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Tritax Big Box Results for the six months ended 30 June 2022.

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idpickering
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Tritax Big Box Results for the six months ended 30 June 2022.

#519675

Postby idpickering » August 4th, 2022, 7:26 am

Strategic delivery supporting continued growth

· 5.6% operating profit growth from strategic delivery of development completions, asset management and LFL rental growth.

· Adjusted EPS of 3.73p (H1 2021: 4.03p) reflecting reduced development management (DMA) income partially offset by development completions and rental growth.

o Excluding additional DMA income in prior period, Adjusted EPS increased 1.1% to 3.73p3, with development completions and rental growth offsetting 8.7% increase in average share count following 2021 equity raise.

· 10.5% growth in contracted annual rent primarily through development letting activity supporting future accretive earnings growth.

· 4.7% dividend growth to 3.35p, representing 90% pay-out ratio when adjusting for additional DMA income3.

· Total Accounting Return of 10.7% (H1 2021: 12.5%) driven by continued execution of strategy.

· EPRA cost ratio of 15.2% expected to return to previous levels as Current Development Pipeline becomes income generating.

· Strong balance sheet with low LTV, no near-term refinancing requirements and 100% of drawn debt benefiting from either fixed or capped interest rates with an average cost of debt of 2.52%.

Market supported by positive and enduring structural drivers resulting in record occupier demand

· Record market take-up of 22.6 million sq ft in H1 2022, up 9.5% on H1 2021, as occupiers continue to enhance their supply chains.

· Supply of logistics space remains highly constrained; 1.2% vacancy rate resulting in rapid leasing of buildings and rental growth.

· H1 2022 investment volumes remained healthy at £4.2 billion (H1 2021: £5.2 billion) supported by structural drivers in logistics real estate.

And later;

Our dividend policy is to provide an attractive and progressive level of dividend for shareholders, aiming to achieve an overall pay-out ratio greater than 90% of Adjusted earnings. The distribution methodology is for each of the first three quarterly dividends to represent 25% of the previous full year dividend. We use the fourth-quarter dividend to determine the level of any progression. In line with that, we have declared two interim dividends of 1.675 pence each, to give a total for the period of 3.35 pence, up 4.7% on H1 2021. Along with the growth in EPRA NTA, this resulted in an attractive Total Accounting Return of 10.7%.

On 28 July 2022, the Company announced the declaration of the second interim dividend in respect of the year ended 31 December 2022 of 1.6750 pence per share payable on 25 August 2022. In relation to the total dividends declared for the period of 3.35 pence, 3.35 pence is a property income distribution (PID).


https://www.investegate.co.uk/tritax-bi ... 00068494U/

Also posted on Company News here; viewtopic.php?p=519673#p519673

Ian.

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