Profit at Tritax EuroBox has soared by 210% after it added more than €400m (£338m) to its portfolio.
Announcing its results for a “busy six months”, the industrial-focused REIT’s chair, Robert Orr, said: “The strong financial performance we announce today is evidence of the resilient foundations of our business.”
Tritax reported a total return for the six months to the end of March of 12.4%, ahead of its annual target of 9%, and a marked improvement on the 2.3% reported for the first half of 2021.
The portfolio value grew by 32% to €1.69bn, up from £1.28bn in September. While this was supported by a like-for-like valuation increase of 8.1%, the bulk of the uplift came from €234.5m of acquisitions and €59.7m of development expenditure.
Over the period EuroBox deployed the €230m of equity raised in September and the £200m private placement funds drawn down in January 2022.
Although like-for-like rental income fell by 1.5%, reflecting a new vacancy in Poland, 98% of the portfolio is income-generating.
The REIT’s LTV stands at 27.9%, up from 13.3% in September. But that ratio rises to 39.5% once all all committed expenditure on developments and acquisitions since the end of the reporting period are factored in.
Orr added that he remained “confident in the outlook for our business,” despite the situation in Ukraine, the pandemic and high inflation resulting in “an uncertain economic and geopolitical environment”.
He said the board was also confident of making further progress in the second half of the year.
To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews
