Tritax EuroBox
Company Notes
Attractive total return opportunity from structural growth trend
On 18 May Tritax EuroBox published its interim results for the six months to 31 March 2021. Over the period, the fund's IFRS NAV per share rose by 2.5% from €1.19 to €1.22; the EPRA NRV per share rose by 0.8% from €1.30 to €1.31; and the EPRA NTA per share rose by 2.5% from €1.22 to €1.25. The total return based on the EPRA NRV was +2.3%, although the managers expect to achieve the annual total return target of 9% for the current full financial year as the proceeds of the recent €230m equity raise are fully deployed.
100% of rent due for the interim period was collected, with the rent that was deferred from the 2019/20 financial year being collected as per the agreed schedule. Adjusted earnings per share were 2.30 Euro cents, up 2.2% from 2.25 Euro cents in the six months to 31 March 2020. Dividends totalling 2.50 Euro cents have been paid in respect of the period, up 13.6% from the 2.20 Euro cents paid for the previous equivalent period. An equity issue in March 2021 increased the fund’s share capital by 48.5% and, given the short time until the period-end, none of the capital had been effectively deployed at 31 March 2021, which led to exceptional short-term earnings per share dilution.
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