Warehouse REIT PLC (LSE:WHR)
£ 0.772 0.011 (1.45%) Market Cap: 327.99 Mil Enterprise Value: 615.40 Mil PE Ratio: 8.66 PB Ratio: 0.59 GF Score: 31/100
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Half Year 2025 Warehouse REIT PLC Earnings Call Transcript

Nov 21, 2024 / 10:30 AM GMT
Release Date Price: £0.847 (+1.19%)

Key Points

Positve
  • The portfolio value increased by 2.3% on a like-for-like basis, with multi-let assets up by 5%.
  • Warehouse REIT PLC (LSE:WHR) secured £5.5 million in rent, boosting operating profits by 8%.
  • The company added £1.4 million in new rent and captured £0.6 million in reversion during the half-year.
  • The acquisition of Ventura Retail Park in Tamworth resulted in a 9.6% valuation uplift in just three months.
  • Warehouse REIT PLC (LSE:WHR) maintained a 99% rent collection rate, indicating strong tenant relationships and income stability.
Negative
  • The Radway Green development saw a 13.4% like-for-like valuation decrease due to macroeconomic factors and offers below book value.
  • Weighted average unexpired lease term decreased, partly due to the sale of a large single asset.
  • The cost ratio increased to 26.3%, driven by higher void costs.
  • Interest rates remain elevated, impacting earnings and delaying some strategic initiatives.
  • The planned joint venture for Ventura Retail Park did not materialize, limiting expected strategic growth.


Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

WHRW.L - Warehouse REIT PLC
Half Year 2025 Warehouse REIT PLC Earnings Call
Nov 21, 2024 / 10:30AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning and welcome to the Warehouse Re's half year results presentation for the six months to September 24. I'm Simon Hope, joint managing director of Tills Stone Partners and co founder of the Warehouse Reid. I'm joined this morning by Paul Makin Investment and property director, Peter Greenslade. Our finance director will follow the usual running order. I will cover the highlights of the period, provide an overview of our markets. Then Paul will talk through the portfolio performance and Peter will present the numbers.

I'll wrap up with a conclusion and we'll leave plenty of time for a Q&A starting with the highlights. The key takeaway for the half year is our valuation performance. The whole portfolio is up 2.3
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