21st Aug 2015 07:16
LONDON (Alliance News) - Real estate investment trust Tritax Big Box REIT PLC on Friday said its net asset value per share rose in the first half of 2015 as the valuation of its portfolio and its contracted annual rent roll both surged higher, prompting it to hike its interim dividend by 62%.
The company, which invests in very large logistics warehouse assets, or big box assets, in the UK, said its net asset value per share rose to 117.06 pence at the end of June, up from 102.01 pence a year earlier.
Tritax said the valuation of its portfolio surged higher, up to GBP1.09 billion from GBP360 million, while its contracted rent roll rose to GBP58.9 million from GBP20.8 million. The group bought eight assets in the half, including three forwarded funded pre-let investments, which expanded its total portfolio to 22 assets.
As a result, the group lifted its interim dividend to 3.00 pence per share, up from 1.85 pence a year earlier.
"Our investment manager continues to identify and negotiate good opportunities to buy assets and create capital value enhancement for our shareholders, both at the point of purchase and through a variety of asset management initiatives. We will continue to build an increasingly diversified and high quality portfolio, as we deploy the equity and debt financing raised during the period," said Tritax Chairman Richard Jewson.
Shares in Tritax were down 0.2% to 119.168 pence early Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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