RCS - Urban Logistics REIT - QD Newswire - FY Results Analysis

Urban Logistics ReitAnnouncement

20/06/2024 13:00

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RNS Number : 2617T  Urban Logistics REIT PLC  20 June 2024

SHED QD Newswire - FY results analysis from QuotedData

20(th) 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.

Click here for the full report
(https://quoteddata.com/research/urban-logistics-reit-full-year-results-analysis/)

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NB: Marten & Co was paid to produce this note on Urban Logistics REIT Plc,
and it is for information purposes only. It is not intended to encourage the
reader to deal in the security or securities mentioned in this report. Please
read the important information at the back of this note. QuotedData is a
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