Online sales demand pays dividends for industrial warehouse specialist
A real estate investment trust specialising in warehouses has seen a ‘robust’ financial performance due to the increase in firms using e-commerce.
Warehouse REIT has published its results for the six months up to September 30, showing a sharp increase in pre-tax profit.
Profit before tax for the firm was £40.4m in the period, up from £2.8m from the same period of the previous year.
The company has also confirmed paid or declared dividends of 3.1 pence per share for the period, in line with its target for the financial year of 6.2 pence per share.
Neil Kirton, chairman of Warehouse REIT, commented: “This was an important period for the Group, with our excellent rent collection performance demonstrating once again the strength of our relationships with our occupiers.
“At the same time, we have continued to successfully implement our strategy, which enables us to create value through acquisition and hands-on asset management. We are well placed for further progress in the second half.”
Andrew Bird, managing director of investment advisor Tilstone Partners Limited, added: “The Group operates in a highly attractive market, with the COVID-19 pandemic accelerating the structural trends underpinning occupier demand for warehouse space, in particular the need to fulfil growing online sales.
“We continue to work through the Group’s significant pipeline of accretive acquisition opportunities, while generating further value from the existing portfolio through our asset management and development activities.”
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