Tritax Big Box REIT () said 2020 saw record demand for logistics space driven by ongoing growth in e-commerce, upgrades to supply chains and Brexit.
The FTSE 100 group added that the supply of prime sites remains constrained by the planning process and development timelines.
Tritax added that more than a third of its rent roll is up for renewal in 2021, which gives it confidence for the current year given the strong backdrop.
Against the backdrop of Covid-19, rent collection performance was 99.4% of the rent falling due for 2020 collected by the year end and payment plans in place to collect the balance.
“Our expectation is that we will collect 100% of the 2020 rent due in full,” it added.
Net asset value over the year to end-December 2020 rose by 15.7% to 175.6p, with rent roll up by 8% to £181mln and value of the portfolio rising by 12% to £4.4bn.
The dividend for the year is 6.4p, down from 6.85p, a year earlier, though broker Peel Hunt said that on an annualised basis this equates to 6.85p.
“No new pre-lets were announced, but given the strength of the occupier market we would not be surprised to see BBOX push forward with some speculative development in the year,” added the broker.
The broker increased its net asset value forecast for 2021 by 2% to 187p, its EPS forecast by 4% to 7.3p and the dividend by 5% to 6.85p.