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Annual Results

Tritax Big Box REIT adjusted EPS up

07 March 2017 07:48

Tritax Big Box REIT's adjusted earnings per share rose to 6.51p in the year to the end of December from 6.12p in 2015 and the group sees further opportunities to acquire high-quality standing assets and to forward fund pre-let developments.

Dividends declared in relation to 2016 totalled 6.20 pence per share, in line with its target.

Total shareholder return for the period was 15.1% (based on the increase in share price assuming dividends reinvested).

It said this compared to the FTSE 250 Index, the FTSE All-Share REIT Index and the EPRA NAREIT UK index which delivered total returns of 6.7%, (7.0%) and (8.5%) respectively.

EPRA net asset value per share increased by 3.46% or 4.71%1 on a like-for-like basis to 129.00 pence at 31 December (31 December 2015: 124.68 pence).

Total return (being the increase in EPRA NAV plus dividends paid) for the year was 9.6%, compared to the group's medium-term target of 9% per annum.

Chairman Richard Jewson said: "The outlook for the Group remains positive. We are in a strong financial position and see further opportunities to acquire high-quality standing assets and to forward fund pre-let developments.

We consider there to be limited potential for capital growth through further yield compression and whilst more challenging, we have maintained a 9% per annum total return target.

"Capital growth is therefore likely to come from steady state capitalisation rates being applied to growing income. We believe that income will remain the most important component of total return over the next 12 months.

"There are strong drivers to rental growth in the market, both due to the ongoing imbalance between occupational supply and demand and the increase in build costs in 2016, which we expect will feed through to rents.

"This rental growth will help to support the Group's progressive dividend policy. For 2017, we have increased our dividend target to 6.40 pence per share.

"In summary, our market is resilient and we expect 2017 to be another positive and stable year for the Group."

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Related Company: BBOX

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