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Tritax EuroBox PLC on Thursday said its asset management and development activities delivered half-year rental income growth, but a negative valuation movement drove a loss.
The London-based investor in logistics property across Europe said rental income for the the six months that ended March 31 was €32.6 million, up 18% from €27.6 million a year prior. It credited asset management, development activity and indexation.
Tritax EuroBox swung to a pretax loss of €241.3 million from €138.2 million a year before.
This was primarily driven by a negative valuation movement for its investment properties. The company cited a loss in value of its assets of €267.7 million in the first half of financial 2023, in comparison to a gain of €127.8 million a year prior.
Portfolio value declined by 9.6% to €1.60 billion on March 31 from €1.77 billion on September 30. EPRA net tangible assets dropped by 24% to €1.05 per share from €1.38. IFRS net asset value fell by 23% to €1.02 per share from €1.32.
Tritax EuroBox declared an interim dividend of 2.50 cent per share, unchanged from last year.
Shares in Tritax EuroBox were trading at 69.10 pence each in London on Thursday, down 0.3%.
Looking ahead, Tritax EuroBox said it is ‘confident’ in making further progress going into the second half of the financial year. The company will continue to focus on driving income growth through asset management and development activity, and further reduce its cost base, it said.
Chair Robert Orr said: ‘Our asset management and development activities are delivering and this, together with the ongoing benefit of inflation-linked leases and additional reductions in our cost ratio, means we expect to improve our performance further in the second half of the financial year and beyond.’
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