6th Aug 2025 11:41
(Alliance News) - Tritax Big Box REIT on Wednesday said rental income received a boost from last year's UK Commercial Property REIT acquisition, while its portfolio value grew.
Shares in the London-based real estate investment trust were up 0.3% at 143.07 pence each on Wednesday.
Tritax said pretax profit rose 12% to GBP168.3 million in the six months ended June 30 from GBP190.2 million a year prior, while operating profit declined 6.8% to GBP205.4 million from GBP220.4 million.
But net rental income rose 17% to GBP149.2 million from GBP127.2 million, driven by higher average contracted rent roll, reflecting the full impact of the UKCM acquisition.
In February 2024, Tritax bought UK Commercial Property REIT for GBP924 million, while in June this year it announced a cash and share offer for Warehouse REIT although here it faces a rival bid from Blackstone Inc.
"We continue to identify and assess opportunities to complement our portfolio with logistics assets that offer attractive rental growth, asset management opportunities and are of value to our clients," Tritax said on Wednesday.
Tritax reported a 4.1% increase in total portfolio value to GBP6.82 billion from GBP6.55 billion at the end of 2024, with equivalent yield remaining stable at 5.72% compared to 5.68%.
Earnings per share dropped 27% to 6.72 pence from 9.14p a year ago on IFRS methods, but rose 6.4% on an adjusted basis to 4.63p from 4.35p.
IFRS net asset value rose 1.4% to 186.74p per share at June 30 from 184.12p at the end of 2024.
The dividend was increased by 4.9% to 3.83p per share from 3.65p a year ago.
Chair Aubrey Adams said: "During the period we have made significant strategic progress to further de-risk this growth and remain confident and excited about our future prospects. In particular, we've secured our second significant data centre opportunity, with the potential to deliver a 10-11% yield on cost. Our UKCM logistics assets have delivered 13.2% rental growth since acquisition. Recent development letting activity evidences the growing occupational interest in our sites - momentum we expect to build in the second half of the year."
By Jeremy Cutler, Alliance News reporter
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