First half net rental income grew by 16.2% to £173mn, driven underlying rental growth in the logistics portfolio of 5.1% and last year’s acquisition from Blackstone.
Operating profit was up 6.1% to £153mn, lagging rental income largely due the absence of income from Development Management.
The portfolio value fell 2.7% due to disposals and lower property values.
Separately Tritax has completed an equity fundraise at a price of 164p per share, a 4.5% discount to the previous close. The transaction is intended to accelerate development of the company’s data centre pipeline.
The shares fell 4.2% in early trading.
Our view
HL view to follow.
Tritax Big Box key facts
All ratios are sourced from LSEG Datastream, based on previous day’s closing values. Please remember yields are variable and not a reliable indicator of future income. Keep in mind key figures shouldn’t be looked at on their own – it’s important to understand the big picture.
This article is original Hargreaves Lansdown content, published by Hargreaves Lansdown. It was correct as at the date of publication, and our views may have changed since then. Unless otherwise stated estimates, including prospective yields, are a consensus of analyst forecasts provided by LSEG. These estimates are not a reliable indicator of future performance. Yields are variable and not guaranteed. Investments rise and fall in value so investors could make a loss.
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