Tritax Big Box ups interim dividend payment as profits grow in H1
By Iain Gilbert
Date: Thursday 08 Aug 2019
(Sharecast News) - Real estate investment trust Tritax Big Box saw profits grow in the first half of its trading year, leading the group to up its interim dividend payout.
Tritax's operating profits before changes in the fair value of investment properties, share of profits from joint ventures and share-based payment charges rose 5.7% to £60.7m in the six months to 30 June.
As a result, Tritax increased its interim dividend payment 2.2% to 3.425p, putting it "on track" to hit its full-year target of 6.85p per share. Adjusted earnings per share rose 0.9% to 3.41p.
While the independent value of Tritax's portfolio grew 12.6% to £3.85bn, its net asset value fell 1.8% to 150.08p due to extraordinary costs as a result of its acquisition of DB Symmetry's land portfolio.
Chairman Richard Jewson said: "The long-term fundamentals of our market are positive. The sector continues to benefit from the structural change in shopping habits, as consumers switch from the high street to buying online, creating ongoing demand for logistics space to fulfil these orders.
"The quality of our portfolio and customer base means that, irrespective of conditions in the wider economy, we are confident of continuing to deliver secure and growing dividends to shareholders, as part of an attractive total return over the medium term."
As of 0940 BST, Tritax shares had inched back 0.34% to 146.30p.
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