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Results for the period from 1 July 2018 to 31 December 2018

28 March 2019

Tritax EuroBox plc (tickers: EBOX (Sterling), BOXE (Euro)), which invests in Continental European logistics real estate assets, is today reporting its results for the period from 1 July 2018 to 31 December 2018.

Financial highlights

  • Successfully raised gross proceeds of €339.3 million or £300 million, through significantly oversubscribed IPO in July 2018. The Company’s shares were admitted to trading on the specialist
  • fund segment of the main market of the London Stock Exchange on 9 July 2018.
  • Basic net asset value (“NAV”): €326.0 million
  • EPRA NAV1: €326.3 million
  • EPRA NAV1 per share: €1.09
  • Basic earnings per share1: -2.3 cents
  • Adjusted earning per share1: 0.5 cents
  • Adjusted Total Return for the period1: 1.0%
  • Unsecured revolving credit facility agreed of €300 million
  • Loan to value (“LTV”) of 37%, against the Company’s medium-term target of 45% LTV1
  • The Portfolio had a contracted annualised passing rent of €24.5 million as at 31 December 2018

Operational highlights

  • Acquired six prime Big Box logistics assets during the period for a combined net purchase price €475.9 million
  • 58% acquired off market by value
  • The weighted average purchase yield of the portfolio is 5.1%
  • Independent valuation of the six assets acquired of €475.7 million
  • Portfolio weighted average unsecured lease term1 of 12.2 years

Post period activity

  • Completed on two pre-let forwarded funded developments
  • 82.5m total capital commitment for these two further investments located in Germany and Poland
  • Two units acquired with the benefit of rental income cover have been let
  • Interim dividend declared of 0.4 cents per ordinary share for the period from IPO until 31 December 2018. Future dividends will be paid quarterly

Robert Orr, Chairman of Tritax EuroBox, commented:
“The portfolio is well positioned for income growth, through a combination of embedded annual indexation, growth in market rents and income improvements created through asset management. This supports our objective of delivering secure and growing income and attractive capital returns for shareholders.

There are good prospects for further portfolio growth in 2019. The Continental European logistics market has strong fundamentals, driven by growth in e-commerce and occupiers optimising their supply chains. By leveraging the long-established relationships of Tritax Group and our local asset managers, we see an attractive pipeline of off-market investment opportunities. Our unsecured revolving credit facility will provide a flexible source of committed capital, helping us to build and diversify the portfolio.”