Half Year 2024 Tritax Big Box Reit PLC Earnings Call Transcript
Key Points
- Headline adjusted EPS rose by over 10% to 4.35 p per share.
- Dividends increased by 4.3% to 3.65 p per share.
- EPRA NTA per share grew by 1.2% to 179.3 p.
- Net rental income increased to over GBP127m for the half.
- The UKCM acquisition contributed to a near 30% increase in total portfolio value, now standing at GBP6.4 billion.
- Vacancy rate in the market increased to 5.6%, up from 5.1% at the year-end.
- Higher absolute admin costs had a marginal impact on earnings.
- Impact on EPS from higher net finance costs due to increased average level of drawn debt.
- Speculative space under construction reduced significantly, indicating potential future supply constraints.
- Office sector assets from the UKCM acquisition may take longer to sell due to short unexpired lease terms and asset management initiatives.
Good morning and welcome to our results presentation for the six months ended 30 June 2024. I am Ian Brown, Head of Corporate Strategy and Investor Relations for Tritax Big Box. I will shortly hand over to Colin Godfrey, but first a few reminders. This presentation is being recorded and a replay and transcript will be made available on our website shortly afterwards. Secondly, there will be a live Q&A after the presentation and as a reminder, there are two ways to ask questions. You can either use the chat tool on the webcasting portal to type your question, or, if you prefer, you can speak to us over the phone using the dial in details provided on this morning's announcement. We do find we receive many similar questions on the chat tool, so in the interest of time we will try to aggregate them if possible. As always, if you have further questions, please do get in touch with us, our contact details are available on our website. Thank you.
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