|---|---|---|
| 0.00 | 0.00% | 79.10 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 79.10 |
| Industry Sector |
|---|
| REAL ESTATE INVESTMENT TRUSTS |
| Top Posts |
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Posted at 08/6/2023 13:47 by nickrl @sleepy its i the investor relations sections 2023hxxps://stream.brrme |
Posted at 06/4/2023 21:07 by igoe104 I think the potential takeover of MPL has woken up investors, about how cheap these reits are at the moment. Some are 30% below their Nav |
Posted at 30/3/2023 11:42 by nickrl Given 63m of the RCF is unprotected and costing over 6% any sales that reduce this will help the free cash but fact remains is the divi is uncovered and that was fine when the assets were being revalued upwards every 6mths but becomes problematic now. Conversely big boxes still seem to have an allure so plenty of investors will still be attracted. |
Posted at 30/3/2023 08:13 by skinny Warehouse REIT progresses disposal strategy with GBP54.7 million of salesDisposals, active management and robust UK warehouse tenant demand has increased portfolio occupancy to 95.9%, up from 92.7% Warehouse REIT ("the Company"), the industrial warehouse investor, announces continued progress delivering on its strategy to capture the inbuilt reversion across its 8.3 million sq ft portfolio, whilst also recycling proceeds through sales to pay down its overall level of debt. Asset Disposals In line with its strategy, the Company has recently concluded the sale of two distribution estates totalling 269,000 per sq ft, for GBP29.5 million, generating an ungeared IRR of 9%. The disposals comprise: -- 12 Exeter Way, Theale, a vacant 92,000 sq ft warehouse with a high office component, acquired by an owner occupier for GBP15.0 million. -- Temple House, Harlow, for GBP14.5 million. The asset has been sold ahead of a potential vacancy and capital expenditure costs, following the receipt of notice to break from the main tenant in March 2023. These disposals, in addition to the GBP13.9 million of sales announced at the half year results on 8 November 2022, have been augmented by another GBP11.3 million of smaller asset sales, taking total H2 disposals to GBP54.7 million. Asset Management Additionally, reflecting the robustness of the UK occupational market, the Company has reduced portfolio vacancy through active asset management initiatives and disposals, increasing the portfolio occupancy to 95.9% (as at 28 February 2023), from 92.7% (as at 7 November 2022). Significant transactions include Midpoint 18, where the Company has exchanged on a new 10-year lease with a 5 year break, on previously vacant commercial space, to Inhealth Intelligence, a leading software provider of information management solutions for the UK healthcare sector, generating rent of GBP0.2 million per annum. Midpoint 18 is strategically located near the M6 motorway in Cheshire and totals c. 600,000 sq ft of multi and single tenant space. Separately, the Company has also completed the construction, for GBP3.9 million, of an open storage scheme on surplus land at Midpoint 18. Brit European, an international specialist logistics occupier, has agreed a 15 year lease for the purpose built facility, generating GBP0.3m per annum of rent. Brit European is being relocated from the Company's nearby Radway Green Estate, facilitating vacant possession and advancing the wider redevelopment. Paul Makin, Investment Director of the Investment Advisor, Tilstone Partners Limited, commented: "We continue to make strong progress on delivering on the Company's strategy to minimise vacancy, capture the portfolio's inbuilt reversion and reduce debt. We have taken advantage of continued investor demand for exposure to the sector by arranging for the Company to undertake two further opportunistic disposals of assets requiring significant capital expenditure, simultaneously demonstrating the ongoing liquidity of the Company's real estate. In total, the Company has completed GBP54.7 million of sales during H2. "Occupationally, the UK logistics market remains robust, evidenced by the progress on increasing occupation across the portfolio. The transactions at Midpoint 18 also demonstrate the acute shortage of good quality accommodation in the North West market, as well as the benefits of the locations of the Company's assets, close to key infrastructure and employment hubs." -End- |
Posted at 24/5/2022 07:33 by skinny Yes :-"the premium listing will enable the Company to be eligible for inclusion in a broader range of equity indices including the FTSE's EPRA and UK Index Series which may further facilitate increased liquidity of the Ordinary Shares; -- a premium listing may enhance the Company's corporate profile and recognition with increased media coverage and investor interest; and -- the Company will be required to comply with the higher standards of governance required of premium listed companies under the FCA's Listing Rules and related regulations and guidance." |
