(Alliance News) - Tritax Big Box REIT PLC on Thursday reported it increased its interim profit and upped its portfolio value thanks to "long-term structural drivers, and existing favourable market dynamics."
In six months ended June 30, the London-based real-estate investment trust reported a pretax profit of GBP458.7 million, up 22% from GBP376.0 million the previous year.
Net rental income climbed 16% to GBP101.5 million from GBP87.4 million, while its portfolio value at the end of June jumped to GBP6.03 billion from GBP5.48 billion at the same time a year prior.
The firm said the higher valuation reflected development gains, active asset management activity and strong underlying market conditions in the half.
"Long-term structural drivers, and existing favourable market dynamics, are generating strong occupier interest in both our standing investment portfolio and in the new space we are creating through our development activity," commented Chair Aubrey Adams.
"We continue to see strong occupier demand for space although inflation and geopolitical issues have made the economic environment more uncertain. We benefit from a combination of high-quality investment assets which provide the business with a strong base of secure, long-term income, and attractive rental growth potential driven by a favourable structural supply/demand imbalance in our market," Adams continued.
Tritax upped its interim payout to 3.35 pence per share from 3.20p.
Shares in Tritax were up 1.0% at 194.40p on Thursday in London.
By Heather Rydings; heatherrydings@alliancenews.com
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Tritax Big Box (BBOX)