LONDON (ShareCast) - (Sharecast News) - Industrial property investor Warehouse REIT said on Tuesday that it had swung to an interim loss as first-half fair value losses wiped out the gains recorded during the same period a year earlier.
Warehouse REIT reported a first-half pre-tax loss of £46.4m, a marked difference when compared to a pre-tax profit of £86.4m a year earlier, while adjusted earnings per share slipped from 3.1p to 2.8p. Dividends per share rose from 3.1p to 3.2p.

The FTSE 250-listed group said much of its loss was a result of a fair value loss on investment properties of £73.36m, versus a fair value gain of £73.22m twelve months before. It also booked a loss on the disposal of investment properties of £84,000.

Contracted rent rose from £44.0m in the six months ended 31 March to £46.8m in the half ended 30 September, while passing rents grew £3.1m to £43.7m and occupancy levels dipped from 93.7% to 92.7%.

Chairman Neil Kirton said: "Since the start of the period, economic conditions have changed markedly, with inflation and interest rates in the UK both rising sharply. However, the successful and consistent execution of our strategy has given us a resilient portfolio of well-located assets, a large and diverse base of occupiers, and a strong financial position.

"The board remains rigorously focused on managing risk and carefully deploying capital, and we believe we are well-placed to continue to create value for shareholders and our other stakeholders."

As of 0835 GMT, Warehouse REIT shares were down 0.97% at 122.20p.





Reporting by Iain Gilbert at Sharecast.com

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