Tritax Big Box profits exceeds expectations
Tritax Big Box Reit
147.10p
16:54 25/04/24
Tritax Big Box, the UK's only real estate investment trust dedicated to large big box logistics warehouses, posted an increased pre-tax profit of £80.53m, up 49.9% over the same time last year.
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The firm said its net asset value per share at June 30 had grown to 133.30p, a 3.3% increase from the 129.00p it reported as of December 31.
The total return for the period of 5.78% was ahead of the real estate index benchmark of 4.09%.
Operating profits soared 66.2% to £42.65m and it reported an increase in earnings per share of 3.21p, a 1.6% rise.
Having switched to quarterly dividend payments from the start of 2017, payouts declared for the six-month period of 3.2p per share put it on track to hit its full-year target of 6.4p.
Tritax fund manager, Colin Godfrey said, "Investments in the logistics sector remain attractive compared to other asset classes and the Company is well positioned and well capitalised to take advantage with an identified, largely off-market, pipeline of opportunities. Looking forwards, maintaining the quality of our investment purchases will be key."
Chairman Richard Jewison added, "Over a year on from the EU Referendum vote, our market has strengthened, as evidenced by a continued supply versus demand imbalance both within the occupational and investment markets for 'Big Boxes'.
"The fundamentals of our market remain positive and we are well capitalised to make further investments to grow the company."
The company noted it expects "another strong performance" in the second half.
As of 1010 BST, shares in the FTSE 100 listed company were mostly unchanged down just 0.40p to 148.10p.
Steve Clayton, a fund manager at Hargreaves Lansdown, said "With the current portfolio let to blue-chip tenants, from Rolls Royce Motor Cars to Tesco, and gearing well within the company’s target range, the business looks to be in a strong position to continue to generate steady increases in the dividend."