Tritax EuroBox plc (EuroBox or the Company), which invests in a high-quality portfolio of very large, prime logistics real estate assets strategically located across Continental Europe today provides an update on its rent collection, strong financial position and declares its interim dividend.
High quality portfolio underpins strong rent collection
Our buildings are key operating assets for tenants’ businesses providing the goods and services that the underlying customers continue to require.
- As at 31 July 2020, 100% of agreed rent due by that date has been received.
- There have been no new requests from occupiers to waive or defer rent since the previous rent collection update and all rent due has been received.
- Approximately two thirds of the Company’s rental income is payable in advance on a monthly basis with the remainder payable on a quarterly basis in accordance with local practice.
- All four tenants with whom rent deferrals were agreed in the March to June 2020 quarter have honoured the agreements made and, to date, have paid all amounts as agreed in full.
Recommencing investment activity on back of Company’s strength
The Company suspended investment activity in April 2020 as part of range of prudent measures to mitigate the immediate economic and operational uncertainty created in the early stages of the pandemic. The Company has access to an attractive pipeline comprising prime, large scale logistics assets in favourable locations and has taken the decision to recommence investment activity.
The Group has a strong financial position with cash and undrawn facilities against its unsecured revolving credit facility (RCF) totalling in excess of €100 million as at 30 June 2020. The Company’s LTV ratio as at 31 March was 41.8%, well below the Company’s medium-term target of 45% debt to gross assets and its maximum permitted borrowings under its Investment Policy of 50%.
The Board of EuroBox has today declared an interim dividend in respect of the period from 1 April 2020 to 30 June 2020 of 1.10 cents per Ordinary Share, payable on 7 September 2020 to shareholders on the Register on 14 August 2020. The ex-dividend date will be 13 August 2020.
0.26 cent of each 1.1 cent dividend per Ordinary Share will be designated as interest distribution.
In accordance with the Company’s dividend policy, dividends are declared in Euro and paid, by default, in Sterling. However, shareholders are able to elect to receive dividends in Euro by written notice to Computershare Investor Services PLC, the Company’s Registrar (such election to remain valid until written cancellation or revocation is given to the Registrar).
Copies of the currency election form are available via the Company’s website or the link below: https://www.uk.computershare.com/Content/download
The latest date for receipt by the Registrar of completed currency election forms is 17 August 2020. Instructions on how to complete and return the form are set out in the currency election form.
The Euro/Sterling exchange rate for dividend payments made in Sterling will be determined and announced on or around 19 August 2020.
Nick Preston, Fund Manager of Tritax EuroBox, commented:
“As our consistently strong rent collection figures demonstrate, the logistics sector remains resilient despite the impact of the COVID pandemic. The combination of the sound financial position of the Company and the stable and growing nature of the European logistics market has allowed the Board to relax the Company’s short term suspension of investment activity.
“Across Europe, we see significant and attractive opportunities to invest in high-quality, modern, well-located assets with strong sustainability credentials. The COVID pandemic has emphasised the critical nature of the European logistics real estate sector and the combination of growing online retail and increased focus on supply chain resilience give us confidence of continued growth in the sector. Our high quality portfolio and the opportunities in our pipeline will allow us to capture further value for our investors.”
For further information, please contact:
Jo Blackshaw/Ian Brown (Investor Relations)
+44 (0) 20 8051 5070
Maitland/AMO (Media inquiries)
+44 (0) 20 7379 5151
The Company’s LEI is: 213800HK59N7H979QU33
Tritax EuroBox plc invests in and manages a well-diversified portfolio of well-located Continental European logistics real estate assets that are expected to deliver an attractive capital return and secure income to shareholders. These assets fulfil key roles in the logistics and distribution supply-chain focused on the most established logistics markets and on the major population centres across core Continental European countries.
Occupier demand for Continental European logistics assets is in the midst of a major long-term structural change principally driven by the growth of e-commerce. This is evidenced by technological advancements, increased automation and supply-chain optimisation.
The Company’s Manager, Tritax Management LLP, has assembled a full-service European logistics asset management capability including specialist “on the ground” asset and property managers with strong market standings in the Continental European logistics sector.
Further information on Tritax EuroBox plc is available at www.tritaxeurobox.co.uk