Warehouse Reit Share Discussion Threads

[spectoacc] 25/5/2018 12:58

Peel Hunt estimating 109p NAV for 31 March 2019 - so I wouldn't want to see a fundraising at anywhere near a quid. £1.04ish would do.

[spectoacc] 24/5/2018 06:54

Good article, thanks.

[igoe104] 23/5/2018 23:46

Warehouse Reit weighs new fund raise as sector demand grows.

[quickmind] 23/5/2018 10:07

@SpectoAcc - Thanks!

[igoe104] 23/5/2018 08:33

with the on-line spend continuing to increase, more and more warehouse's are going to be needed across the country especially with companies having next day delivery. and with paying a 6% yield this investment should win win for investors, over the coming years.

[hazl] 23/5/2018 08:22

Thanks, pleased to have found these, just what I was looking for.
Good luck folks.

H

[spectoacc] 23/5/2018 07:16

It's usually the 3-month.

@maiken - if WHR followed the All-Share they'd be considerably higher by now ;) But point taken - will see if it happens next time.

[quickmind] 22/5/2018 21:40

In today's results:

"a £30.0 million, five-year term loan facility, at an interest rate of 2.25% above Libor"

Does anyone know what rate Libor refers to, overnight rate?

[maiken] 22/5/2018 19:48

FWIW,personally I wouldn't worry too much about the price rise late last week.
1]The whole market was strong,WHR probably actually underperformed the all share.I think it only went up a penny or so
2]It's not unusual for interest to pick up in a stock just before results.I was buying last week in anticipation of results for example.

[spectoacc] 22/5/2018 17:07

@maiken - the only negative for me is that the share price did rise - it just did it a day or two early, implying someone with a little more "knowledge" than they ought to have. IMO.

Otherwise, agreed - a slight premium to NAV now but probably not a premium to forecast NAV. And wasn't expecting them to increase the expected divi - would have been very easy to keep that 0.5p for "costs" & director remuneration.

[maiken] 22/5/2018 17:02

i'm increasingly optimistic on this company.they've achieved some very handy uplifts on expected rental values,which should feed through to NAV,and there's plenty of scope for yield compression [as they say].

The management have plenty of skin in the game,the divi forecast now 6% from 5.5% and I'm mildly surprised the share price didn't rise more today.I've added.a nice quiet board indicates this is somewhat under the radar currently.

[igoe104] 22/5/2018 16:06

Yes mate, interim 1.5p Ex Divi date 8/6/18.

This looks like a solid investment which should attract institutions, especially paying a 6% yield next march.

[hazl] 22/5/2018 15:41

Thanks igoe.
The register date is 8TH June is it not?

[spectoacc] 22/5/2018 07:26

Report looks better than I'd expected - NAV up to 102.1p, increased divi target from 5.5p to 6p for y/e March 2019. Seems to be firing on all cylinders.

"Neil Kirton, Chairman of Warehouse REIT, commented:

"We are pleased to be reporting our maiden financial results from a position of considerable strength, following our oversubscribed IPO in September. Leveraging our proprietary adviser relationships and the strength and market knowledge of the growing team has allowed us to be highly selective in acquiring a mixture of individual assets and portfolios that fit with our investment strategy, offering the potential for long-term income and capital growth.

"Whilst the sector is currently benefitting from yield compression, our near-term focus is to deliver on the value enhancing asset management initiatives we have identified across the portfolio, further reducing the vacancy level and realising some of the reversionary potential, enabling us to increase our 2019 dividend target to 6.0 pence."

Andrew Bird, Managing Director of the Investment Manager, Tilstone Partners Limited, added:

"The UK multi-let warehouse sector continues to offer investors an attractive total return profile, with strong demand for well-located, good quality assets from both traditional industrial and manufacturing businesses, as well as major retailers and third-party logistics occupiers. This has been driven by the substantial growth of e-commerce activity, underpinned by changing consumer habits, a trend that is forecast to continue shaping the sector over the next five years."

[igoe104] 13/3/2018 16:42

Good to see a big director buy.

