LONDON (ShareCast) - (Sharecast News) - Property business Tritax EuroBox said its portfolio valuation remained "stable" over the second half of the trading year, with "good momentum" in its disposal programme expected to reduce leverage further.
For the year ended 30 September, rental income was up 17.6% year-on-year at €68.1m, reflecting the full-year effect of prior year acquisitions, rent indexations, asset management, and development activity. Annualised rental income was 2.7% at €74.3m.

However, following the volatility experienced in the first half, Tritax's portfolio valuation was down 14.5% for the year at €1.56bn, while its EPRA net tangible assets per share sunk 26.1% to €1.02 per share. This led to a negative total return of -22.5%.

Adjusted EPS of 5.51 cents were up 30% year-on-year, while the group's dividend per share of 5.00 cents was 110.2% covered by its adjusted EPS for the full year.

Chairman Robert Orr said: "We have not been immune to the rapid increase in interest rates, which has adversely impacted our portfolio valuation over the year.

"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."

As of 0900 GMT, Tritax Eurobox shares were up 0.038% at 56.12p.









Reporting by Iain Gilbert at Sharecast.com

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