Posted at 26/1/2022 08:07 by skinny Yes - well received :-. Trading Update Record levels of occupier demand drive new lettings significantly ahead of ERVs Warehouse REIT, the AIM-listed specialist warehouse investor, announces a trading update covering the period since 1 October 2021. During the period the Company completed 12 new lettings and 10 lease renewals across 141,400 sq ft of space. These transactions were completed at 10.5% ahead of 31 March 2021 ERVs, generating GBP0.9 million per annum of contracted rent. The portfolio's total occupancy has decreased by 1.1% from 30 September 2021 to 93.5% (as at 31 December 2021), however effective vacancy is just 1.6% excluding units under refurbishment or under offer to let (30 September 2021: 2.5%). The space currently under offer should deliver approximately GBP1.1 million per annum of rent. Further progress has been made at the Company's Radway Green site in Cheshire, with the completed acquisition of an adjoining owner's 16 acre site for GBP7.5 million before costs. The Company now has full ownership of the 41 acre site, with planning consent for 803,000 sq ft of warehouse space. In addition, the Company has exchanged contracts to acquire a further 60 acres of land zoned for employment. As previously announced, a planning application has been submitted for an additional 1 million sq ft. Subject to planning, the entire scheme has the potential for c. 1.8 million sq ft of warehouse space in a prime logistics location, less than 1.5 miles from Junction 16 of the M6 motorway. The Company also reaffirms its near-term intention to move to the Main Market of the London Stock Exchange. Andrew Bird, Managing Director of Tilstone Partners Ltd, the investment advisor of Warehouse REIT, commented: "Occupational demand saw another record year in 2021, with take-up of UK warehouse space exceeding 50 million sq ft, meaning that supply is becoming increasingly constrained. It is against this backdrop that we have achieved new lettings substantially ahead of ERVs, which demonstrates the appeal of Warehouse REIT's space to occupiers and has established a new rental tone across a number of the Company's multi-let estates. Demand shows no sign of slowing, reflected by the level of space currently under offer at rental levels materially ahead of ERVs." "This tightening of supply coupled with continued investment yield compression is underpinning the dual focus on continued asset management successes, alongside bringing forward the Company's development pipeline, notably the 100 acres at Radway Green." Market overview The industrial and warehouse sector has continued to outperform the UK property market with investors attracted by strong rental growth and secure income, which has put downward pressure on yields. According to the CBRE UK Monthly Index, industrial capital values increased by 13.9% in the quarter to 31 December 2021, with rental growth of 4.1%. The next valuation date for the Company's portfolio will be 31 March 2022. Rent collection Rent collection has remained strong with over 98% of rent due for the financial year ending 31 March 2022 collected. Rent collected for the current quarter is expected to be in line with previous quarters. Asset management The 12 new lettings represent 41,300 sq ft of space and were achieved at 10.4% ahead of 31 March 2021 ERVs, generating contracted rent in excess of GBP406,000 per annum. The Company has continued to capture reversionary potential from the portfolio, with 10 lease renewals generating a combined contracted rent of GBP511,000, an uplift of 23.5% compared to the previous rent and 11.5% ahead of 31 March 2021 ERVs. Highlights during the period include: -- A new 15-year lease with no break to a leading international food operator, on a 4,000 sq ft unit at Newport Road, Cardiff. The rent of GBP105,000 per annum represents a 23.5% premium to 31 March 2021 ERV. -- A 25,000 sq ft lease renewal at Rossendale Industrial Estate in Burnley. The new lease generates total rent of GBP114,000 per annum secured over a 10-year term, with a break at year five and is 39.0% ahead of the previous rent. -- A 37,000 sq ft lease renewal at Maxwell Road, Peterborough, for 10 years with no break. The new lease generates GBP160,000 per annum and is 11.0% ahead of the previous rent. -ENDS- |
Posted at 09/11/2021 08:09 by earwacks Stonking set of results. Net tangibles £1.52 per share. Portfolio up 9.4% since March. Only down side is the main index beckons. I suppose that makes them more attractive to the big investors and clearly they have a lot of ambition for major growth. Must be a decent rerate on the cards. |
Posted at 25/8/2021 07:03 by skinny .Trading Update New acquisitions take portfolio past 8.5 million sq ft whilst post-lockdown occupier demand drives 20 new leasing transactions achieving an average uplift of 7% on March 21 ERVs Warehouse REIT, (the "Company"), the AIM-listed specialist warehouse investor, announces a trading update covering the period since 25 May 2021. During the period the Company completed four acquisitions, in separate transactions of which the majority were off-market, for a total consideration of GBP13.1 million, reflecting a blended net initial yield of 5.0%. Generating GBP0.7 million per annum of contracted rent (with an ERV of GBP0.9 million), the acquisitions take Warehouse REIT's portfolio past 8.5 million sq ft and have increased its holdings in two existing key locations - in South Cambridge, one of the UK's fastest growing employment and innovation centres, and Midpoint-18, Cheshire. In addition, contracts have been exchanged to acquire a further 16 acres of land immediately adjoining the existing Radway Green multi-let estate located at junction 16, M6 motorway, outside Crewe. The Company also completed 20 new lettings, achieved at 7.0% ahead of 31 March 2021 ERVs, totalling 112,000 sq ft and generating GBP0.7 million of contracted rent. 13 lease renewals also completed, achieving an uplift of 20.2% compared to the previous rent. Totalling 87,000 sq ft of space, these transactions generate GBP0.6 million per annum of contracted rent[1]. The portfolio's total occupancy decreased slightly to 94.2% (as at 31 July 2021) from 95.6%, however effective vacancy has reduced to just 2.0%, excluding units under refurbishment or under offer to let. Andrew Bird, Managing Director of Tilstone Partners Ltd, the investment advisor