REG - Warehouse REIT PLC - Fourth quarter trading update

Warehouse ReitAnnouncement

25/04/2024 07:00

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RNS Number : 9325L  Warehouse REIT PLC  25 April 2024

25 April 2024

 

Warehouse REIT plc

(the "Company" or "Warehouse REIT", together with its subsidiaries, the
"Group")

 

Fourth quarter trading update

Resilient occupier market with 22 leasing deals completed, 30.1% ahead of
previous rents

Warehouse REIT, the multi-let warehouse investor, is pleased to report another
good quarter of leasing activity for the three months to 31 March 2024.  The
Company completed 22 transactions, securing £1.4 million of contracted rent,
and continues to successfully capture portfolio reversion, with these
transactions agreed on average 30.1% ahead of previous contracted rent.
Summary below:

 Estate        No. deals      Area let (sq ft)  Contracted rent (£)   Increase over
               Previous rent                    ERV at 31/3/23
 New lettings  9              84,300            644,500               +38.3%   +10.1%
 Renewals      7              20,900            179,400               +17.3%   +10.7%
 Rent reviews  6              77,200            603,600               +27.4%   +6.6%
 Total         22             182,400           1,427,500             +30.1%   +8.7%

 

Notable transactions included:

·     A new letting at Foundry Point, Widnes, to a manufacturer of
special purpose engineering equipment, adding £325,000 to contracted rent,
50.2% ahead of previous passing rent

·    A rent review at Oldbury Point, in the West Midlands, to a vehicle
equipment producer, securing £142,300 of contracted rent, 47.4% above prior
rent

·     At Bradwell Abbey, Milton Keynes, a rent review to an engineering
company, securing £259,500 of contracted rent, 23.6% above prior rent and in
addition new lettings totalling over £100,000 of contracted rent were agreed

Twelve months performance

These transactions bring total leasing activity for the financial year to 31
March 2024 to 1.5 million sq ft, achieved on average 28.6% ahead of previous
contracted rent.  Total rent attributable to these transactions is £10.0
million, taking total annual contracted rent to £44.6 million.
Like-for-like contracted rental growth for the twelve month period is c.5%,
significantly ahead of the healthy half year rate of 1.7%.

Simon Hope, Warehouse REIT, commented: "The consistency with which we are
delivering rental uplifts is a testament to the expertise of our asset
management team and the strength of our locations, which has underpinned
like-for-like rental growth of c.5% for the financial year.  The multi-let
industrial market benefits from a diverse mix of occupiers, making it more
resilient through the cycle and supporting our strategic priority to capture
portfolio reversion."

 

Enquiries

 Warehouse REIT plc                                             via FTI Consulting

 Tilstone Partners Limited                                      +44 (0) 1244 470 090

 Simon Hope, Peter Greenslade, Jo Waddingham

 G10 Capital Limited (part of the IQEQ Group), AIFM              +44 (0) 20 7397 5450

 Maria Baldwin

 FTI Consulting (Financial PR & IR Adviser to the Company)

 Dido Laurimore, Richard Gotla, Oliver Parsons                  +44 (0) 20 3727 1000

 

Further information on Warehouse REIT is available on its website:
http://www.warehousereit.co.uk (http://www.warehousereit.co.uk)

 

Notes

Warehouse REIT is UK Real Estate Investment Trust that invests in UK
warehouses, focused on multi-let assets in industrial hubs across the UK.

 

We provide a range of warehouse accommodation in key locations which meets the
needs of a broad range of occupiers.  Our focus on multi-let assets means we
provide occupiers with greater flexibility so we can continue to match their
requirements as their businesses evolve, encouraging them to stay with us for
longer.

 

We invest in our business by selectively acquiring assets with potential and
by delivering opportunities we have created. Through pro-active asset
management we unlock the value inherent in our portfolio, helping to capture
rising rents and driving an increase in capital values to deliver strong
returns for our investors over the long term.  Sustainability is embedded
throughout our business, helping us meet the expectations of our stakeholders
today and futureproofing our business for tomorrow.

 

The Company is an alternative investment fund ("AIF") for the purposes of the
AIFM Directive and as such is required to have an investment manager who is
duly authorised to undertake the role of an alternative investment fund
manager ("AIFM"). The AIFM and the Investment Manager is currently G10 Capital
Limited (Part of the IQEQ Group).

 

 

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