Warehouse REIT (WHR) H2 2025 earnings summary

Executive summary

• Portfolio value increased 3.8% like-for-like to £805.4m, with multi-let assets outperforming at +7.1%.

• IFRS profit rose 21.6% year-over-year to £41.7m; operating profits remained flat at £35.0m.

• 105 lease events secured £14.1m in contracted rent, leasing 24.4% ahead of prior rents.

• Occupancy decreased to 93.7% from 96.4% due to expected vacancies.

• Strategic initiatives advanced, including capital recycling and sustainability progress.

Financial highlights

• Adjusted earnings per share increased 8.3% to 5.2p; dividend per share held at 6.4p.

• EPRA NTA per share rose 2.9% to 128.0p; total accounting return was 8.0%.

• Loan-to-value improved to 32.4% from 33.1% year-over-year.

• IFRS profit before tax up 37% to £47.1m; adjusted EBITDA stable at £35.0m.

• Ongoing charges ratio at 1.4%; headroom of £31.0m.

Outlook and guidance

• 25.2% reversionary potential, including £4.6m from vacant space, supports future rental growth.

• Ongoing capital recycling with £85.7m in sales, 0.7% above book value.

• Continued focus on multi-let assets and capturing rental reversion.

• FY26 cost savings of 0.7p per share expected from IMA amendment and refinancing.