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To provide shareholders with an attractive level of income together with the potential for income and capital growth by investing in a diversified portfolio of UK commercial property warehouse assets.
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ok i found it. problem solved i guess ...still wonder where that extra 100 mil in valuation came from as thats the primary reason why nav was up so much
The portfolio was independently valued by CBRE as at 31 March 2021, in accordance with the internationally accepted RICS Valuation -
Professional Standards January 2020 (incorporating the International Valuation Standards
hello thank you for responding, my understanding was that the profit before tax went up before accounting for these one off events? full year results show acquisitons worth 226mil so it cant be taking into account those otherwise profit would be higher
but also there is an error in either the presentation or full year results cause one shows acquisitions worth 226 mil the other 246mil...
like for like valuation increase is shown as 18.8 per cent compared to a few percent here and there last year. and the year before. i just wonder how did they arrive at such an increase, was it by independent valuation. no idea how this works. i am invested here though and quite a happy holder as seemed to have timed my buys perfectly
Profit increase is negligibly linked to the capital raise, the major component in the profit increase in the year was the portfolio revaluation. Have a read of the rns with the full year results from 25th May for more details.
Shop! Sorry, yes erm profit increase down to a capital raise of 46 million earlier this year or was it end of last year. basically three or four acquisitions around the country , Bedford, Cambridge Glasgow and somewhere else, so all adding to revenue and profit. So pretty good so far
can someone explain to me how their profit before tax went from 20 mil to 123 million?
thank you
I was just thinking why hasn't this gone up with all the other reits. One of the better value and better yields.
ex div
Seem to be on the rampage with another strategical purchase 9 miles west of Glasgow airport. Apart from the pandemic blip. a nice steady upward graph and near 5% dividend. Edmund Shing recommends them as a potential investment on Stockopedia. Seems a pretty shrewd investor
Talking of mates rates, nice little late reported buy for 100,000 just published no wonder they were holding shares back.
There is a lot of competition out there for warehouse space for e commerce. They had to act quickly and decisively. They have identified space in the north west yet to catch up with market rental prices. I picked up a few at 1.23 on the placing announcement. Not so sure you will get £1.21 now. They are quite hard to buy at todays price and selling will take any amount. Nearly 5% yield is better than most stock now
Yes, agree and frustrating, but we'll probably get the chance to top up close to 121p anyway.
For mates only. Nothing for loyal investors, they don't matter anymore.
Amazon and covid. Article in today’s Telegraph that Amazon may be used for UK test and trace system. Maybe why they’re taking on 7,000 staff. Might they need their warehouse facility for test supplies in future.
I guess I may be misunderstanding this share, but the WHR tenant is Amazon who today announces 7,000 jobs in UK.
SP surprisingly robust considering the music has stopped and it's damage limitation from now on in . Fingers crossed that no big holes appear as the stock is pretty dry
That capital raise might have come in very handy to tide them through and maybe pick up some distressed stock later .Alas it wasn't to be
As Morgan &Jones .Premeirship players , time their exit to perfection yet again suspect they are probably getting Ashtene Mark 3 in readiness
Portfolio here is fundamentally poor. Their flagship John Lewis warehouse at Brackmills even looks shaky as that retailer begins to struggle. Aggressive asset accumulation over a period of time in a rising market has taken their eye off what can happen when the tide rolls out. These boys are swimming naked. Luck not on their side this time with regard to fund raise whilst competitor Urban Logistics REIT (SHED) with a stronger portfolio managed to get their raise done just in the nick of time a few weeks back at c£130m. Both WHR and SHED prime for takeover/consolidation. London Metric showing better share price value and more robust ability to sustain dividend as is Segro. Nervous times - i hope they can come out the other side in tact. The Savills Cap Market man has run out of magic.
COVID is damaging everything... My policy of not holding shares that are undertaking fundraising has saved me from an unpleasant loss here. Time will tell how their tenants cash flows are being damaged by COVID.
https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/WHR/14465873.html
£76.48 million - see the RNS below:
https://www.lse.co.uk/rns/WHR/warehouse-reit-plc-result-of-placing--q2n8128dpczpt6l.html
I didn't know that, how much did they raise?
cartmans_mom,
WHR last did a fund raise in March last yeat at 'a premium of 2.0 per cent. to the closing price per Ordinary Share on 11 March 2019 of 101.0 pence per Ordinary Share'.
When the new debt facility was renegotiated it was at 14 basis points lower than the previous facility.
Seems all good to me...
Hi
I'm a holder here, like the business but not so sure about this. Looks like a lot of dilution maybe.
"The Investment Adviser currently has in advanced negotiations, or has identified, a pipeline of investment opportunities with a target investment yield in excess of 6% amounting to approximately £352 million, of which approximately £72 million are in exclusive or final negotiations or have solicitors instructed and approximately a further £280 million are in detailed negotiations.
The Company believes that the acquisition of assets identified in this pipeline would further diversify the Company's income and be accretive to shareholder returns, in addition to continuing to strengthen the portfolio's sustainability, quality and prospects for growth.
With limited capital resources available to complete acquisitions, the Company is contemplating an equity fundraising"
Although the news the other day about increasing the bank debt facility is good.
"Furthermore, as announced on 24 January 2020, Warehouse REIT has entered into a new five year £220 million debt facility to replace the existing £210 million HSBC facility."
What do people think?
It will be interesting to see if any of WHR's warehouses are damaged by the storm and, if there is damage, how good their resilience plans are.
from IC yesterday.
After raising an initial £150m by listing shares on Aim in 2017, Warehouse Reit has been focusing on warehouse storage and distribution assets close to urban areas. Capitalising on the shortage of these types of assets, which account for 79 per cent of its portfolio, has generated a solidly rising income stream for the group. During the final three months of 2019 the group secured 24 new lettings at 7.5 per cent ahead of estimated rental values (ERV) at the end of September and 20 lease renewals at 6.4 per cent ahead of ERVs at that same date.
The ability to continue raising rents translates into a growing dividend for shareholders. In November management raised the target dividend for the financial year ending March 2020 above the 6p a share paid in 2019, with analysts at house broker Peel Hunt forecasting 6.2p. At the current price, that leaves the shares offering a generous potential dividend yield of 5.3 per cent, rising to 5.6 per cent the following year, based on the same broker’s forecasts. After gaining almost a fifth in value over the past 12 months, the shares trade at a 6 per cent premium to forecast NAV at March 2020, but that looks like a price worth paying for the secure income on offer.
What’s the dividend payment here? A good investment?
Good to see the quarterly dividend up to 1.6p.
WHR seem to be able to borrow at under 3 percent and yield 6 percent for those who bought around the placing price. I normally do not like debt but it seems to make sense to me in this market.