Warehouse REIT has posted a slight drop in its net asset value following acquisitions and dilution from a share issue.
In its half-year results up until 30 September 2019, the firm’s EPRA net asset value per share fell to 105.2p compared to 109.7p in March, a drop of 4%.
The firm said this reflected short-term dilution from a share issue, equivalent to 2.8p per share and the costs of acquisitions made in the period of £8.6m, equivalent to 3.6p per share.
The value of its portfolio has grown from £307.4m in March to £438.7m.
Loan-to-value was 40.2%, up from 39.7% in March.
The firm said it paid or declared dividends of 3p per share, in line with its previous target of 6p per share for the full year. As a result of being fully invested by September 2019, it will be increasing the target for the year to March 2020.
Neil Kirton, chairman of Warehouse REIT, said: “We have continued to successfully execute the strategy we set out at IPO, adding value to the portfolio through active asset management and successfully investing the proceeds of the April 2019 equity issue in line with our forecast timeframe.
“These actions have further enhanced the tenant covenant portfolio and the duration and quality of our income stream, underpinning our ability to pay attractive dividends to shareholders.”
To send feedback, e-mail anna.ward@egi.co.uk or tweet @annaroxelana or @estatesgazette
