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(Alliance News) - Tritax Big Box REIT PLC on Thursday reported a fall in net asset value, but increased its fourth quarter and total dividends amid a rise in contracted annual rent roll.
The London-based real-estate investment trust for logistics properties said IFRS net asset value as at December 31 was down 18% to 179.25 pence per share from 218.26p a year prior. EPRA net tangible assets per share was 180.37p, down 19% from 222.60p.
Tritax Big Box turned to a pretax loss of GBP601.0 million in 2022 from a profit of GBP971.1 million in 2021, due to a loss on investments. It reported a loss in fair value of investment properties of GBP759.5 million, swung from a gain of GBP840.9 million.
"The relatively low volumes of investment transactions that completed in the latter part of the year were likely to have been priced around the time of the UK's 'mini budget' in September and October, when uncertainty was at its height," Tritax Big Box explained.
Meanwhile, the contracted annual rent roll climbed 15% to GBP224.0 million from GBP195.6 million a year before.
The company declared a fourth-quarter dividend of 1.975 pence per share, up 3.9% from 1.900p a year ago. This brings the total dividend to 7.00p per share, up 4.5% from 6.70p.
Looking ahead, Tritax Big Box said its outlook is supported by long-term structural drivers.
"We have seen exceptionally high occupational demand for new logistics space in recent times although it is likely that a more challenging economic backdrop may moderate occupational demand to levels which historically would have still been considered strong. The structural demand drivers, combined with very low levels of new logistics buildings supply, are expected to continue to support attractive rental growth in the future," it said.
Meanwhile, the company said it exchanged contracts for the sale of three investment assets for a net price of GBP125 million, reflecting a blended net initial yield of 4.6%. The three assets are in the English towns of Skelmersdale, let to Deutsche Post AG's DHL for 1.5 years; Knowsley, let to Matalan for a further 13.6 years; and Worksop, let to Cerealto for another 12.5 years.
Tritax Big Box shares were 0.4% higher at 147.60 pence each in London on Thursday morning.
By Tom Budszus, Alliance News reporter
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