(Alliance News) - Tritax Big Box REIT PLC on Wednesday said it is set to deliver further long-term sustainable growth after strong demand for logistics space experienced in 2020.
The FTSE 250-listed company which invests in distribution centres reported an 8.0% increase in adjusted earnings per share to 7.17 pence from 6.64p in 2019, driven by development completions, active asset management and development management income, net of disposals.
Tritax Big Box REIT declared a final quarter dividend of 1.7125 pence, resulting in annual dividend per share of 6.40p, lower than 6.85p paid for 2019.
The company reported record demand in 2020 for logistics space, driven by an acceleration of structural changes to facilitate the ongoing growth in e-commerce and the increasing need for supply chains.
Tritax Big Box REIT said its portfolio value increased to GBP4.41 billion driven by development gains, asset management and the strength of its market, from GBP3.94 billion value recorded at the end of 2019.
Net tangible assets per share rose by 16% year-on-year to 175.61p.
The company said its rent collection was "strong" during the year, with 99.4% of 2020 rent collected and all arrears expected to be received in 2021. The company said it grew contracted annual rent roll by 8.4% to GBP180.6 million.
Operating profit increased by 20% in 2020 to GBP147.5 million, while pretax profit surged to GBP449.5 million from GBP141.2 million.
"We have seen significant and increasing levels of occupational interest in our development pipeline giving us confidence in our ability to deliver further long-term sustainable growth," said Chair Richard Jewson.
Tritax Big Box REIT shares were trading 2.6% higher in London on Wednesday morning at 183.70p each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Tritax Big Box (BBOX)