Tritax Eurobox has seen revenue and values rise by a third after a year of acquisitions.
The European big-shed REIT increased rental income by 31.9% to €57m (£49m), and contracted rent rose by 39% to €74.3m.
After a series of acquisitions, the portfolio value increased by 37.8% to €1.76bn. An 8.1% capital value increase over H1 was partly offset by a 2.3% decrease in H2, resulting in a 5.6% uplift.
Over the year Tritax Eurobox bought nine assets at a net initial yield of 3.7%, adding €20.2m to annual rent. It also completed more than 300,000 sq ft of development, which was fully let, giving €1.4m of annual rental income.
Chair Robert Orr said: “Economic conditions have changed significantly since June, and our sector will not be immune to subsequent impacts. We will continue to monitor closely the more uncertain environment and remain attentive to the potential risk of weaker markets.
“However, our high-quality portfolio, strong customer base and robust balance sheet mean we are very well positioned to weather the economic headwinds we are facing. The lower cost base and additional revenues generated from operational activity, provide positive momentum to earnings going into 2023 and support a fully covered dividend going forward.”
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