Tritax EuroBox announces continuing robust rent collection underpinned by the critical nature of prime logistics assets in Continental Europe.
Positive structural tailwinds in the form of accelerated omnichannel take-up, urbanisation and digitalisation, which Covid-19 is further strengthening, continue to reinforce the importance of prime, sustainable, modern and highly automated logistics space to occupiers. The Company’s portfolio demonstrates this, comprising buildings which are key operating assets for tenants’ businesses, handling the goods and services that their underlying customers continue to require.
Since the previous rent collection announcement, as at 12 February 2021:
• 100% of agreed rent due has been received; and
• there have been no requests from occupiers to waive or defer rent.
In the financial year to September 2020, approximately €1.6 million of rent was deferred to be received in nine equal monthly instalments from January to September 2021. The repayments for January and February have been received in full, as expected. The robustness of the Company’s rent collection supports this week’s dividend announcement increasing the Company’s quarterly dividend from a previous level of 1.1 cent per share to 1.25 cent per share.
Mehdi Bourassi, Finance Director of Tritax EuroBox, commented: “Our consistently strong rent collection figures demonstrate the very strong resilience of our assets, reinforcing the importance of these buildings to our tenants as they form a critical part of their business operations. The profound structural changes in consumer behaviour across the market continue to transform the European real estate market and further strengthen the prospects for the European logistics sector. Our assets are ideally positioned to capture these opportunities and to deliver further dividend growth and robust shareholder returns.”
