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● TRITAX BIG BOX Operating profit¹ Adjusted earnings per share² Dividend per share Dividend pay - out ratio Dividend pay - out ratio ( ex . additional development management income ) 3 Total Accounting Return IFRS earnings per share EPRA cost ratio ( including vacancy cost ) ● TRITAX BIG BOX REIT PLC Excellent first half performance - continued strategic progress - positive outlook reaffirmed Tritax Big Box REIT plc ( the Group ) reports its results for the six months from 1 January to 30 June 2021 . EPRA Net Tangible Assets per share Portfolio value4 Contracted annual rent roll Weighted average unexpired lease term ( WAULT ) Loan to value ( LTV ) IFRS net asset value per share 30 June 2021 £ 84.1m 4.03p 3.20p 79 % 87 % 12.5 % 21.96p 14.1 % 30 June 2021 194.22p £ 4.89bn £ 189.0m 13.4 yrs 30.3 % 188.57p 30 June 2020 £ 70.6m 3.26p 3.13p 96 % 96 % 4.2 % 6.04p 14.1 % O O 5 August 2021 31 Dec 2020 175.61p £ 4.41bn £ 180.6m 13.8 yrs 30.0 % 169.92p Change + 19.1 % + 23.6 % + 2.4 % +8.3 pts + 263.6 % Continued strong income and capital growth 23.6 % increase in Adjusted EPS to 4.03p ( H1 2020 : 3.26p ) driven by development completions , rental growth , and an increase in development management income . Excluding additional development management income greater than our anticipated run rate , Adjusted EPS was 3.69p³ , an increase of 13.2 % . 2.4 % dividend growth with two interim dividends declared totalling 3.20p , a pay - out ratio of 87 % when adjusting for additional development management income³ . Increase in Total Accounting Return to 12.5 % ( H1 2020 : 4.2 % ) reflecting successful strategic delivery within a strong market . Sustainability strategy driving improving ESG ratings : Sustainalytics improved from 14.6 to 9.0 ( Negligible Risk ) , Management Score increased from 32.7 to 56.7 ( Strong ) . Inclusion in FTSE4Good , increasing score from 2.3 / 5 to 3.2 / 5 . + 10.6 % + 10.9 % + 4.7 % -0.4 yrs +0.3 pts + 11.0 % Unprecedented demand for prime logistics space supported by long - term positive structural drivers Highest H1 take - up on record of 21 million sq ft with a further 16 million sq ft of space currently under offer , of which 48 % is for space > 500k sq ft . Limited development response relative to demand has led to record low 2 % vacancy and strong rental growth across all regions . Positive outlook for logistics property has resulted in higher investor allocations into the sector , driving prime yields down further . Strong growth in portfolio valuation reflecting high quality of assets and customers Development gains , asset management and strong market conditions contributed to a portfolio value of £ 4.89 billion ( 31 December 2020 : £ 4.41 billion ) , including a capital valuation surplus of 7.3 % , net of capex . 100 % rent collection achieved for FY 2020 , 99.5 % of rent due for H1 2021 collected and all arrears expected to be received by the end of the year . WAULT of 13.4 years as at 30 June 2021 ( 31 December 2020 : 13.8 years ) , underpinning long - term security of income , and 0 % vacancy rate in the portfolio . Accelerating levels of development activity delivering income growth at an attractive yield on cost Significant development activity , expected to accelerate in H2 2021 , with the potential to add a further £ 19.1 million rent : 0.7m sq ft of pre - lets practically completed adding £ 5.5 million to passing rent . 1.0 million sq ft of development assets under offer , with potential to add £ 8.2 million of rent . 0.6 million sq ft of speculative construction started , capable of delivering a further £ 4.4 million of rent . 0.9 million sq ft of further speculative construction expected to start in H2 2021 , potentially adding an additional £ 6.5 million of rent . £ 8.9 million of other operating income delivered through Development Management Agreements ( DMA ) . O £ 21.6 million of DMA profit delivered to shareholders since acquisition of Tritax Symmetry . 2.4 million sq ft of further planning consent granted in the period - and maintaining 100 % planning success to date . Near - term development pipeline of 10.4 million sq ft , of which 87.2 % had planning consent at 30 June 2021 .