Tritax EuroBox PLC - investor in continental European logistics real estate assets - IFRS net asset value per share ends March 31 at EUR1.22 each, up 2.5% from EUR1.19 at September 30. Portfolio value grows 0.5% over six-month period to EUR841.6 million from EUR837.9 million. Declares interim dividend of 2.50 euro cents, up 14% from 2.20 cents a year before.
Company notes its loan-to-value ratio falls to 25.0% from 39.9 and 100% of rent collected during period.
Net property income grows to EUR18.7 million from EUR17.2 million. Pretax profit rises sharply to EUR41.2 million from EUR27.8 million.
"This was another positive period for the company, reflecting the growing maturity of the business, which was underpinned by the oversubscribed equity raise. We delivered a robust financial performance, supporting a growing dividend. We also continued to successfully implement all elements of our evolved strategy, which includes continued improvements to the sustainability criteria of our properties," Chair Robert Orr says.
He adds: "The fundamentals of our market remain compelling, with the Covid-19 pandemic accelerating the growth of e-commerce, adding to already significant occupier demand for high-quality, large-scale and sustainable logistics space. The Manager has identified a substantial pipeline of attractive opportunities that support our strategic goals. We expect to make further progress in the second half, as we carefully deploy the proceeds of March's equity raise and look forward with confidence to the years ahead."
Current stock price: 108.64 pence
Year-to-date change: down 0.3%
By Paul McGowan; paulmcgowan@alliancenews.com;
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Tritax Eurobox (EBOX)