22nd May 2018 12:51
LONDON (Alliance News) - Warehouse REIT PLC said Tuesday that it has increased its target dividend for 2019 financial year, as the property investment company continues to build its portfolio following its maiden financial period.
For the period from September 20, 2017, to March 31, Warehouse REIT reported a pretax profit of GBP8.4 million on revenue of GBP6.6 million, and a net asset value of 102.1 pence per share, up from the trust's initial public offering price of 100.0p in September.
The company's property portfolio as at the end of March was valued at GBP291.0 million, reflecting a 4.3% uplift against the asset's aggregate purchase price. This was through a series of acquisitions during the period, most notably the sale of the Industrial Multi Property Trust by Hansteen Holdings PLC to Warehouse REIT for GBP116.0 million.
Annual rent roll at the end of March was GBP21.3 million and the portfolio's estimated rental value stood at GBP23.8 million.
For the period, Warehouse REIT declared a dividend of 2.5 pence per share, and has targeted a dividend of 6.0p for the full 2019 financial year, up from its prior target of 5.5p.
In September 2017, the trust started trading on AIM after raising GBP150.0 million by issuing 150 million shares at 100.0p each, and acquiring a seed portfolio of 27 freehold and long leasehold warehouse assets for GBP108.9 million.
"We are pleased to be reporting our maiden financial results from a position of considerable strength, following our oversubscribed IPO in September. Leveraging our proprietary adviser relationships and the strength and market knowledge of the growing team has allowed us to be highly selective in acquiring a mixture of individual assets and portfolios that fit with our investment strategy, offering the potential for long-term income and capital growth," said Chairman Neil Kirton.
Shares in Warehouse REIT were up 1.7% at 102.69 pence on Tuesday.
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