Rental income at Tritax EuroBox has grown by 17.6% to €68.1m (£58.3m), despite the REIT taking a 14.5% hit to its portfolio value.
Like-for-like rental growth was up by 4.5% but new acquisitions helped to lift the levels higher.
Chair Robert Orr said: “Over the past 12 months we have made good progress on delivering the strategic priorities we outlined a year ago. We have generated strong rental income growth and our cost ratio is now within our target range. This improved operational performance has led to a substantial increase in adjusted earnings and a fully covered dividend for the year.”
However, the REIT saw its total return plunge from 6% last year to -22.5%, as basic earnings per share dropped from 7.28 cents to -27.68 cents.
The falls were largely the result of a revaluation from €1.77bn to €1.56bn.
Orr added: “We have not been immune to the rapid increase in interest rates, which has adversely impacted our portfolio valuation over the year. However, the marginal decline in the second half and pricing of recent sales broadly in line with book values indicates some market stabilisation.”
While the decline in values for the year was 14.5%, the fall for the second half was just 0.3%.
Orr added that “further planned disposals” would reduce leverage in 2024.
The REIT’s LTV spiked over the year, rising from 35% to 46%.
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