RCS - Tritax EuroBox PLC - Update from QuotedData

Tritax EuroBoxAnnouncement

21/02/2024 09:45

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240221:nRSU9281Da&default-theme=true

RNS Number : 9281D  Tritax EuroBox PLC  21 February 2024

 

Tritax EuroBox  - Update from QuotedData

21(st) February 2024

Calmer waters

After a tumultuous period of interest rate volatility (with the rapid rise in
interest rates reflected in investment yields, causing values to fall), real
estate has entered calmer waters. Asset values are stabilising and occupier
markets remain supportive of rental growth. Tritax EuroBox (EBOX) is sailing
in these waters too, as demonstrated by a portfolio valuation that has changed
little and a 30% uplift in earnings that now fully covers its 8.6%-yielding
dividend.

The company is well on the way to achieving its aim of reducing its already
low-cost debt to a more conservative loan to value (LTV) level of 40% through
the disposals of mature assets from its portfolio (with proceeds now totalling
€139m). The manager is confident that even after allowing for the sales, the
2024 dividend will be fully covered by earnings. This is because the portfolio
has built-in annual uplifts on current leases and substantial reversion
potential from the letting up of vacant/development space.

With the macroeconomic environment looking brighter and interest rate cuts
slated for this year, the company's 39.4% discount to net asset value (NAV)
seems an attractive entry point.

Full Research:

https://quoteddata.com/research/tritax-eurobox-calmer-waters-qd/
(https://quoteddata.com/research/tritax-eurobox-calmer-waters-qd/)

This research is also available free on our website www.quoteddata.com
(http://www.quoteddata.com) where you will also find news, performance data
and factsheets on every London listed Investment Company. QuotedData writes
and distributes research on a number of quoted companies, facilitates meetings
between those companies and existing and potential investors and assists in
raising additional capital where required.

NB: Marten & Co was paid to produce this note on Tritax EuroBox Plc, and
it is for information purposes only. It is not intended to encourage the
reader to deal in the security or securities mentioned in this report. Please
read the important information at the back of this note. QuotedData is a
trading name of Marten & Co Limited which is authorised and regulated by
the Financial Conduct Authority. Marten & Co is not permitted to provide
investment advice to individual investors categorised as Retail Clients under
the rules of the Financial Conduct Authority.

QUOTEDDATA

50 Gresham Street | London EC2V 7AY

Tel: +44 (0) 20 3691 9430

www.quoteddata.com (http://www.quoteddata.com) | research@quoteddata.com
(mailto:research@quoteddata.com) | www.martenandco.com
(http://www.martenandco.com)

 

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  NRATBMLTMTJTMII