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Tritax Big Box REIT PLC on Friday said its profit grew more than six times higher during 2024, driven by its swing to a positive return on investment for its property portfolio. The London-based real estate investment trust that invests in large logistics warehouses said pretax profit for 2024 was £445.8 million, multiplying more than six times higher than £70.6 million the year before. This was primarily driven by its swing to a £243.7 million gain in the fair value of its investment properties, from a £38.1 million loss. Tritax also made a £8.4 million gain on the disposal of investment properties, against a £1.6 million loss. Net rental income grew 24% to £276.0 million from £222.1 million. The firm reported other operating income at £23.0 million, from nothing in 2023. Tritax declared a final quarterly dividend of 2.19 pence per share, bringing the total dividend for 2024 to 7.66p, up 4.9% on-year from 7.30p. ‘This has been an exceptional year for the company, marked by significant transformational change alongside strong operational performance,’ said Chair Aubrey Adams. ‘The acquisition of UK Commercial Property REIT Ltd has complemented our portfolio with high-quality urban logistics assets offering substantial rental reversion potential. The quality and liquidity of UKCM’s assets is further demonstrated by our ability to sell non-strategic assets above their December 2023 valuations, unlocking additional capital to fund future growth. Operationally, the manager has captured significant rental income through proactive asset management and development activities, including securing one of the year’s largest pre-lets. ‘We enter 2025 well positioned with three powerful growth drivers in our business: capturing record rental reversion, advancing our highly attractive logistics development pipeline, and leveraging opportunities to develop data centres with the potential for exceptional returns.’ Shares in Tritax Big Box were up 2.3% at 147.00 pence in London on Friday afternoon. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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