of Warehouse REIT, commented: "We continue to witness strong occupier demand across the portfolio from a range of both e-commerce related businesses as well as more traditional national operators and SMEs, allowing us to capture the significant reversionary potential as we continue to experience strong rental collection, in line with previous quarters. With lockdown restrictions easing, and H1 2021 take up 82% above long term take up (Savills July 2021), the chronic demand supply imbalance of modern industrial space, in economically relevant locations, will continue to underpin attractive rental growth, which the Company is ideally placed to capture given its increasing scale and asset management expertise. "The sector's compelling fundamentals continue to attract new entrants into the market, which is driving yield compression and underpinning strong valuations. Despite this increased competition, with nearly a decade of experience investing in the space, we have been able to curate excellent relationships with prospective vendors, allowing the Company to continue making accretive acquisitions deliberately focusing on adjoining ownerships to existing assets. Whist our strategic priority is improving the quality of the income, we believe we can drive even stronger returns by complementing this approach through select tactical acquisitions with a value-add angle, as well as strategic development initiatives." Market overview The industrial and warehouse sector has continued to outperform the UK property market, reflecting its favourable structural drivers and growing appetite from investors attracted by secure income with rental growth, which is putting downward pressure on yields. According to the CBRE UK Monthly Index, industrial capital values increased by 7.7% in the four months to 31 July 2021, with rental growth of 0.5% month-on-month. The next valuation date for the Company's portfolio will be 30 September 2021. Asset management The 20 new lettings represent 112,000 sq ft of floor space, generating rental income in excess of GBP0.7 million per annum, 7.0% ahead of the 31 March 2021 ERV. The Company has continued to capture reversionary potential from the portfolio, with 13 lease renewals generating a combined annual rent of GBP0.6 million, an uplift of 20.2% as compared to the previous rent. Highlights during the period include: -- The letting of unit 5 (12,200sqft) at Midpoint-18 to an international manufacturing business for a new 15 year term at a rent of GBP7.00psf, as well as simultaneously acquiring the freehold of their existing adjoining premises with the occupier taking a lease back on similar terms. -- In Sheffield, 5,100sqft have been let for a term of 10 years at a rent equating to GBP5.65psf, reflecting 88% above the valuer's ERV. In the period since 1 April 2021, the total portfolio occupancy fell slightly from 95.6% to 94.2%, whilst the effective vacancy fell to 2.0%, with 1.8% of the portfolio ERV under refurbishment and a further 2.0% under offer to let (as at 31 July 2021). The space under offer will deliver approximately GBP1.0 million per annum of rent. New lettings, renewals and vacancy will now exclude short-term temporary lettings of assets classified as development land, in particular for leases completed during the period 1 April 2021 to 31 July 2021 at Radway Green. Rent collection has remained strong, with 94.5% of the total rent due on the June quarter date collected as at 17 August 2021. This is expected to continue to increase, in line with previous quarters. Acquisitions During the period the Company has completed the acquisition of four properties totalling 100,500 sq ft, for a combined consideration of GBP13.1 million before costs, reflecting a blended net initial yield of 5.0%. These comprise: -- In two separate transactions the Company has increased its holding at Dales Manor Industrial Estate, Sawston South Cambridge by a further 62,200 sqft which, following the acquisition announced on 18th May 2021, takes the holding to over 130,000 sqft plus further development land in this key location seven miles south of Cambridge City Centre -- Two further transactions have increased the Company's holding at Midpoint-18, Cheshire by a further 38,300 sq ft. Our overall holding now extends beyond 600,000 sq ft in this strategically important NW location, situated just 2 miles from J18 of the M6. Warehouse REIT has also exchanged contracts to acquire a further 16 acres of land immediately adjoining the north and eastern boundary of its existing Radway Green multi-let estate in Crewe. Earlier this year the Company announced that it had secured planning consent, submitted in collaboration with the adjoining landowner, for a combined 803,000 sq ft across six new high-bay warehouse units, ranging from 22,000 sq ft to 340,000 sq ft. This acquisition provides the Company with control over the whole site required to implement the proposed scheme which it will pursue on the back of occupier requirements. |
Posted at 13/5/2021 15:19 by cwa1 13 May 2021Warehouse REIT plc NOTICE OF FULL YEAR RESULTS Warehouse REIT plc, the AIM-listed specialist warehouse investor, will announce its full year results for the period ended 31 March 2021 on Tuesday 25 May 2021. |
Posted at 05/2/2021 12:15 by puzzler2 I imagine that most investors here would happily have participated in a 1 for 10 rights issue (which is roughly what it is) - I know that I would have been pleased to have taken up my rights. ...but I suppose it's just too difficult and inconvenient for management. I'll be writing to one of the directors, a former partner of mine, to express my displeasure. |
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