Warehouse REIT declares second interim dividend

Real estate investment trust Warehouse REIT saw its net asset value rise across the first half of its year, helping it pay an interim dividend in line with guidance.

Net asset value per share of 105.7p at the end of September swelled 3.5% since the end of March, despite the group's portfolio dropping in value 2.3% to £284.3m due to disposals.

But the £3.7m profit on disposal of investment properties led to pre-tax profits hitting £11m - a 31% increase on the £8.4m brought in from preceding six months to 31 March.

Directors declared a second interim dividend of 1.5p per share and putting it on track to pay its forecast full-year dividend of 6p.

With bank debt cut to £109.5m, the average loan-to-value ration improved to 37.1% from 40.5%, though the passing rent dropped to £19.6m from £20.4m.

Chairman Neil Kirton, said: "This was a strong period for the group, as we maintained our focus on both knowing our tenants and understanding their needs."

He added: "There continues to be significant reversionary potential in the portfolio and we look forward to reporting further value creation in the second half of the year. We remain ambitious to grow and continue to both source and attract deal flow within the asset class."

Elsewhere, Warehouse REIT revealed it had appointed Lynette Lackey, chair of the group audit and risk committee of Places for People, as its newest independent non-executive director.

As of 1030 GMT, Warehouse REIT shares had inched forward 0.39% to 97.78p.