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27 Jan 2021 | 08:01

Warehouse REIT records strong rent collection and reduction in vacancy

(Sharecast News) - Specialist investor Warehouse REIT said on Wednesday that it had recorded strong rent collection, further reduction in vacancy and income growth since 1 October 2020. Warehouse REIT said rent collection had remained strong, with 95% of the total rent due on the December quarter date collected as of 25 January and 3% being deferred by agreement with customers.

The AIM-listed firm highlighted that the level of rent collection was higher than at the equivalent date for the March, June and September quarters and stated it has now received 96% of rents due for the year ending 31 March.

During the period, Warehouse REIT completed 19 new lettings and 24 lease renewals across 238,900 square feet of space, generating £1.5m of contracted rent per year.

Managing director Andrew Bird said: "Alongside Warehouse REIT's disciplined deployment of shareholders' funds from the July 2020 fundraise, we continue to deliver strong operational performance from the company's diversified portfolio of UK warehouse assets.

"Once again, the company has achieved rents on new lettings in excess of valuation as competition for space from a broad range of tenants has translated into increased occupancy levels."

As of 1100 GMT, Warehouse REIT shares were untraded at 125.0p.
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