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Warehouse REIT Plc (WHR)

richfool
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Re: Warehouse REIT Plc (WHR)

#495544

Postby richfool » April 21st, 2022, 9:08 am

WAREHOUSE REIT ACQUIRES MILTON KEYNES MULTI LET-INDUSTRIAL ASSET MANAGEMENT OPPORTUNITY FOR £62M

-Provides 69 last mile units across 335,000 sq ft of space, in a core Oxford-Cambridge Arc location-

Warehouse REIT, the AIM-listed company that invests in e-commerce urban and last-mile industrial warehouse assets in the UK, announces that it has exchanged contracts to acquire Bradwell Abbey Industrial Estate, for £62 million excluding acquisition costs. The purchase price reflects a net initial yield of c. 4% based on day one passing / guaranteed income and continues Warehouse REIT's stated aim of acquiring assets in the Oxford-Cambridge Arc (the "Arc").

The multi-let industrial estate totals 69 units across c. 335,000 sq ft, ranging from c. 1,000 to 15,000 sq ft in size. It is located just off the A5, providing fast access to the surrounding population of Milton Keynes and the wider motorway network, with the M1 being six miles to the East. The estate is currently 96% leased to a range of occupiers including Argos, F&F Stores and Taylor Kerr Engineering Ltd and produces a total annual income (including some rental guarantees) of over £2.6 million. The low average rent of c. £7.80 psf offers good reversionary potential, considering that prime rents in the area range from £10 to £14 per psf.

https://www.investegate.co.uk/warehouse ... 00058122I/

richfool
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Re: Warehouse REIT Plc (WHR)

#610401

Postby richfool » August 22nd, 2023, 1:45 pm

Has anyone seen any notifications (or RNS's) about WHR's next, i.e. first, dividend?

It has paid 1.60p for each of the last 4 quarters, including the final. The next, 1st quarter, usually goes ex dividend in late August, in fact any day now, but I have seen no information as to whether the amount will stay the same, or go up, or down.

I have found these, including WHR's own website, but no answers there:
https://www.dividendmax.com/united-king ... /dividends

https://www.warehousereit.co.uk/investo ... formation/

https://www.hl.co.uk/shares/shares-sear ... rd-gbp0.01

https://www.hl.co.uk/shares/shares-sear ... /dividends

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Re: Warehouse REIT Plc (WHR)

#610435

Postby monabri » August 22nd, 2023, 4:08 pm

richfool wrote:Has anyone seen any notifications (or RNS's) about WHR's next, i.e. first, dividend?

It has paid 1.60p for each of the last 4 quarters, including the final. The next, 1st quarter, usually goes ex dividend in late August, in fact any day now, but I have seen no information as to whether the amount will stay the same, or go up, or down.

I have found these, including WHR's own website, but no answers there:
https://www.dividendmax.com/united-king ... /dividends

https://www.warehousereit.co.uk/investo ... formation/

https://www.hl.co.uk/shares/shares-sear ... rd-gbp0.01

https://www.hl.co.uk/shares/shares-sear ... /dividends


https://www.dividenddata.co.uk/ex-divid ... chTerm=WHR

"'As of 22 Aug 2023 no upcoming ex-dividend date has been declared for a company with EPIC 'WHR'"

No holding but the announcement looks comparatively later than usual.

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Re: Warehouse REIT Plc (WHR)

#610445

Postby richfool » August 22nd, 2023, 5:04 pm

I had been thinking of topping up, but won't do so if there is a reduced dividend.

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Re: Warehouse REIT Plc (WHR)

#610462

Postby Charlottesquare » August 22nd, 2023, 5:24 pm

Recent Accounts, page 20

https://www.warehousereit.co.uk/wp-cont ... e_AR23.pdf

"Plan for 2023/24
Our target for 2023/24 is to maintain the dividend at 6.4 pence per share"

As these went out in I think June 23 I cannot see them not following through. I appreciate accounts do not say 4 x 1.6p, but missing one would not be good news and given disposals, sorting revolve Credit, capping Interest, all mentioned in accounts, cannot see why they would not declare re Oct payment.

