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Interim Results

Tritax Big Box REIT pre-tax profits up 49.9%

10 August 2017 07:51

Tritax Big Box REIT's EPRA net asset value per share increased by 4.30 pence or 3.3% to 133.30p in the six months to the end of June (31 December: 129.00 pence).

Profit before taxation increase to £80.53m - 49.9% up on a year ago.

Operating profit before changes in the fair value of investment properties increased by 66.2% to £42.65 million, compared to the six months ending 30 June 2016, as calculated under IFRS.

The group said adjusted earnings per share rose by 1.6% to 3.21 pence, which fully covered dividends declared in respect of the period.

Fund manager of Tritax Big Box REIT, Colin Godfrey, said: "Heightened investment demand and asset management have helped enhance the value of our portfolio and we consider that market values may improve further.

"Whilst our asset valuations have benefitted from compressed yields, the tightening investment market means that patience, capital pricing discipline and stock selection will be increasingly important in underpinning our future performance.

"Nonetheless, 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.

"The logistics market continues to dynamically influence the UK economy.

"We believe that the development of the Big Box logistics market remains in its infancy, with operational efficiencies and e-commerce likely to drive occupational demand for some time to come.

"Investors seeking robust values and income protection are drawn by long term lease commitments and strong market fundamentals, but also the possibility of maintaining the impressive levels of rental growth witnessed during the last couple of years.

"These positive attributes are expected to continue, underpinning our ambition to deliver attractive and growing, fully covered, dividends.

"We view the remainder of 2017 and 2018 with optimism."

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Related Company: BBOX

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