(Alliance News) - Tritax Big Box REIT PLC on Monday expects 100% rent collection for 2020 as its assets continue to benefit from changing shopping habits.
The investment company focused on larger scale logistics real estate said 97% of second quarter and 99% of third quarter rent has been paid, with 99% of fourth quarter rent expected to be collected buy the end of November.
Tritax Big Box said there are no rent-free periods or rent reductions across its portfolio to date. All outstanding rental payments are due to a small number of agreed deferral plans.
The company expects all rent for the year to be paid over the remainder of the year and into 2021.
Tritax Big Box said: "Big Box logistics assets continue to benefit from changing shopping habits as the greater efficiencies they offer drives strong occupational activity, despite the uncertain economic backdrop."
During the third quarter, the company exchanged on the sale of four assets for a total consideration of GBP134 million, in line with the company's yearly target of GBP125 million to GBP175 million.
Chief Executive Colin Godfrey said: "We are selling assets into a strong market, delivering attractive returns to shareholders, enabling us to redeploy proceeds into higher returning opportunities both within the portfolio and in the market.
"Combining a high-quality portfolio, growing development pipeline and asset management initiatives with increasing demand for logistics space, we are well-positioned to continue to deliver both attractive and secure income and capital growth for investors."
In a separate announcement, the company declared an interim dividend of 1.6 pence per share.
Tritax Big Box shares were up 2.0% at 164.50 pence each in London on Monday morning.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Tritax Big Box (BBOX)