Neil Kirton, Chairman, bought 175,000 shares in the company on the 13th March 2018 at a price of 100.00p. The Director now holds 200,000 shares

[igoe104] 13/2/2018 16:00

Warehouse REIT (LON:WHR) Given New GBX 120 Price Target at Peel Hunt.

Warehouse REIT (LON:WHR) had its price objective raised by Peel Hunt from GBX 118 ($1.63) to GBX 120 ($1.66) in a research report released on Monday, February 5th. The brokerage currently has a buy rating on the stock

[spectoacc] 05/2/2018 07:57

Not doing things by halves! Who has got the best of the deal, WHR or Hansteen?

Slight drop in HSBC's rate over LIBOR for the (much enlarged) loan is a plus too.

What odds an early fundraise?

[igoe104] 30/1/2018 08:20

Excellent Update.



Warehouse REIT plc
(the 'Company' or 'Warehouse REIT')
TRADING UPDATE & DIVIDEND ANNOUNCEMENT
DELIVERING ON FOCUSED STRATEGY, AS SET OUT AT IPO
Warehouse REIT plc (LSE: WHR), the AIM-listed specialist warehouse real estate investor, today provides a trading update for the period since the Company's Admission to trading on the London Stock Exchange on 20 September 2017 to 30 January 2018.
In line with the dividend policy set out at IPO, the Company is today declaring its maiden interim dividend of 1.00 pence per share. The Company remains on track to deliver a dividend of 5.5p for the year ending 31 March 2019, in line with objectives set out at IPO. The 1.00 pence per share dividend payment will be made on 9 March 2018 to shareholders on the register as at 9 February. The ex-dividend date will be 8 February 2018.
Highlights over the period:
- On Admission, completed the acquisition of the seed portfolio of 27 freehold and long leasehold warehouse assets for GBP108.85 million, reflecting a 7% net initial yield.
- Since IPO, a further GBP54 million invested across 14 UK warehouse estates totalling 1.1 million sq ft, let to a diverse range of occupiers and reflecting a 7.6% blended net initial yield. The properties' low average passing rents of GBP4.44 psf present an opportunity to grow rental income to bring in line with ERV, while a combined 7.7% vacancy rate provides further growth prospects.
- 19 new lettings completed, generating annual rent of GBP778,000 pa, ahead of ERV. Of these transactions, 13 were new lettings of previously vacant space (generating GBP371,000pa) with the balance being renewals.
- Five new lettings of 45,790 sqft of vacant space currently under offer for a combined rent of GBP284,000 pa, 10% ahead of ERV.
- Notice has been received to exercise a lease break from six tenants, representing combined passing rents of GBP304,000 pa, or GBP3.63 psf as compared to an ERV of GBP4.07 psf, providing an opportunity to increase revenue. In the majority of instances, the tenant is vacating due to the Company's inability to accommodate their demand for additional space.
- New and enlarged financing facilities totalling GBP65 million secured with HSBC which, if fully drawn, would crystalise an LTV of less than 30%.
- Strong pipeline of attractive investment opportunities identified, including a mix of single assets and portfolios, exhibiting similar characteristics to the current portfolio.
Neil Kirton, Non-Executive Chairman of Warehouse REIT, commented:
"We have made solid progress in terms of delivering against our strategy for Warehouse REIT, with the business's performance since IPO exceeding our expectations. At this early stage of the Company's life, we are pleased to be assembling a portfolio of multi-let UK urban warehouse assets aligned to the Investment Strategy, demonstrating the sourcing abilities of our experienced team. Letting activity continues to proceed at levels ahead of our business plan. Furthermore, with an active pipeline of new investment opportunities under review, we are confident in our ability to deploy our remaining IPO proceeds ahead of initial forecasts

[nimbo1] 14/1/2018 20:47

from the listing doc there is one due around now and another one before may from memory

[basem1] 12/1/2018 13:19

Has anyone any dividend information please ?

[nimbo1] 09/1/2018 10:21

Took some gains from mr market and bought in here - for some steady income and a little growth. Easy to think these floats are top of the market stuff - but this sector is underpinned by strong demand for urban logistics space are WHR's holdings are purchased below the cost of replacement in many cases. So should be ok, plus 2 divi's coming up in the next few months.