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Re: Warehouse REIT Plc (WHR)

#610475

Postby Charlottesquare » August 22nd, 2023, 5:41 pm

I sold these in March 2022 at 156.82 each, booking a profit from purchases in April and May 2020 at 96.91 and 96.83.

I am not convinced the current pricing at 79.8p is fair, yes markets are a bit nasty, yes interest rates have impacted valuations, hence 2023 write down, yes even normal EPS dropping to 4.7p looks less than ideal, but they have capped £200m of borrowing, sheds in my humble opinion are easier to let than offices right now, so have they been hit with general REIT contagion marking them down more than really is fair- to me they look worth investigating, if cannot find anything dire I suspect I will buy back in.

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Re: Warehouse REIT Plc (WHR)

#610479

Postby richfool » August 22nd, 2023, 5:49 pm

Charlottesquare wrote:I sold these in March 2022 at 156.82 each, booking a profit from purchases in April and May 2020 at 96.91 and 96.83.

I am not convinced the current pricing at 79.8p is fair, yes markets are a bit nasty, yes interest rates have impacted valuations, hence 2023 write down, yes even normal EPS dropping to 4.7p looks less than ideal, but they have capped £200m of borrowing, sheds in my humble opinion are easier to let than offices right now, so have they been hit with general REIT contagion marking them down more than really is fair- to me they look worth investigating, if cannot find anything dire I suspect I will buy back in.

Yes, as I understand it, WHR focus on warehousing towards the end of the delivery journey, (e.g. Amazon delivery depots) and thus I feel, even if we have a recession, online purchases and deliveries are likely to hold up reasonably well. Accepted there may be more risk from increasing interest rates, which whilst I think we must be coming close to the top with those, there is a concern as to how long before interest rates start to reduce.

I've just checked, I sold some (topped sliced) at 1.66 in Jan 22. Then bought them back at 1.19 in Oct 22. I then topped up early August 2023 at 87p, since then, they have fallen further, so was pondering with rounding them up with a few more!!
Last edited by richfool on August 22nd, 2023, 6:03 pm, edited 1 time in total.

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Re: Warehouse REIT Plc (WHR)

#610480

Postby Charlottesquare » August 22nd, 2023, 5:58 pm

17.
At the year end, the Group had a debt facility with a club of four banks: HSBC, Bank of
Ireland, Royal Bank of Canada and Barclays. The facility runs until January 2025, with an
option to extend for a further two years (subject to lender consent), and comprises an RCF
of £138.0 million and a term loan of £182.0 million, to give a total facility of £320.0 million.
At 31 March 2023, £124.0 million was drawn against the RCF and £182.0 million against
the term loan. This gave total debt of £306.0 million (31 March 2022: £271.0 million); with
the Group also holding cash balances of £25.1 million (31 March 2022: £16.7 million), the
Group’s net debt as at 31 March 2023 is £280.9 million (31 March 2022: £254.3 million). The
LTV ratio at 31 March 2023 was therefore 33.9% (31 March 2022: 25.1%), with the increase
reflecting the acquisition in the year and the lower portfolio valuation, partially offset by the
asset disposals. All borrowings under these agreements attract a margin of 2.0% – 2.2% per
annum above SONIA, plus a credit adjustment spread equal to 11.93 bps.
As at 31 March 2023, there is £14.0 million (31 March 2022: £49.0 million) available to draw.

