Tritax Big Box REIT (BBOX) has reported a 1.2% uplift in its EPRA net tangible assets (NTA) to 179.33p per share over the six months to 30 June 2024.
Its portfolio grew 0.7% in value over the period on a like-for-like basis (off the back of 1.9% growth in ERV). These were the first set of figures released since the ,cquisition of UK Commercial Property REIT (UKCM). On the back of that deal, the portfolio value ballooned in value by 27.2% to £6.4bn.
Adjusted earnings per share increased 10.4% to 4.35p, driven by net rental income growth and Development Management Agreement (DMA) income. Adjusted earnings excluding additional DMA income grew 4.1% to 4.10p. This fully covered the dividend for the period of 3.65p.
The logistics portfolio has a 25.5% reversion potential to capture £68.2m of additional rent, of which £43.4m is subject to lease events by the end of 2026, supporting future earnings growth. LTV nudged down to 29.9% (from 31.6%) due to the low gearing at UKCM, with a weighted average cost of debt of 3.0% and a 5 year average debt maturity.
BBOX : Tritax Big Box NAV edges up in H1 2024