Tritax Big Box REIT | Winterflood Research

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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.

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