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Re: Warehouse REIT Plc (WHR)

#610483

Postby richfool » August 22nd, 2023, 6:07 pm

Charlottesquare wrote:17.
At the year end, the Group had a debt facility with a club of four banks: HSBC, Bank of
Ireland, Royal Bank of Canada and Barclays. The facility runs until January 2025, with an
option to extend for a further two years (subject to lender consent), and comprises an RCF
of £138.0 million and a term loan of £182.0 million, to give a total facility of £320.0 million.
At 31 March 2023, £124.0 million was drawn against the RCF and £182.0 million against
the term loan. This gave total debt of £306.0 million (31 March 2022: £271.0 million); with
the Group also holding cash balances of £25.1 million (31 March 2022: £16.7 million), the
Group’s net debt as at 31 March 2023 is £280.9 million (31 March 2022: £254.3 million). The
LTV ratio at 31 March 2023 was therefore 33.9% (31 March 2022: 25.1%), with the increase
reflecting the acquisition in the year and the lower portfolio valuation, partially offset by the
asset disposals. All borrowings under these agreements attract a margin of 2.0% – 2.2% per
annum above SONIA, plus a credit adjustment spread equal to 11.93 bps.
As at 31 March 2023, there is £14.0 million (31 March 2022: £49.0 million) available to draw.

That doesn't look like they have too much leeway then.

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Re: Warehouse REIT Plc (WHR)

#610501

Postby midgesgalore » August 22nd, 2023, 8:43 pm

richfool wrote:Has anyone seen any notifications (or RNS's) about WHR's next, i.e. first, dividend?

It has paid 1.60p for each of the last 4 quarters, including the final. The next, 1st quarter, usually goes ex dividend in late August, in fact any day now, but I have seen no information as to whether the amount will stay the same, or go up, or down.

I have found these, including WHR's own website, but no answers there:
https://www.dividendmax.com/united-king ... /dividends

https://www.warehousereit.co.uk/investo ... formation/

https://www.hl.co.uk/shares/shares-sear ... rd-gbp0.01

https://www.hl.co.uk/shares/shares-sear ... /dividends


Hi richfool
Last year they went Xd on August 25th. It was announced on August 17th. The 1st interim dividend payment is not until somewhere in the neighbourhood of the first week in October. From my records that was October 3rd last year.
So definitely there is a delay but no sweat just yet.

midgesgalore

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Re: Warehouse REIT Plc (WHR)

#610654

Postby Charlottesquare » August 23rd, 2023, 5:18 pm

richfool wrote:
Charlottesquare wrote:17.
At the year end, the Group had a debt facility with a club of four banks: HSBC, Bank of
Ireland, Royal Bank of Canada and Barclays. The facility runs until January 2025, with an
option to extend for a further two years (subject to lender consent), and comprises an RCF
of £138.0 million and a term loan of £182.0 million, to give a total facility of £320.0 million.
At 31 March 2023, £124.0 million was drawn against the RCF and £182.0 million against
the term loan. This gave total debt of £306.0 million (31 March 2022: £271.0 million); with
the Group also holding cash balances of £25.1 million (31 March 2022: £16.7 million), the
Group’s net debt as at 31 March 2023 is £280.9 million (31 March 2022: £254.3 million). The
LTV ratio at 31 March 2023 was therefore 33.9% (31 March 2022: 25.1%), with the increase
reflecting the acquisition in the year and the lower portfolio valuation, partially offset by the
asset disposals. All borrowings under these agreements attract a margin of 2.0% – 2.2% per
annum above SONIA, plus a credit adjustment spread equal to 11.93 bps.
As at 31 March 2023, there is £14.0 million (31 March 2022: £49.0 million) available to draw.

That doesn't look like they have too much leeway then.


They do however seem to be selling stuff to tidy up leverage/ratios, £29.9m completions announced post 31.3.23 year end, which would buy some headroom and I would be more concerned with covering interest and they have I understand capped that in large part (£200m I think). not totally happy re short term borrowings but gearing i can live with.

