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Full-year results for the year ended 30 September 2023

Delivered good progress on our strategic priorities of growing income, lowering the cost ratio and paying a fully covered dividend. Portfolio valuation stable over H2, with good momentum in the disposal programme expected to reduce leverage further.

05 Dec 2023

Chairman's commentary

Robert Orr, Chairman of Tritax EuroBox plc, commented:

“Over the past 12 months we have made good progress on delivering the strategic priorities we outlined a year ago. We have generated strong rental income growth and our cost ratio is now within our target range. This improved operational performance has led to a substantial increase in adjusted earnings and a fully covered dividend for the year.

“We have not been immune to the rapid increase in interest rates, which has adversely impacted our portfolio valuation over the year. However, the marginal decline in the second half and pricing of recent sales broadly in line with book values, indicates some market stabilisation. Further planned disposals are expected to reduce leverage as we move through 2024.

“While mindful of the ongoing challenging geo-political and macro-economic backdrop, our high-quality portfolio and strong customer base mean the Company remains well placed to benefit from the structural tailwinds and favourable underlying market dynamics in the European logistics sector.”

FY23 full-year results overview

Rental income growth and cost efficiencies supporting higher Adjusted Earnings and a covered dividend

  • Rental income of €68.1 million, up 17.6%, reflecting the full-year effect of prior year acquisitions, rent indexations, asset management and development activity.
  • Like-for-like5 rental growth was 4.5% (7.8% including new income from the Barcelona and Strykow extensions).
  • Adjusted EPRA Cost Ratio7 of 24.2% (FY22: 29.5%), in line with our target range of 20-25%, benefiting from higher income and lower management fee.
  • Adjusted EPS of 5.51 cents, up 30%.
  • Dividend per share of 5.00 cents was 110.2% covered by Adjusted EPS for the full year.

Investment portfolio let to strong customers on long-term, inflation-linked leases

  • Portfolio value2 of €1,561.9 million (FY22: €1,765.6 million), with 12-month like-for-like reduction of 14.5% primarily due to significant outward yield shift across the sector, partly offset by rental growth. H2 FY23 valuation decline of 0.3%.
  • Despite a good operational performance, the fall in portfolio value led to a decline in NTA to €1.02 (FY22: €1.38) and a negative Total Return of 22.5% (FY22: 6.0%).
  • Portfolio reversion of 17.6% or €13.4 million, reflecting a like-for-like increase in portfolio ERV of 6.5%.
  • 97% of leases subject to annual rental increases, with 81% linked to inflation.
  • Increase in EPRA vacancy rate to 5.5% (FY22: 0.3%) reflecting the completion of speculative forward fundings in Sweden and Italy, and a lease expiry in Poland, partially offset by new lettings.

Asset management, indexation and development adding €6.3 million to annualised rental income4

  • Completed two pre-let developments and four speculative forward fundings, adding 224,763 sqm of new space.
  • Completed a 109,083 sqm extension in Barcelona, adding €2.3 million to annual rent, and commenced an 8,841 sqm extension in Poland, increasing the annual rent by €0.5 million.
  • Commenced a 23,000 sqm speculative development in Oberhausen, Germany; completion targeted for July 2024.
  • Signed three new leases totalling €4.3 million of annual rent, an increase of €0.6 million above previous rent or guarantees.
  • Sales of asset in Hammersbach in August for c.€65 million and, post period end, two assets in Bochum and Malmö for c.€47 million and c.€28 million respectively. All three were either broadly in line or above book value, and aligned with our stated disposal strategy.
  • Ongoing integration of ESG objectives into operational business, including completion of two solar PV installations, adding a total of 2.8 MW to the portfolio, with a further six projects in progress.

Robust balance sheet with low cost of debt

  • 100% of debt with fixed rates or caps, with an average cost of debt of 1.30% for FY23.
  • 5-year weighted maturity, with earliest refinancing in Q4 2025.
  • €172.5 million of undrawn debt facilities as at year end.
  • Loan to value (LTV) ratio3 of 46.4% remains higher than we would like, with the disposal proceeds offset by the portfolio valuation decline, development capital expenditure and other working capital effects.
  • Covenant headroom with LTV3 of 46.4% and interest cover of 4.8x, versus covenants of 65% and 1.5x.
  • Taking into account the post-period-end disposals at Bochum and Malmö, the pro-forma LTV decreases to 44.0%.


1 See note 12 to the condensed financial statements for reconciliation.

2 Valuation under IFRS (excluding rental guarantees), this includes assets held for sale.

3 As per KPI definition.

4 Contracted rent, on an annualised basis, at the reporting date. Including rental guarantees and licence fee.

5 Excluding extensions at Barcelona and Strykow. Including extensions, like-for-like rental growth is 7.8%.

6 Weighted average unexpired lease term to break is 7.9 years and weighted average unexpired lease term to expiry is 9.6 years.      

7 Including licence fee income and rental guarantees.

8 Like-for-like ERV growth for 12 months for FY23 and FY22 and for six months for H1 23.


Presentation for investors and analysts

A Company presentation for analysts and investors will take place via a live webcast at 09.00am (GMT) today. To view the live webcast, please register via this link:

Tritax EuroBox plc – Full-year results 2023

Analysts and investors will also be able to listen to the event via a moderated conference call using the following details:

Phone number: +44 (0) 33 0551 0200

Participant access: quote Tritax Full Year Results

The presentation will also be accessible on-demand later in the day from the Company website:


Further information

Tritax EuroBox plc

+44 (0) 20 8051 5070
Phil Redding – CEO
Mehdi Bourassi – CFO
Charles Chalkly – Investor Relations


Kekst CNC (Media enquiries)

Tom Climie / Guy Bates
+44 (0) 7760 160 248 / +44 (0) 7581 056 415



Further information on the Company is available at:

The Company's LEI is: 213800HK59N7H979QU33.


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Tritax Eurobox FY23 Results Statement
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