Warehouse REIT has reported strong growth figures in its full-year results, as demand for existing industrial space continues to intensify.
In its first full-year results since its flotation, EPRA net asset value per share rose to 109.7p in the year to 31 March, up 7.4% on the previous year.
The value of its portfolio reached £307.4m during the year, rising by 4.3% on a like-for-like basis.
Loan-to-value was 39%, dipping marginally on the previous year. During the year, it raised disposal proceeds of £19m, £16.7m of which was reinvested to acquire four new assets.
The REIT said that one of its priorities for the year ahead is to invest its firepower in assets “which will be accretive to both earnings and the quality of the portfolio”. It has invested £45m in four assets since the year-end and identified a £76.3m pipeline.
After the year-end, £76.5m of gross proceeds were raised through an equity issue.
Neil Kirton, chairman of Warehouse REIT, said: “This was our first full year as a public company, and we have stayed true to the commitments we made at our IPO in 2017.
“We met our dividend and total return targets for the year, while continuing to grow the portfolio and extracting value from it through active asset management.”
Andrew Bird, managing director of its investment manager, Tilstone Partners, added: “Demand for warehouse space is coming from a diverse range of occupiers, with e-commerce remaining an important driver.
“The supply of space is constrained, with low vacancy rates and little development, which is driving rental growth. We continue to source investments for the group at below replacement cost and have a significant pipeline of attractive potential acquisitions.”
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