Tritax Big Box REIT has posted a steady set of results for the year ended 31 December 2023, with rent roll steady at £225.3m and operating profits increasing by 5.5% to £193.2m.
The REIT said it had concluded 22.1m of lettings across the UK in 2023, which was back in line with its pre-Covid performance. Vacancy rates more than doubled across the portfolio, however, from 2% to 5.1%
Over the course of the year, Tritax Big Box sold £327m of assets at or above book value and at a blended yield of 4.3%.
Chairman Aubrey Adams said: “We continue to drive portfolio performance by selling assets that have achieved their full potential in our ownership, reinvesting into higher-returning opportunities in our development pipeline and the investment market.
“Easing inflation, continuing rental growth and improving yields on cost all reinforce our conviction in our development programme. In parallel, by leveraging our close customer relationships, we continue to create value through active management, making progress in capturing the record reversion embedded within our portfolio to further grow rental income.”
Adams said the group was “well positioned” to take advantage of an increasing number of opportunities in the market.
“The group has very good potential for long-term income and capital growth, supported by enduring structural drivers in the logistics real estate market,” he said.
Send feedback to Samantha McClary
Follow Estates Gazette
