Urban Logistics REIT PLC (AIM:SHED) said demand for space from logistics groups remains strong with rent collection very high.
Twelve new lettings were arranged in the half-year from 1 April to 30 Sept 2022., said the warehouse specialist, generating £4mln in additional rental income including £0.6mln from reviews and re-gears.
Around 99% of due rent was collected, while occupancy rates rose to 95% by the end of the period the real estate investment trust said n a statement.
Thirteen acquisitions were also completed in the period.
Some £122mln of debt was drawn in the period with Aviva Investors, with the company adding a further £51mln could be added due to its debt facility flexibility.
Richard Moffit CEO added: "In the first half of the year we have continued to demonstrate how we can drive value throughout the property cycle, achieving a 59% like-for-like increase in rental rates.
"Our approach enables the business to thrive across market cycles due to our core strategy of acquiring mid-box, single-let logistics properties with significant asset management potential.”