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Warehouse REIT (WHR)     

skinny - 29 Oct 2017 12:28 - 2 of 20


skinny - 22 May 2018 15:49 - 3 of 20


Financial highlights

Profit before tax and loan break fees - £8.5 million

Profit before tax - £8.4 million

IFRS Earnings per share - 5.0 pence

EPRA earnings per share - 1.9 pence

Dividends per share for the period - 2.5 pence

As at 31 March 2018

Portfolio valuation - £291.0 million

IFRS Net asset value ("NAV") per share - 102.1 pence

EPRA NAV per share - 102.1 pence

EPRA net initial yield - 6.2%

Passing rent - £20.4 million, contracted rent £21.3m

Weighted average unexpired lease term ("WAULT") to expiry - 4.1 years

Loan to value ("LTV") - 40.5%

Operational highlights

IPO proceeds deployed at net initial yield ahead of business plan target of 7.0%

· Oversubscribed IPO on 20 September 2017 raised net proceeds of £146.8 million and resulted in a high-quality share register

· Co-investment by management of our Investment Manager, Tilstone Partners Limited ("TPL"), of £16.0 million resulted in net assets at IPO of £162.1 million

· On Admission to AIM, completed the acquisition of the seed portfolio of 27 freehold and long-leasehold assets for £108.9 million, reflecting a 7.0% net initial yield

· Increased five-year loan facilities of £135.0 million on reduced terms

· Since IPO, invested a further £170.1 million in 65 UK warehouse estates, totalling 2.7 million sq ft and let to a diverse range of occupiers

· Seed portfolio valuation up 8.5% to £118.1 million and ERV up 3.4% to £9.7 million

· Capital expenditure committed in the period since IPO totalled £1.3m

· Target dividend for year ending 31 March 2019 increased from 5.5 pence per share to 6.0 pence per share**

Strong letting activity driving total return outperformance

· 27 new lettings completed since IPO, generating annual rent of £0.8 million, 7.3% ahead of March 2018 estimated rental value ("ERV")

o of the above, 17 were new lettings of vacant space in the seed portfolio, generating annual rent of £0.6 million, 15.6% ahead of ERV at IPO

o eight lease renewals achieved in the seed portfolio, securing a continuation of £0.6 million of income, representing a 10.7% increase in headline rent for these units

o four new lettings across 54,790 sq ft of vacant space currently under offer on the seed portfolio, for a combined rent of £0.3 million per annum, 2.1% ahead of March 2018 ERVs

o notice received to exercise a lease break from four tenants in the seed portfolio, representing combined passing rents of £0.1 million per annum, allowing the ability to increase rents by 14.0%

· Portfolio occupancy of 93.1% and WAULT of 4.1 years (2.8 years to break) at 31 March 2018, after acquiring the Industrial Multi Property Trust ("IMPT") portfolio for £116.0 million on 26 March 2018, which had occupancy of 92.3% and a WAULT to expiry of 3.9 years

· Of the 18 lease renewals outstanding as at acquisition of the seed portfolio, 67% of tenants renewed at rents 8.2% higher than ERV. Of the units which became vacant, 67% were immediately re-let at rents 13% higher than ERV

Diverse occupier demand, favourable demand supply dynamics and structural shifts towards e-commerce underpinning sector strength

· Limited market supply, as capital values in the sector remain well below replacement cost, making it uneconomic to develop new space

· Market forecasts for industrial rental growth predicted to average 3.5% per annum to 2022, significantly ahead of other real estate sectors

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."

* Warehouse REIT plc was successfully admitted to trading on AIM on 20 September 2017 when it commenced operations. These results are for the accounting period from 1 August 2017 to 31 March 2018, and represent the trading results of the Group from 20 September 2017.

** this is a target not a profit forecast and there can be no assurances that it will be met

kimoldfield - 22 May 2018 22:47 - 4 of 20

A decent enough start!

skinny - 27 Sep 2018 08:10 - 5 of 20


Warehouse REIT, the AIM listed specialist warehouse investor, announces that it has completed the sale of a 30,000 sq ft multi-let industrial estate at Stukeley Meadows, in Huntingdon, for £3.25 million, reflecting a net initial yield of 5.4% and a 16% premium to the March 2018 book value. In addition, as announced on 19 September, it has completed the sale of Warwick House, in Solihull, for £2.9 million, reflecting a 12% premium to the March 2018 book value.

In the short term, the sale proceeds will be utilised to reduce the RCF element of the Company's bank facility prior to any redeployment. Subsequent to the recent property disposals, the LTV, based on the 31 March 2018 valuation, has fallen to 38%.

At Stukeley Meadows, the Company recently completed an 8,944 sq ft lease renewal to Howdens Joinery. The letting generates an annual income of £62,700, 7.5% ahead of the March 2018 ERV and 16.7% ahead of the previous passing rent of £53,750 p.a. The sale continues the Company's strategy to dispose of more mature assets at a favourable initial yield and redeploy the proceeds into opportunities that will generate additional, longer term income and higher total returns.

Andrew Bird, Managing Director of Tilstone Partners Ltd, the manager of Warehouse REIT, commented: "This activity further demonstrates our asset management team's ability to undertake significant value enhancing activity across the portfolio, before recycling some of the more mature assets ahead of book value. At the same time, it reduces our LTV to below 40%, a key milestone set out at the recent year end."


skinny - 27 Sep 2018 08:11 - 6 of 20

Peel Hunt Buy 98.20 120.00 - Reiterates

skinny - 11 Oct 2018 10:13 - 7 of 20

Just added here.

skinny - 24 Oct 2018 07:06 - 8 of 20

Acquisition of Amazon-let warehouse in North West


Warehouse REIT, the AIM-listed specialist warehouse investor, announces that it has exchanged contracts for the acquisition of a strategically located warehouse in Widnes, Cheshire for £2.765 million, reflecting a net initial yield of 7.3%. The asset is fully let to Amazon UK Services Ltd on a newly agreed five-year lease to serve the online retailer's last mile distribution requirements across the surrounding North West region.

