Warehouse Reit (WHR)

Sector:

Property Investment Trusts

Index:

FTSE Small Cap

82.60p
   
  • Change Today:
      2.10p
  • 52 Week High: 109.60
  • 52 Week Low: 69.70
  • Currency: UK Pounds
  • Shares Issued: 424.86m
  • Volume: 1,336,824
  • Market Cap: £350.94m
  • RiskGrade: 92

Warehouse REIT collects 94pc of June quarter rent

By Josh White

Date: Thursday 06 Aug 2020

LONDON (ShareCast) - (Sharecast News) - Warehouse REIT updated the market on Thursday, reporting that 94% of contracted rent due for the June quarter had been received, or was being collected monthly, as at 30 July.
The AIM-traded real estate investment trust said discussions were ongoing for the balance.

It said it was taking a "proactive approach" towards collecting rent, and had agreed to monthly advance payments amounting to 27% of its contracted rent, of which 60% had already been received.

Warehouse REIT said it was still exercising a "cautious approach" in its use of debt, ensuring it had a well-capitalised balance sheet.

As at 30 July, it had £111m of available cash and £63m of undrawn bank facilities, providing what the board called "significant" operational flexibility.

On 21 July, it exchanged contracts to dispose of seven smaller, non-core assets for a total of £9.9m, reflecting a blended net initial yield of 6.1%, as part of its strategy to recycle capital into higher returning opportunities.

The disposals were in line with the 31 March book value, and improved both the "quality and duration" of income of the core portfolio.

Looking at its pipeline, Warehouse REIT said its investment advisor, Tilstone Partners, was making "good progress" delivering on acquisition opportunities identified at the time of its capital raise in July, which amounted to about £346m.

The amount in exclusive or final negotiations, or with solicitors instructed, had increased from the £123.3m previously reported, and the company said it expected to update the market before the end of the half-year.

At Radway Green - its 25-acre multi-let industrial estate at junction 16 of the M6 motorway in Cheshire - a planning application had been submitted in collaboration with the adjoining owner for a combined 803,000 square feet of new high-bay warehouse units, ranging from 60,000 to 340,000 square feet.

The application retained an amount of existing space, which was currently income-producing, while using the undeveloped areas of the current estate.

Warehouse REIT said the overall scheme was expected to be implemented in a number of phases, in order to both maximise retained income, and to meet occupier demand.

It said it expected the application to be determined in the fourth quarter.

"The UK warehouse occupational market remains robust, underpinned by those structural trends including e-commerce that are being accelerated as a result of Covid-19," said Tilstone Partners managing director Andrew Bird.

"Alongside a number of ongoing asset management successes, we are focused on assisting the company in deploying its available capital into the significant pipeline of accretive opportunities the team has identified, and which will further improve the portfolio's income and diversification characteristics."

At 1239 BST, shares in Warehouse REIT were down 0.25% at 109.73p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Warehouse Reit Market Data

Currency UK Pounds
Share Price 82.60p
Change Today 2.10p
% Change 2.61 %
52 Week High 109.60
52 Week Low 69.70
Volume 1,336,824
Shares Issued 424.86m
Market Cap £350.94m
RiskGrade 92

Warehouse Reit Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
67.64% above the market average67.64% above the market average67.64% above the market average67.64% above the market average67.64% above the market average
46.15% above the sector average46.15% above the sector average46.15% above the sector average46.15% above the sector average46.15% above the sector average
Price Trend
37.94% below the market average37.94% below the market average37.94% below the market average37.94% below the market average37.94% below the market average
60% below the sector average60% below the sector average60% below the sector average60% below the sector average60% below the sector average
Income
57.58% above the market average57.58% above the market average57.58% above the market average57.58% above the market average57.58% above the market average
44.00% above the sector average44.00% above the sector average44.00% above the sector average44.00% above the sector average44.00% above the sector average
Growth
31.77% below the market average31.77% below the market average31.77% below the market average31.77% below the market average31.77% below the market average
14.29% below the sector average14.29% below the sector average14.29% below the sector average14.29% below the sector average14.29% below the sector average

What The Brokers Say

Strong Buy 2
Buy 0
Neutral 1
Sell 0
Strong Sell 0
Total 3
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Warehouse Reit Dividends

  Latest Previous
  3rd Interim 2nd Interim
Ex-Div 29-Feb-24 30-Nov-23
Paid 02-Apr-24 29-Dec-23
Amount 1.60p 1.60p

Trades for 28-Mar-2024

Time Volume / Share Price
16:56 327,113 @ 82.65p
16:35 139,128 @ 82.60p
16:35 1,765 @ 82.60p
16:35 1,305 @ 82.60p
16:35 438 @ 82.60p

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