25 June 2025
Warehouse REIT plc
(the "Company" or "Warehouse REIT", together with its subsidiaries, the "Group")
Annual Report - Amendment Statement
Further to the announcement of the Company's Annual Report on 11th June 2025, the Company has very recently become aware of two immaterial inaccuracies in this report, which are corrected below:
1. Table 4: EPRA Net Initial Yield - page 138
The 2025 reported number for net annualised rents incorrectly transposed £1.3 million of ground rent expenses for the financial year to 31 March 2025. The corrected numbers are shown below:
Published Numbers | Corrected Numbers | |
Total properties per external valuer's report | 805,400 | 805,400 |
Less development property and land | (68,880) | (68,880) |
Net valuation of completed properties | 736,520 | 736,520 |
Add estimated purchasers' costs4 | 50,083 | 50,083 |
Gross valuation of completed properties including estimated purchasers' costs (A) | 786,603 | 786,603 |
Gross passing rents5 (annualised) | 40,849 | 39,523 |
Less irrecoverable property costs5 | (2,122) | (2,122) |
Net annualised rents (B) | 38,727 | 37,401 |
Add notional rent on expiry of rent-free periods or other lease incentives6 | 2,968 | 2,968 |
'Topped-up' net annualised rents (C) | 41,695 | 40,369 |
EPRA NIY (B/A) | 4.9% | 4.8% |
EPRA 'topped-up' net initial yield (C/A) | 5.3% | 5.1% |
There are no changes required to the information provided for the prior year to 31 March 2024.
2. Definition of Occupancy
The definition for Occupancy on page 152 should be changed to remove the reference to "equivalent to one minus the EPRA vacancy rate" and the reference to the Company's asset at Speke on page 24 should be deleted.
This is due to there being immaterial differences in the definition between Company Occupancy Rates and EPRA vacancy rates arising out of when assets fall vacant which were relevant to the Company's asset at Speke.
Enquiries
Warehouse REIT plc | via FTI Consulting |
Tilstone Partners Limited Simon Hope, Peter Greenslade, Jo Waddingham |
44 (0) 1244 470 090 |
G10 Capital Limited (part of the IQEQ Group), AIFM Maria Baldwin | 44 (0) 20 7397 5450
|
FTI Consulting (Financial PR & IR Adviser to the Company) Dido Laurimore, Richard Gotla, Oliver Parsons |
44 (0) 20 3727 1000 |
Further information on Warehouse REIT is available on its website: http://www.warehousereit.co.uk
Notes
Warehouse REIT is UK Real Estate Investment Trust that invests in UK warehouses, focused on multi-let assets in industrial hubs across the UK.
We provide a range of warehouse accommodation in key locations which meets the needs of a broad range of occupiers. Our focus on multi-let assets means we provide occupiers with greater flexibility so we can continue to match their requirements as their businesses evolve, encouraging them to stay with us for longer.
We invest in our business by selectively acquiring assets with potential and by delivering opportunities we have created. Through pro-active asset management we unlock the value inherent in our portfolio, helping to capture rising rents and driving an increase in capital values to deliver strong returns for our investors over the long term. Sustainability is embedded throughout our business, helping us meet the expectations of our stakeholders today and futureproofing our business for tomorrow.
The Company is an alternative investment fund ("AIF") for the purposes of the AIFM Directive and as such is required to have an investment manager who is duly authorised to undertake the role of an alternative investment fund manager ("AIFM"). The AIFM and the Investment Manager is currently G10 Capital Limited (Part of the IQEQ Group).
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