SHED QD Newswire - FY results analysis
from QuotedData
20th June 2024
·
Urban Logistics REIT (SHED) has reported its full
year results for the year end 31 March 2024 this morning. It has
been another year of strong operational performance, with net
rental income up 8.4% to £57.4m. Valuations have stabilised, with
EPRA net tangible assets (NTA) was down just 1.3% to
160.27p.
·
The value of the company's portfolio of mid-box
urban logistics assets was stable over the 12 months falling just
0.3% on a like-for-like basis to £1.1bn. Adjusted earnings per
share was down slightly to 6.89p (2023: 6.93p), due to higher
interest costs on its debt.
·
Chairman Nigel Rich said: "The portfolio has
performed well through the property cycle, and we are well set to
grow earnings, allowing us to maintain and ultimately grow the
dividend. We continue to believe that our shares trade at a value
which does not reflect either the demand for the underlying real
estate or the operational performance of the company, and believe
there is significant upside to be captured in the years
ahead."
QuotedData's view: The
manager's expertise in asset management has come to the fore again
in these annual results, with 35 lease events signed at an average
19% like-for-like rental uplift. The asset management also had the
effect of offsetting the impact of yield expansion in its
portfolio, with valuation remaining remarkably stable.
Letting up vacant space, which stood
at 5.8%, will be a top priority for the manager, with a deal that
would add £1.0m to the rent roll close and future lettings in the
works.
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