Warehouse Reit Share Discussion Threads

[sleepy] 19/10/2023 12:26

They have a non income producing 1.8 million sq ft development in the North-West which was valued at £75 million last March. IF they could monetise that it could be a get out of jail card?

[skyship] 19/10/2023 09:20

These would now be looking good value on an 8.5% yield. Obvious problem however is the dividend isn't even near being covered. Likely they will cut the qtly payout from 1.6p to c1.25p. 5p pa from the current 6.4p. Yield then an unremarkable 6.7%...

Any other views?

[skyship] 10/10/2023 15:30

"..transaction values are outperforming valuations pretty consistently."

Indeed. There are many reasons for a buyer to rate a property higher than a routine valuation; most especially sitting tenants of course.

[nickrl] 10/10/2023 12:42

aint going to sort their underlying issues that the divi remains substantially uncovered mind you does indicate that transaction values are outperforming valuations pretty consistently.

[makinbuks] 10/10/2023 10:51

Every little helps. Impressive surplus over March valuation in % terms

[keyno] 25/9/2023 10:00

RBC cuts Warehouse REIT price target to 95 (100) pence - 'sector perform'

[afpk53] 31/8/2023 15:38

Well, at least the dividend's holding up at 1.6p for the 1st quarter - a decent return at the current share price. Good to see some interest today.

[keyno] 28/8/2023 09:45

We are probably due to be kicked out of FTSE 250 in next couple of days.

[afpk53] 24/8/2023 15:05

Aren't we due for a Q1 statement about now? Has anyone heard anything?

[skinny] 27/7/2023 06:07

Update on disposals and refinancing

Further to its Full Year 2023 results on 6 June 2023, Warehouse REIT announces an update on recent asset sales as well as the terms of its new debt refinancing.

The GBP29.9 million of disposals which had exchanged at the time of the results have all completed. This includes Dales Manor Business Park in Cambridge sold for GBP27 million reflecting a NIY of c.4.5%. Sales were on average 17% ahead of 31 March 2023 book value demonstrating the ongoing liquidity for this asset class despite the higher interest rate environment. Proceeds will be used to pay down the Company's debt, supporting earnings in the current financial year.

Following the signing of its debt refinancing on 2 June 2023, the Company has now completed its conditions precedent and drawn down on these new funds. The new GBP320 million facility replaces the Company's previous GBP320 million debt facility and extends the tenure from January 2025 to June 2028. It comprises a GBP220 million term loan and a GBP100 million revolving credit facility ("RCF") with a club of four lenders, HSBC, Bank of Ireland, NatWest and Santander. The minimum interest cover is 1.5 times compared to 2.0 times under the previous facility and the maximum LTV has been extended to 60% from 55%. Both the term loan and the RCF attract a margin of 2.2% plus SONIA for an LTV below 40% or 2.5% if above. The Company has GBP230m of interest rate caps in place of which GBP200m fixes SONIA at 1.5% and the remaining GBP30m fixes SONIA at 1.75%.

Following receipt of the sales proceeds, the Groups' net debt is now c. GBP275 million.

Peter Greenslade, Finance Director, Tilstone Partners commented: "The combination of recent sales and the Company's refinancing has significantly strengthened the balance sheet and earnings position. The improved covenants on the new facility are a testament to the strength of our banking relationships as well as the quality of the Warehouse REIT portfolio."

[makinbuks] 27/6/2023 08:26

Generally you are correct but I don't think there is cause for concern here. I posted elsewhere this week about a PE purchase in the UK

[nickrl] 26/6/2023 10:22

@nimbo on the recent webcast directors very bullish but 3 weeks on and with share price down another 15% they are conspicuous by their absence. To my mind this one need to recalibrate the divi by 25% and then build back from there if NRI to continues to improve. That said at some point someone will see that they can get some half decent assets way below build cost.

[nimbo1] 26/6/2023 08:01

You can't think buying here is a good idea until you see some proper director buying. Simon hope is a very shrewd operator with a lot of money - if he buys shares I would follow.

[purplepelmets] 19/6/2023 23:00

what the hell is going on here?

[spectoacc] 15/6/2023 12:59

Underperforming SHED & BBOX but I'd expect both to go through recent lows, & can't see WHR going back up when they do.

LXI another share "of interest".

We've had (most!) of the interest rate adjustment fall, the change in the risk-free fall, & the corresponding knock to NAV. But I fear we've yet to have the recession hit, with Industrial in particularly continuing to trade well.

Quoted it elsewhere, but did enjoy this opening paragraph from MTVW this morning:


"We are now living in the circumstances of double digit inflation and rising interest rates which give us very different problems to those experienced before and indeed during the Covid pandemic. At a time when companies are failing to pay dividends and even ceasing to trade mere survival must be considered to be a success."


Stuck in a few duffers but the only thing I've been buying recently is Gilts, short & long dated.

[makinbuks] 15/6/2023 11:51

Very tempting at this level. But I agree Spec, where are the Directors or the Asset Managers

[spectoacc] 09/6/2023 12:40

Thanks. SHED the better assets but has to come a point where WHR is worth a look? Struggling to know where that point is, particularly with my generally bearish outlook on UK economy.

Some decent director buying might encourage me - presumably out of a closed period now the finals have been released.

[nickrl] 09/6/2023 12:34

through the Truss low and starting to look interesting. Its way off divi coverage imv and worst of its peer group but its generally been correlated with SHED but has significantly deviated this week.

[spectoacc] 08/6/2023 15:30

Threatening the Truss low, I'd suggest it needs to bounce here.

Neither SHED nor BBOX have followed WHR down, out of interest.

[sleepy] 08/6/2023 13:14

nickrl - thank you

[nickrl] 08/6/2023 12:47

@sleepy its i the investor relations sections 2023

hxxps://stream.brrmedia.co.uk/broadcast/643810ecbe8cf120d928e261