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Warehouse REIT Box Fundamentals (WHR)

Acquisition of Amazon-let warehouse in North West

WAREHOUSE REIT ACQUIRES AMAZON-LET LAST MILE DISTRIBUTION WAREHOUSE IN STRATEGIC NORTH WEST LOCATION

Warehouse REIT, the AIM-listed specialist warehouse investor, announces that it has exchanged contracts for the acquisition of a strategically located warehouse in Widnes, Cheshire for £2.765 million, reflecting a net initial yield of 7.3%. The asset is fully let to Amazon UK Services Ltd on a newly agreed five-year lease to serve the online retailer's last mile distribution requirements across the surrounding North West region.

Amazon is now the second largest tenant on the Company's rent role.

The modern warehouse facility offers 48,932 sq ft of high specification newly-refurbished space which includes two storey office accommodation and an electrically operated loading bay, all set within a self-contained 2.5 acre site. The asset is currently generating a comparatively discounted rental income of £216,432 per annum (£4.42 per sq ft), offering attractive growth prospects, while its low capital value of £56 per sq ft is less than the cost of replacement.

The warehouse is located in the heart of the North West in a prominent location on the established Halebank Industrial Estate in Widnes, Cheshire, benefitting from excellent motorway access. Widnes is approximately 14 minutes' drive time from Liverpool Airport, 30 minutes from both the Port of Liverpool and Manchester Airport, and only 20 minutes from the M62/M6 interchange, offering good infrastructure provision for a logistics company. The asset's tenant is leveraging its strong location by using the facility to service the distribution of small items being offered for sale by "Amazon Sellers".

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24 Oct 2018 Peel Hunt (again) Buy 94.00 120.00 Reiterates

MIDAS SHARE TIPS: Online shopping is booming – so try the firm that earns cash on deliveries

INTERIM RESULTS

· Portfolio valued at £284.3 million at 30 September 2018, following £15.0 million of disposals during the period, representing an increase of 6.5% on the aggregate purchase price and a 1.6% like-for-like increase on the valuation at 31 March 2018, or a 2.9% increase taking into account the disposed assets

· Profit on disposal of investment properties totalled £3.7 million in the period

· Bank debt lowered to £109.5 million, reducing the loan to value ratio to 37.1% at 30 September 2018 (40.5% at 31 March 2018)

· Paid or declared dividends totalling 3.0 pence per share for the first half of the year, on track for target of 6.0 pence per share for the full year***

*** This is a target not a forecast and there can be no assurances that it will be met.



Operational highlights

· Continued strong tenant demand, supported by the further growth of ecommerce, is driving robust rental increases

· Supply of new multi-let warehouse space remains constrained across the UK, with capital values below replacement cost

· Strong asset management performance in the period

o Completed 37 new lettings of vacant space, generating additional annual rent of £1.2 million, 6.9% ahead of 31 March 2018 ERV

o Achieved 12 lease renewals, securing additional £0.5 million of income and reflecting a 7.8% increase in headline rents

o Spent or committed capital expenditure of £1.4 million, in line with target

o Portfolio occupancy of 92.1% at the period end (31 March 2018: 93.1%), with the reduction in the period primarily due to the tenant at Deeside entering administration. Occupancy has since risen to 93.0% as at 31 October 2018, following re-letting of the Deeside asset (see below)

o WAULT of 4.2 years (31 March 2018: 4.1 years), with 2.8 years to first break (31 March 2018: 2.8 years)

o Sold four assets for £19.0 million, reflecting an aggregate net initial yield of 5.1% and a 27% premium to 31 March 2018 book values

· Acquired one asset, Burntbroom Court, Queenslie, Glasgow, for £2.4 million reflecting a net initial yield of 8.0%. The asset is adjacent to the Group's existing 55-acre site at Queenslie

Post period end highlights

· Obtained planning permission for a major mixed-use development at Queenslie Business Park, Glasgow for an additional 250,000 sq ft of warehouse and ancillary uses. The scheme has a gross development value of £25 million

· Acquired a 49,000 sq ft urban warehouse unit in Widnes, Cheshire, let to a global internet retailer on a new five-year lease with a tenant's break at year three, for £2.8 million reflecting a net initial yield of 7.3%. This global internet retailer is now the second largest tenant by portfolio rental income

· Let 60,000 sq ft at Deeside to A&D Transport (NW) Ltd on a 15-year term, with a tenant only break at 10 years, at an average rent over the first five years at 16% above the previous rent following a programme of landlord works for the restoration of the premises

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Directorate Change

Peel Hunt Buy 97.80 120.00 Reiterates

Hoarding for Brexit sparks race for warehouse space in Britain

Woodford Investment Management Ltd @5%

Asset Management Update

Nice pullback off the 90 area. I must admit to spending ages looking at it when it went down there. A number of the other REITs looked under similar pressure at the same time.

I decided I couldn't handle the risk at the time with the very limited funds I had available.

How things can look different in just a few weeks.

I've got quite a few of these REITs now in my SIPP - never really going to set the World on fire but growth and income - good growth in the case of BBOX.

RGL, BBOX, LXI, MXF.......

Having made just a few £ I sold out on a whim to buy WSBN, no idea why other than they should have some gold to sell. No ramp intended!

Dividend Declaration.