- Specialist warehouse investor Warehouse REIT boosted its third-quarter dividend and said it had secured a rental uplift of 6.4%, from 24 new lettings and 20 lease renewals.

The company declared a dividend for the three months through December of 1.6p per share, up 6.7% on the two 1.5p dividends already paid to date.

The leasing deals generated a combined £1.1m per annum of contracted rent, the company said.

Its portfolio's total occupancy increased to 92.6% from 91.5%.

The company also completed the disposal of five smaller non-core assets for a combined price of £4.4m, at an average of 5.6% ahead of 30 September 2019 book values and 12.4% ahead of cost.

'Alongside Warehouse REIT's disciplined deployment of shareholders' funds from our most recent fundraise, we continue to extract strong operational performance from the Company's diversified portfolio of UK warehouse assets,' chief executive Andrew Bird said.

'The company has achieved both rents and strategic disposals in excess of valuations, while competition for space from an ongoing broad range of tenants has translated into increased occupancy levels.'

'Furthermore, the current rent roll does not reflect a number of income and value enhancing projects which we are confident will be delivered in the near term.'

Story provided by