Tritax Big Box REIT’s results for the first half of 2015 show a 14.8% uplift in its EPRA NAV, a 13.9% improvement in is EPRA earnings per share (to 2.3p) and a 62% hike in the interim dividend from 1.85p to 3p as they progress towards paying their target 6p per annum. The fund expanded by £229m through equity issues.
On a like-for-like basis the property valuation rose by 11.7%.
Eight acquisitions took the number of big box investments to 22 with over 11m sq ft of logistics space, valued at £1.09bn with a weighted average unexpired lease term of 15.8 years.
The loan to value ratio at the end of the period was 29% and they expect this to rise to 29% over time. A range of derivative instruments have the effect of capping their interest cost at 3.81% but they are currently paying 2.35%
BBOX : Tritax on track for 6p full year dividend