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26 May 2021

Warehouse REIT

Company Notes

Asset management contributes to strong returns

On 25 May Warehouse REIT published its annual results for the year to 31 March 2021. Over the financial year, the fund’s IFRS NAV and EPRA NTA per share rose by 23.4% from 109.5p to 135.1p. The total return was +27.7%, greatly exceeding the 10% p.a. target. The valuation of the property portfolio increased by 18.8% on a like-for-like basis over the financial year. Since its IPO in September 2017, the fund has delivered an average NAV total return of 13.9% p.a. 98.6% of the rent due in relation to the year ended 31 March 2021 has been collected. Adjusted earnings per share for the 12-month period were 5.3p, down from 6.5p in the previous year, with the decline reflecting the short-term dilutive impact of equity issuance during the year. Dividends totalling 6.2p per share have been declared in respect of the year, in line with the previous year and in line with target. Dividend cover for the year therefore stood at 85%, although the dividend was fully covered by earnings per share by the final quarter and this is expected to remain the case. The target for the current financial year to 31 March 2022 is to pay a dividend of at least 6.2p per share.