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Tritax Big Box REIT PLC on Monday said it was capturing rental growth as it reported an increase in annual contracted rent for last year. The London-based real estate investment trust managed by London-based Tritax Management LLP said it added £7.8 million in annual contracted rent in 2023 at a 6.7% yield on cost. This was up from £5.1 million added annual contracted rent with an approximate yield on cost of 6% to 8% in 2022. Tritax Big Box reported a ‘resilient’ occupational market in line with pre-Covid levels and stabilisation in investment yields. The company’s loan to value ratio was 31.6% as at December 31, which is within its medium-term guidance range of 30% to 35%. Looking ahead, Tritax Big Box expects to ‘deliver further income and capital growth’ going forward. ‘This has been another positive year demonstrating our ability to execute on all aspects of our strategy to create value. We are capturing rental growth through our asset management activities, crystallising attractive returns through our disposal programme, and carefully redeploying the proceeds into higher returning opportunities,’ said Chief Executive Colin Godfrey. Tritax Big Box shares were 0.1% lower at 161.90 pence each on Monday morning in London. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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