An uptick in Tritax Big Box’s (BBOX) portfolio valuation meant the warehouse landlord’s net asset value (NAV) came in ahead of analyst expectations over the first half, rising 2 per cent. However, while the group paid out 96 per cent of earnings in dividends over the first half, it has withdrawn dividend guidance for the full year.
The group collected 97 per cent of second-quarter rent and expects to receive 99 per cent of third-quarter rent. Five rent reviews were agreed, generating like-for-like growth of 1.6 per cent. Pre-let agreements for three assets were secured, including a pre-let to Amazon for a 20-year term at Littlebrook, Dartford, covering 2.3m square foot, Europe’s largest logistics facility. The cost of the group’s development pipeline stands at £222m, of which £135m is due to be spent this year. That is against undrawn debt facilities of £371m.
Panmure Gordon forecasts adjusted net assets of 147p a share at the end of December, rising to 156p a share the same time the following year.
| TRITAX BIG BOX (BBOX) | ||||
| ORD PRICE: | 158p | MARKET VALUE: | £2.7bn | |
| TOUCH: | 157.7-159p | 12-MONTH HIGH: | 160p | LOW: 79p |
| DIVIDEND YIELD: | 4.1% | TRADING PROP: | nil | |
| PREMIUM TO NAV: | 3% | |||
| INVESTMENT PROP: | £3.7bn | NET DEBT: | 14% | |
| Half-year to 30 Jun | Net asset value (p) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p)** |
| 2018 | 149 | 67.8 | 4.08 | 3.425 |
| 2019 | 153 | 103 | 6.04 | 3.125 |
| % change | +3 | +52 | +48 | -9 |
| Ex-div: | 13 Aug | |||
| Payment: | 28 Aug | |||
| *Includes investments in joint ventures **XD and payment dates refer to second-quarter dividend of 1.5625p | ||||
