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Urban Logistics REIT
Urban Logistics REIT (SHED) investor relations material
Urban Logistics REIT has been acquired by Londonmetric Property PLC
Urban Logistics REIT H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary7 Nov, 2024
Executive summary
Portfolio focused on single-let, last-mile and mid-box logistics, with strong tenant base, >99% rent collection, and 94% of rent rated low to moderate credit risk.
H1 2024 saw gross rental income up 3.0% to £30.6m and adjusted EPS up 3.2% to 3.57p, with net rental income up 1.8% year-over-year.
27% reversionary potential in the portfolio, with £7.1m of reversion to be captured before year-end, supporting future earnings growth.
Active capital recycling: £45.8m of acquisitions at 6.7% NIY and £7.7m of disposals at 4.85% NIY, releasing capital for accretive investments.
Vacancy rate increased to 8.1% (from 5.8% in March), but forecast to fall in 2025 as take-up outpaces new supply.
Financial highlights
Gross rental income: £30.6m (+3.0% YoY); adjusted EPS: 3.57p (+3.2% YoY); net rental income: £29.0m (+1.8% YoY).
EPRA NTA per share: 158.05p (down from 160.27p in March) due to uncovered dividend and acquisition costs.
Loan to value increased to 33.2% (from 29.3% in March); 100% of debt now fixed or hedged.
Interest cover ratio at 3.2x; weighted average cost of debt at 3.9%.
13 lease events in H1 generated £1.2m in additional rental income, with a 21% like-for-like increase.
Outlook and guidance
Vacancy expected to decline in 2025 as demand remains robust and supply is constrained.
27% portfolio reversion provides a platform for further rental and earnings growth; 46% of reversion available to capture in this financial year.
Continued focus on acquiring assets with reversionary potential and recycling capital into higher-yielding opportunities.
No refinancing events until August 2027; fixed debt costs provide earnings security.
Dividend expected to be maintained at 7.6p per share for the full year.
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Urban Logistics REIT
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