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10 March 2021
Watch our 2020 FY Results webcast

A recording of the Company's analyst and investor presentation can be found here.

2020 Full Year Results 

Strategically aligned with long-term structural growth drivers

“Despite the challenges presented by Covid-19, Tritax Big Box built significant momentum in 2020 as the benefits of complementing our strong investment portfolio with our development land bank begin to crystalise. This progress was evidenced in the Group’s strong performance during the year, with extensive letting activity on our development portfolio, increasing values through asset management and the successful recycling of capital. In addition to these active steps that the Manager has taken, we have seen a strengthening in the UK logistics market driven by heightened occupier and investor demand, which we are well placed to capitalise upon in the coming years.

“We believe the positive structural drivers currently being experienced in the UK logistics sector are at an early stage, and these trends will continue to have a favourable lasting impact on our market over the long-term. As a business we have the necessary capabilities and resources to capture this opportunity to deliver long-term sustainable income and capital growth for our shareholders. Progress is expected to continue in 2021, as we drive income and enhance value from the existing portfolio through asset management and rent reviews, and as our development portfolio increasingly contributes to our financial performance. We have seen significant and increasing levels of occupational interest in our development pipeline giving us confidence in our ability to deliver further long-term sustainable growth. We expect to continue to pay an attractive dividend to shareholders, while ensuring we have the capacity to invest in the opportunities that will drive earnings and dividend growth over the coming years.”

Sir Richard Jewson Chairman

Highlights

  31 Dec 2020 31 Dec 2019 % change
Operating profit (1)  £147.5m £122.5m +20.4%
Adjusted earnings per share (2) 7.17p 6.64p +8.0%
Dividend per share (DPS) 6.40p 6.85p -6.6%
Dividend pay-out ratio 90% 103%  
Total Accounting Return 19.9% 3.83% +16.1pts
IFRS earnings per share 26.30p 8.40p +213.1%
EPRA cost ratio (incl.vacancy cost) 14.2% 15.1% -0.9 pts
       
EPRA Net Tangible Assets/share (3) 175.61p 151.79p +15.7%
Portfolio value (4) £4.41bn £3.94bn +11.9%
Contracted annual rent roll £180.6m £166.6m +8.4%
WAULT 13.8yrs 14.1yrs  -0.3 yrs
Loan to value (LTV) 30.0% 29.9% +0.1 pts
IFRS net asset value per share 169.92p 150.04p +13.3%

1. Operating profit before changes in fair value and other adjustments.
2. See Note 13 to the financial statements for reconciliation.
3. Following the October 2019 update to EPRA's Best Practice Recommendations Guidelines, the Group has adopted EPRA net tangible assets (NTA) as its primary measure of net asset value and restated its December 2019 position in line with this change. A reconciliation of this change is provided within the Notes to EPRA NAV calculations.
4. The Group's Investment portfolio comprises let or pre-let assets as well as any speculative developments that have reached practical completion but remain vacant (inclusive of all forward funded development commitments).

2020 Financial Results

Title Statement Presentation Webcast Transcript Report Factsheet
2020 Full Year Financial Results
Tritax Big Box - Q4 2020 Trading Update
2020 Half Year Financial Results

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2019 Full Year Financial Results
2019 Half Year Financial Results
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2018 Half Year Results
2018 Full Year Results
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2017 Half Year Results
2017 Full Year Results
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2016 Half Year Results
2016 Full Year Results
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2015 Half Year Results
2015 Full Year Results
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2014 Half Year Results
2014 Full Year Results
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