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Strong Rent Collection Continues – Investment Activity to Resume; Interim Dividend Declaration. For further information follow the link below.

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robert-orr-chairman-tritax-euroboxHalf  Year Results for the Six-Months Ended 31 March 2020

The Company had a positive six months, notwithstanding the outbreak of the COVID-19 pandemic in Europe in the final weeks of the period. We continued to implement our strategy successfully and delivered financial performance in line with our expectations.  We believe that the long-term structural trends that are driving demand for logistics space remain compelling, and that changes in consumer and corporate behaviour as a result of the pandemic should further support occupier demand for large logistics assets. Our balance sheet remains robust and we can take further reassurance from the expected future cashflows from the portfolio.

The logistics sector in Europe is well-placed to thrive and we have constructed a resilient business, with first-class assets in excellent locations, financially strong tenants and a robust balance sheet, making us well placed to weather the economic disruption arising from COVID-19. Our close relationships with all our tenants and the asset management opportunities embedded within the portfolio should underpin continued growth in income and capital values. We remain confident that our platform is scalable and is underpinned by a strong and flexible capital structure.

Robert Orr Chairman

An on-demand recording is now available of the 2020 Half Year Results Audio Presentation.

2020 Half Year Highlights

31 Mar 202030 Sep 2019+/(-)
Investment properties€816.3m€689.1m (1)18.5% (2)
Basic net asset value (“NAV”) per Share€1.16€1.132.7%
EPRA NAV per Share€1.19€1.153.5%
Weighted average unexpired lease term (WAULT)9.7yrs11.0yrs(1.3)yrs
Loan to value (LTV)41.8%33.3%8.5pts
31 Mar 202031 Dec 2018+/(-)
Dividend per share2.20 cents0.40 cents
IFRS earnings per share (“EPS”)5.32 cents2.29 cents
EPRA earnings per share1.76 cents0.63 cents
Adjusted earnings per share (3)2.25 cents0.48 cents
Dividend cover102.1%115.4%(13.3)pts
EPRA cost ratio30.2%37.6%(7.4)pts
Total return for six months5.7%1.0%4.7pts
1 Includes held for sale assets
2 Like-for-like increase of 2.6%
3 See note 7 of the Interim financial statements for reconciliation