Warehouse REIT has suffered a £46m half-year loss after its net asset value plunged.
Gross property income for the REIT rose slightly, from £23.4m in the first half of 2021 to £24.1m in 2022. Operating profit also nudged up to £17m.
However, net asset value fell from £739m to £678.6m, while a like-for-like decrease of 6.9% took the total portfolio value down to just over £1bn.
The REIT migrated from AIM to the FTSE 250 in July.
Debt-funded deals and the decrease in valuation increased LTV over the period from 25% to 32%.
Chair Neil Kirton said: “Since the start of the period, economic conditions have changed markedly, with inflation and interest rates in the UK both rising sharply. However, the successful and consistent execution of our strategy has given us a resilient portfolio of well-located assets, a large and diverse base of occupiers and a strong financial position.”
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