Tritax first half rental income rises, plans GBP350 million fundraise
Tritax Big Box REIT PLC on Wednesday announced a £350 million equity raise and left its second quarter dividend unchanged, as it reported a rise in first half rental income.
The London-based real estate investment trust is focused on logistics properties in the UK and managed by Tritax Management.
Tritax said Wednesday it intends to raised around £350 million gross via an equity fundraise equal to around 8% of current issued share capital.
The fundriase will comprise a placing, retail offer and subscription, with funds to "to unlock the next wave of data centre growth and returns," Tritax said.
This includes early-stage and longer-term capex requirements of two data centre schemes totalling 235 megawatts in the Greater London Availability Zones, deliverable between 2030-2031.
Completion of the fundraise is subject to shareholder approval at Tritax's general meeting on August 24.
8.6% shareholder Trot Holdings Ltd intends to subscribe for £30 million worth of shares under the placing.
The annoucement came alongside solid second quarter results.
Tritax reported gross rental income of £176.9 million in the six months to June, up 16% from £152.4 million a year ago. Pretax profit fell 55% to £75.8 million from £168.3 million.
Adjusted earnings per share fell 4.8% 4.41 pence from 4.63p, but rose 7.0% exlcuding Development Management Agreement income.
Tritax reported no DMA income in the period compared to £13.3 million a year ago. It expects DMA income to be "a proportionately smaller component of earnings moving forward".
Chair Aubrey Adams said results were aided by "the successful integration of the Blackstone portfolio and continued progress in capturing the substantial rental reversion embedded within our investment portfolio."
"Critically, our proactive approach and high-quality portfolio have helped offset market-wide declines in property values in the period. Our logistics development platform continues to create value through new lettings, development delivery and a strong occupier pipeline," Adams added.
Tritax concluded the six-week judicial review of planning consent for its Manor Farm data centre in July. "a major demonstration of our power-first data centre approach, creating valuation gains, and future earnings growth to drive value creation for shareholders," the company said.
"The near doubling of our secured power to 507 megawatts deepens our pipeline of data centre opportunities in a market that is starved of incremental supply. Combined with the proposed equity issue announced today, the enhanced data centre opportunity gives us the ambition to grow adjusted EPS by 65% by 2030/2031," it added.
Tritax has declared a second quarter dividend of 2.00 pence per share, unchanged from the previous quarter. This brings the total first half dividend to 4.00 pence, up 4.4% from 3.83 pence a year ago.
Tritax closed down 0.1% at 171.70 pence each in London on Wednesday.
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