LONDON (Alliance News) - Warehouse REIT PLC on Tuesday reported a strong financial year, as its profit nearly tripled and net asset value increased on a higher portfolio value.
For the year to the end of March, the warehouse-focused property investor's pretax profit was GBP22.8 million, up from GBP8.4 million the year before, on an increased gain on the fair value of investment properties of GBP11.2 million, compared to GBP5.2 million.
Revenue for the year more than tripled to GBP22.0 million from GBP6.6 million the prior year, mainly on a significant rise in rental income to GBP20.7 million. Net asset value as at March 31 was 109.7 pence per share, up 7.4% from 102.1p.
Warehouse REIT's property portfolio as at the end of March was GBP307.4 million, up from GBP291.0 million the year before.
The trust declared a dividend of 6.0 pence per share, more than doubled from 2.5p per share the year before.
"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," said Chair Neil Kirton.
"We are grateful to shareholders for their strong support for the equity issue in April 2019, which will enable the group to acquire additional assets that will be accretive to earnings and enable us to further increase the dividend over time," Kirton added.
Shares in Warehouse REIT were up 0.5% at 104.50 pence on Tuesday.
Warehouse Reit (WHR)