Tritax Big Box has reported its highest returns since 2021 after acquiring a commercial real estate REIT last May.
The real estate investment trust (REIT) told markets this morning that rental income increased by 24.3 per cent in the year ended December 31, reaching £276m.
Its portfolio value increased by 30.2 per cent, from £5.03bn to £6.55bn, while earnings per share increased by 428.8 per cent, from 3.72p to 19.67p.
Tritax’s share price has increased by more than eight per cent in the year to date, although it has dipped by 1.64 per cent in the past year.
The company said that its acquisition of UK Commercial Property REIT Limited (UKCM) in a £1bn all-share merger last May, as well as asset management and development activity, had bolstered its accounts.
Tritax has £11.1m of new contracted rent secured from development lettings, including 1m sqft pre-let “to a global leader in e-commerce”, one of the UK’s largest pre-lets in 2024.
It has a data centre pipeline of 1GW. Manor Farm, which it acquired earlier this year, is expected to be one of the UK’s largest data centres, targeting delivery of 107 MW in 2027, with a “possible second phase data centre” of 40 MW.
Tritax Chair Aubrey Adams said: “This has been an exceptional year for the company, marked by significant transformational change alongside strong operational performance.
“The acquisition of UKCM 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.
“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.”