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Warehouse REIT PLC receives 95% of rents in latest quarter


The industrial and warehouse sector has continued to outperform the UK property market

Warehouse REIT PLC (LON:WHR) said it has received 95% of rent due for its December quarter with a further 3% deferred by agreement.

The group specialises in industrial warehouses, an area of the property market that has been buoyant throughout the coronavirus (COVID-19) pandemic.

For the financial year ending March 31, 2021, the trust said it had now received 96% of rents due, which is expected to increase further over the quarter.

Total occupancy had also risen slightly to 94.9% at end December, it added, with effective vacancy just 2.6%, while 11 assets were bought for £80.2mln to increase the size of the portfolio to more than 7.5mln square foot.

In a statement, Andrew Bird, Warehouse REIT’s investment manager, said: “Once again, the company has achieved rents on new lettings in excess of valuation as competition for space from a broad range of tenants has translated into increased occupancy levels.  

“This has been achieved against a backdrop of local and national lockdowns, reflecting the tenant critical nature of our assets and strength of our occupier relationships.”

Warehouse REIT noted that the industrial and warehouse sector has continued to outperform the UK property market with investors attracted by rental growth and secure income, which is putting downward pressure on yields.

According to the CBRE UK Monthly Index, industrial capital values increased by 6.1% in the three months to December 31, 2020, with rental growth of 1.5%.

As of December 31, 2020, the company had cash of circa £8 million and a pro forma loan to value ratio of approximately 30%.

The trust announced a third-quarter dividend of 1.55p yesterday and said the target for this year to end March 2021 is to pay 6.2p.



Read More: Warehouse REIT PLC receives 95% of rents in latest quarter

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