Skip to main content

In order to access the website of Winterflood Securities Limited you must first read and accept the following terms:

This website is not directed at, or intended for distribution to or use by, any U.S. citizen, person, or entity that resides in or is located in the United States of America or any other jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation which would subject Winterflood to any registration or licensing requirements with such jurisdiction. Services are not available to U.S. persons except where such services are permitted under SEC rule 15a6 or other relevant exemptions from SEC Broker/Dealer registration requirements.

Please note that Winterflood Securities Limited is not registered as a broker-dealer with the Securities and Exchange Commission and is not a member of Financial Industry Regulatory Authority Inc. (“FINRA”). All research reports provided on this website are being distributed directly by Winterflood Securities Limited to persons in the U.S. that qualify as “major U.S. institutional investors” in compliance with Rule 15a-6(a)(2) of the Securities Exchange Act of 1934. Accordingly, these research reports have not been prepared in compliance with FINRA requirements. Please refer to our Full Disclaimer here.

Research on this Website

Research on this website has been issued for the information of Professional Clients and Eligible Counterparties (as defined in the FCA handbook) of Winterflood Securities Ltd (“Winterflood”). The terminology used within the research reports is intended for professional investors. Research reports are not intended to provide the sole basis for any evaluation of an investment decision.

Each research report on this website must be read in conjunction with any disclaimer which forms part of it. Your attention is drawn to the date of issue of the information provided and of the opinions expressed therein. Any opinions are those of the Winterflood Investment Trust research team and are subject to change without notice and Winterflood is not under any obligation to update or keep current the information contained herein. The material on this website is based on information obtained from sources believed to be reliable but which have not been independently verified and are not guaranteed as being accurate.

Use of Cookies

For information on the cookies used on our websites, please refer to our Cookies Policy which can be accessed here.


For information on how we treat your personal data, please refer to our Privacy Notice which can be accessed here.

More information can be found in our Legal Disclaimer

If you have read and accepted the terms and conditions for use of this website please click continue
16 Mar 2021

Tritax Big Box REIT

Company Notes

Strong returns helped by development portfolio

On 10 March Tritax Big Box REIT published its annual results for the year to 31 December 2020. Over the period, the fund's EPRA NTA per share increased by 15.7% from 151.79p to 175.61p, while the total return was +19.9%. This represented the strongest year of capital growth since the fund’s launch in December 2013. The portfolio valuation increased by 11.9% over the year to £4.41bn, which included a revaluation gain of 9.5%. The financial period saw an increasing contribution from the development portfolio, with the completion of planning consents helping to drive valuation increases in the portfolio’s landbank.

The fund maintained strong rent collection during the pandemic, with 99.4% of 2020 rent collected and all arrears expected to be received in 2021. Adjusted earnings per share were 7.17p, up 8% from 6.64p in 2019, with the increase driven by development completions, active asset management and development management income, net of disposals. Dividends per share totalling 6.40p have been declared in respect of the year, representing a 6.6% reduction from the previous year. The fund has declared a dividend of 1.7125p per share in respect of the quarter to 31 December 2020. This quarterly dividend is in line with the pre-Covid rate, with the dividend having been reduced to 1.5625p per share for the first three quarters of the year as the Board took a prudent approach in light of the pandemic. In future, the fund’s intention is for the first to third quarter dividend payments to each represent 25% of the full year dividend of the previous financial year, while the fourth quarter dividend will be used to determine the level of any potential progression, with an overall aim to achieve a payout ratio in excess of 90% of adjusted earnings.