6th Mar 2019 09:30
LONDON (Alliance News) - Tritax Big Box REIT PLC on Wednesday expressed confident outlook for the year ahead, despite Brexit uncertainties, as value of its portfolio surged in 2018.
The stock was trading flat on Wednesday at 144.07 pence a share.
The company, which invests in logistics assets, reported net asset value per share of 152.83p as at December 31, up 7.4% from 142.24p a year earlier.
Portfolio value jumped by 31% to GBP3.42 billion over the year, with contracted annual rent roll at GBP161.1 million compared to GBP126.0 million the year before.
Tritax Big Box said it invested or committed a total of GBP641.45 million in eight assets during the period.
The company's pretax profit rose to GBP252.6 million from GBP247.8 million a year ago.
Tritax Big Box declares a dividend of 6.70p for 2018, up 4.7% from 6.40p paid in 2017. For 2019, the company targets payout of 6.85p per share.
"While the continued delays and lack of clarity over Brexit presents a substantial uncertainty for the UK economy, our market has remained robust," said Chair Richard Jewson.
"The quality of the group's portfolio and customer base mean that we are confident of continuing to deliver secure dividends to shareholders, resulting in attractive returns in a low interest rate environment," added Jewson.
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