Amazon is now the second largest tenant on the Company's rent role.

The modern warehouse facility offers 48,932 sq ft of high specification newly-refurbished space which includes two storey office accommodation and an electrically operated loading bay, all set within a self-contained 2.5 acre site. The asset is currently generating a comparatively discounted rental income of £216,432 per annum (£4.42 per sq ft), offering attractive growth prospects, while its low capital value of £56 per sq ft is less than the cost of replacement.

The warehouse is located in the heart of the North West in a prominent location on the established Halebank Industrial Estate in Widnes, Cheshire, benefitting from excellent motorway access. Widnes is approximately 14 minutes' drive time from Liverpool Airport, 30 minutes from both the Port of Liverpool and Manchester Airport, and only 20 minutes from the M62/M6 interchange, offering good infrastructure provision for a logistics company. The asset's tenant is leveraging its strong location by using the facility to service the distribution of small items being offered for sale by "Amazon Sellers".


skinny - 24 Oct 2018 08:30 - 9 of 20

24 Oct 2018 Peel Hunt (again) Buy 94.00 120.00 Reiterates

skinny - 12 Nov 2018 07:03 - 11 of 20


· Portfolio valued at £284.3 million at 30 September 2018, following £15.0 million of disposals during the period, representing an increase of 6.5% on the aggregate purchase price and a 1.6% like-for-like increase on the valuation at 31 March 2018, or a 2.9% increase taking into account the disposed assets

· Profit on disposal of investment properties totalled £3.7 million in the period

· Bank debt lowered to £109.5 million, reducing the loan to value ratio to 37.1% at 30 September 2018 (40.5% at 31 March 2018)

· Paid or declared dividends totalling 3.0 pence per share for the first half of the year, on track for target of 6.0 pence per share for the full year***

*** This is a target not a forecast and there can be no assurances that it will be met.

Operational highlights

· Continued strong tenant demand, supported by the further growth of ecommerce, is driving robust rental increases

· Supply of new multi-let warehouse space remains constrained across the UK, with capital values below replacement cost

· Strong asset management performance in the period

o Completed 37 new lettings of vacant space, generating additional annual rent of £1.2 million, 6.9% ahead of 31 March 2018 ERV

o Achieved 12 lease renewals, securing additional £0.5 million of income and reflecting a 7.8% increase in headline rents

o Spent or committed capital expenditure of £1.4 million, in line with target

o Portfolio occupancy of 92.1% at the period end (31 March 2018: 93.1%), with the reduction in the period primarily due to the tenant at Deeside entering administration. Occupancy has since risen to 93.0% as at 31 October 2018, following re-letting of the Deeside asset (see below)

o WAULT of 4.2 years (31 March 2018: 4.1 years), with 2.8 years to first break (31 March 2018: 2.8 years)

o Sold four assets for £19.0 million, reflecting an aggregate net initial yield of 5.1% and a 27% premium to 31 March 2018 book values

· Acquired one asset, Burntbroom Court, Queenslie, Glasgow, for £2.4 million reflecting a net initial yield of 8.0%. The asset is adjacent to the Group's existing 55-acre site at Queenslie

Post period end highlights

· Obtained planning permission for a major mixed-use development at Queenslie Business Park, Glasgow for an additional 250,000 sq ft of warehouse and ancillary uses. The scheme has a gross development value of £25 million

· Acquired a 49,000 sq ft urban warehouse unit in Widnes, Cheshire, let to a global internet retailer on a new five-year lease with a tenant's break at year three, for £2.8 million reflecting a net initial yield of 7.3%. This global internet retailer is now the second largest tenant by portfolio rental income

· Let 60,000 sq ft at Deeside to A&D Transport (NW) Ltd on a 15-year term, with a tenant only break at 10 years, at an average rent over the first five years at 16% above the previous rent following a programme of landlord works for the restoration of the premises


skinny - 12 Nov 2018 07:04 - 12 of 20

Directorate Change

skinny - 12 Nov 2018 08:44 - 13 of 20

Peel Hunt Buy 97.80 120.00 Reiterates

skinny - 09 Jan 2019 12:24 - 15 of 20

Woodford Investment Management Ltd @5%

skinny - 05 Feb 2019 07:47 - 16 of 20

Asset Management Update

CC - 05 Feb 2019 08:43 - 17 of 20

Nice pullback off the 90 area. I must admit to spending ages looking at it when it went down there. A number of the other REITs looked under similar pressure at the same time.

I decided I couldn't handle the risk at the time with the very limited funds I had available.

How things can look different in just a few weeks.

skinny - 05 Feb 2019 08:57 - 18 of 20

I've got quite a few of these REITs now in my SIPP - never really going to set the World on fire but growth and income - good growth in the case of BBOX.

RGL, BBOX, LXI, MXF.......

kimoldfield - 06 Feb 2019 16:13 - 19 of 20

Having made just a few £ I sold out on a whim to buy WSBN, no idea why other than they should have some gold to sell. No ramp intended!

skinny - 08 Feb 2019 13:43 - 20 of 20

Dividend Declaration.
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