Tritax EuroBox
Company Notes
Wide discount offers value after sell-off
On 17 May Tritax EuroBox published its interim results for the six months to 31 March 2022. Over the period, the fund's EPRA NTA per share rose by 10.4% from €1.35 to €1.49. The EPRA NTA total return was +12.4%, representing the strongest return for any six months in the fund’s history. The main driver of the total return in the period was the +8.1% like-for-like portfolio valuation increase.
Adjusted earnings per share were 1.82 Euro cents, down 21% from 2.30 Euro cents in the six months to 31 March 2021. Dividends totalling 2.50 Euro cents have been declared in respect of the period, in line with the previous equivalent period, and the managers have confirmed the guidance that the dividend will remain steady for the remainder of the financial year. Dividend cover was 72.6%, having been impacted by cash drag from the €230m September equity raise. The total dividend for the current financial year is expected to approach full coverage.
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