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Storage investor Warehouse REIT has upped its dividend and said its strategy is being supported by the structural shift to online shopping.
The AIM-listed firm said investors are actively seeking exposure to the type of assets it owns, especially as other key real estate sectors such as retail are being particularly hard hit by the pandemic. E-commerce is driving demand in the UK industrial and warehouse sector, with surging demand during Covid-19 lockdown when people had to stay at home.
In the six months to 30 September, Warehouse REIT's revenue jumped 13% to £15 million while profit before tax rocketed 93% to £40 million. The dividend was upped 3% to 3.1p per share.
At period-end, the portfolio was valued at £563 million, up from £450 million in March, while the net asset value (NAV) was 118.4p per share compared to 109.5p per share six months before.
At 10:00am: (LON:WHR) Warehouse Reit PLC share price was +3.75p at 111.25p