I am still tempted but my portfolio has only got £1,500 in it ( mainly divs not spent) so I think I would have to sell something and I am never very keen on selling .

https://www.warehousereit.co.uk/wp-cont ... -Final.pdf

£158.5m of targeted capital activity, delivering on disposal strategy and further focusing the business on
its core assets
• £59.6 million of asset disposals, crystallising an ungeared IRR of 8.0%; further £29.9 million completing post
period end

• £64.0 million of acquisitions including Bradwell Abbey, a multi-let industrial estate in Milton Keynes, 45.0%
reversionary
• £5.0 million of capital investment or 0.5% of GAV, driving rents and values

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Re: Warehouse REIT Plc (WHR)

#610663

Postby richfool » August 23rd, 2023, 5:41 pm

Charlottesquare wrote:I am still tempted but my portfolio has only got £1,500 in it ( mainly divs not spent) so I think I would have to sell something and I am never very keen on selling .

As share prices have picked up today, (due to the PMI figs)
I decided to wait to see what the BOE does with interest rates in early Sept., which, if they go up again, may well unsettle SP's again.

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Re: Warehouse REIT Plc (WHR)

#611893

Postby Charlottesquare » August 29th, 2023, 10:49 am

richfool wrote:
Charlottesquare wrote:I am still tempted but my portfolio has only got £1,500 in it ( mainly divs not spent) so I think I would have to sell something and I am never very keen on selling .

As share prices have picked up today, (due to the PMI figs)
I decided to wait to see what the BOE does with interest rates in early Sept., which, if they go up again, may well unsettle SP's again.


Afraid I was more impatient and dipped my toe back in today buying 2000 @ average cost of 84.7975p. I expect I will double up in October using two month's pension contributions plus dividends received in the interim. (My August purchase may assist you with a lower price in September as is often the case with my purchases)

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Re: Warehouse REIT Plc (WHR)

#612455

Postby midgesgalore » September 1st, 2023, 9:39 am

So in at last,
WHR Warehouse REIT FTSE 250 First Interim 1.6p
Declared 31-Aug
Dividend Xd 07-Sep
Paid 06-Oct

Courtesy of https://www.dividenddata.co.uk/exdividenddate.py?m=&fm=&sc=dd&st=1

midgesgalore

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Re: Warehouse REIT Plc (WHR)

#612462

Postby richfool » September 1st, 2023, 10:03 am

midgesgalore wrote:So in at last,
WHR Warehouse REIT FTSE 250 First Interim 1.6p
Declared 31-Aug
Dividend Xd 07-Sep
Paid 06-Oct

Courtesy of https://www.dividenddata.co.uk/exdividenddate.py?m=&fm=&sc=dd&st=1

midgesgalore

Thanks for spotting that.

1.6p - so, no change there then (up or down).
https://www.hl.co.uk/shares/shares-sear ... rd-gbp0.01

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Re: Warehouse REIT Plc (WHR)

#613223

Postby Charlottesquare » September 5th, 2023, 3:57 pm

Charlottesquare wrote:
richfool wrote:As share prices have picked up today, (due to the PMI figs)
I decided to wait to see what the BOE does with interest rates in early Sept., which, if they go up again, may well unsettle SP's again.


Afraid I was more impatient and dipped my toe back in today buying 2000 @ average cost of 84.7975p. I expect I will double up in October using two month's pension contributions plus dividends received in the interim. (My August purchase may assist you with a lower price in September as is often the case with my purchases)


Well, decided to ditch some other shares and reallocate so WHR got its top up this week to 7,600 and now constitutes a 50% holding of my mid sized holding size, catch is I also decided my more world focused investment trusts should be larger so also increased MYI and JPM I & G to circa 150% of my mid sized holding size. Still need to wind out remaining individual holdings to tidy up the balances so the ITs become :

150% size holdings re World funds,
100% size holdings re specific main markets (Nth Am, Asia, Europe , UK)
50% size holdings in more niche trusts (WHR/Vietnam/Mining etc)

Think I will need a second REIT but also believe I need to acquire a specific India IT-this is getting a little like stamp collecting again.


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