Tritax EuroBox has made a €129m (£110m) profit this year, more than double last year’s figure.
The European shed investor expanded its estate by more than 50% over the year to the end of September, with its portfolio now valued at just under €1.3bn, up from just below €840m last year. As well as increases from acquisitions, a like-for-like increase raised values by 11.9%.
Asset value per share grew by just over 10%, while basic earnings per share almost doubled from 10.6 cents to 19.6 cents. Total returns, including an annual dividend of 5c per share, were 14.3%. The big-box builder used two oversubscribed equity raisings, totalling €480m, to slash its LTV from 41.1% to just 13.3%.
Chair Robert Orr said: “This has been a significant year in the company’s development, as the business’s growing maturity has helped us to build both scale and momentum. We are successfully implementing our strategy, acquiring prime assets in excellent locations, extracting value from the existing portfolio and continuing to advance our ESG agenda. This has helped us to deliver a strong financial performance and meaningful dividend growth. Our success this year has been underpinned by our ability to raise new equity and the issuance of our first green bond, which in turn reinforces our ESG strategy.”
He added: “We see attractive opportunities to add assets to the portfolio that have built-in value creation opportunities and remain confident of further growth in the coming year.”
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