Last checked at 12 Jul 2023 17:20
Tritax EuroBox - Annual Overview from QuotedData
12th July 2023
Optimism returns
The rapid readjustment of valuations in the European logistics sector has encouraged investors seeking quality assets to return to the market, bringing optimism to Tritax EuroBox's (EBOX's) manager that values are stabilising. The company's portfolio yield moved out 70 basis points (bps - equivalent of 0.7%) in the six months to 31 March 2023, but the worst of the declines seem to be over.
Operationally, the company is in good shape to take advantage of a strong demand and supply dynamic, having recorded an uplift in annual rent of 5.8% in the six months to March 2023 (10.4% over 12 months). It has recently let a completed development in Germany above estimated rental value (ERV) and pre-let an extension to an existing building. Additional development completions, extensions and inflation-linked uplifts are still to come.
Growth in income and operational savings have meant that the company has been able to fully cover its dividend with earnings for the past three quarters. Going forward, the manager expects earnings to continue to cover the dividend, which represents an 8.4% dividend yield on the current share price.
Full Research:
https://quoteddata.com/research/tritax-eurobox-optimism-returns-qd/
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