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Tritax Big Box (BBOX)

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idpickering
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Re: Tritax Big Box (BBOX)

#450280

Postby idpickering » October 15th, 2021, 10:01 am

GRESB 2021 Survey Results

AWARDED LEADER FOR DEVELOPMENT IN THE EUROPEAN AND GLOBAL INDUSTRIAL LISTED SECTORS

AWARDED 81/100 AND FOUR GREEN STARS FOR OUR STANDING PORTFOLIO

Acting sustainably and responsibly is fundamental to our ability to deliver long-term value for shareholders and other stakeholders

Tritax Big Box REIT plc (the Company) (ticker: BBOX), a leading investor in and developer of high-quality large scale sustainable logistics real estate in the UK, is pleased to announce that in the 2021 survey by GRESB (Global Real Estate Sustainability Benchmark) released today the Company has been awarded four Green Stars out of a maximum of five. This compares to the previous three stars awarded to the Company in 2020.

Our GRESB 2021 score of 81/100 for the Company's standing portfolio shows strong improvement against our 2020 GRESB survey score of 72/100 and compares very favourably against the 64/100 average score in 2021 for its peer group.

The Company has also been awarded the GRESB 2021 Leader for Development in the European and Global Industrial Listed Sectors, achieving the highest score for the industrial sector with a score of 97/100 and the maximum of five Green Stars (2020: 91/100, five Green Stars).

The latest GRESB scoring reflects the Company's strong and increasing focus on ESG to improve further the ESG performance and credentials of the Company both through its investment and development portfolios, with progress achieved by delivering enhanced sustainability initiatives, such as solar PV and sustainable construction practices. The high and improved scoring also recognises the embedding and enhancing of ESG practices by the Company and the Manager, from governance policies and ESG risk assessment through to employee and wider stakeholder engagement. The strong and strengthening tenant engagement also increased this year's data collection significantly, enabling the Company to enhance measurement and drive further sustainability improvements both now and going forward.

We have further enhanced the Company's ESG credentials with our debut £250 million green bond issuance in November 2020, the First Sterling Green Bond Issuance by a UK REIT. This is now contributing towards the funding of the Company's extensive pipeline of new developments that are being built as best-in-class, net zero carbon buildings and which will be BREEAM certified as either "Very Good" or "Excellent."

We continue to create and implement programmes that further enhance the Company's ESG credentials over both the short and longer term, supporting the Company's 2030 Sustainability Strategy and Vision. We recognise the importance of sustainability to our customers, shareholders and the communities around our assets. We firmly believe that a rigorous focus on sustainability will ensure our long-term viability and commercial success, by helping us to make sound decisions in the best interest of all our stakeholders.


https://www.investegate.co.uk/tritax-bi ... 07312264P/

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Re: Tritax Big Box (BBOX)

#452040

Postby idpickering » October 21st, 2021, 4:13 pm

Dividend Declaration

The Board of Directors of Tritax Big Box REIT plc (ticker: BBOX) has today declared an interim dividend in respect of the period from 1 July 2021 to 30 September 2021 of 1.60 pence per ordinary share, payable on or around 17 November 2021 to shareholders on the register on 29 October 2021. The ex-dividend date will be 28 October 2021.

As previously announced, the intention is for the first to third quarter dividend payments to each represent 25% of the previous financial year's full year dividend. The fourth quarter dividend will be used to determine the level of any potential progression.

This dividend will be a Property Income Distribution ("PID").


https://www.investegate.co.uk/tritax-bi ... 15578212P/

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Re: Tritax Big Box (BBOX)

#476449

Postby idpickering » January 27th, 2022, 7:39 am

Trading Update

Market fundamentals remain strong

Strong occupier demand and historically low levels of available space are combining to create rental tension across the UK1.

· Occupier demand remains high with take up in 2021 exceeding 42 million sq ft for the second consecutive year (5-year average annual take up: 29 million sq ft).

· Volume of outstanding occupier requirements remains consistent with the record level of Q4 2020.

· There remains a shortage of ready to occupy vacant space with Q4 2021 vacancy at just 1.6%, which has led to occupiers moving early to secure units ahead of practical completion.

· UK logistics investment volumes totalled a record £16.5bn in 2021, up from £9.2bn in 2020. Recently completed transactions point to further downward pressure on prime yields.

· Yields for high quality buildings with 15+ year unexpired lease terms and either open market or index linked reviews are around 3.5% or below.


https://www.investegate.co.uk/tritax-bi ... 00097759Z/

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Re: Tritax Big Box (BBOX)

#476574

Postby richreduk » January 27th, 2022, 2:10 pm

Was I alone in not finding this a very "trading" Trading Update - the first half was blurb about the sector market conditions, the second half had some blurb but few details to say we're speeding up our development activities, and nothing about rent collection, increases, acquisitions, disposals etc - it felt like a box ticking exercise - we have nothing to say but an RNS to file ....

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Re: Tritax Big Box (BBOX)

#476577

Postby BullDog » January 27th, 2022, 2:16 pm

richreduk wrote:Was I alone in not finding this a very "trading" Trading Update - the first half was blurb about the sector market conditions, the second half had some blurb but few details to say we're speeding up our development activities, and nothing about rent collection, increases, acquisitions, disposals etc - it felt like a box ticking exercise - we have nothing to say but an RNS to file ....

If returns on new warehousing are 3.5% or below, presumably before overheads, then the sector is over valued and due a correction? At yields of 3.5% or thereabouts, I don't see it as an attractive business any more? I have some BBOX and I am nervous about it's (over?) valuation. BBOX share price, from memory, is about 65% up in around 18 months.

idpickering
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Re: Tritax Big Box (BBOX)

#476613

Postby idpickering » January 27th, 2022, 4:44 pm

BullDog wrote:If returns on new warehousing are 3.5% or below, presumably before overheads, then the sector is over valued and due a correction? At yields of 3.5% or thereabouts, I don't see it as an attractive business any more? I have some BBOX and I am nervous about it's (over?) valuation. BBOX share price, from memory, is about 65% up in around 18 months.


I've held BBOX since 28 Aug 2020, with my average purchase price being 157.8p. I'm 49.8% up in capital value terms as I type. I hold them in my 28 share HYP, of which BBOX make up 3.8%, again in capital value terms of my HYP whole. I'm very happy with BBOX enjoying the diversification they bring to my overall portfolio, and have no plans of selling my BBOX shares.

Ian.

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Re: Tritax Big Box (BBOX)

#476703

Postby airbus330 » January 27th, 2022, 9:41 pm

Just possible that EBOX has better legs on it for the near future.

idpickering
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Re: Tritax Big Box (BBOX)

#476750

Postby idpickering » January 28th, 2022, 6:14 am

airbus330 wrote:Just possible that EBOX has better legs on it for the near future.


I had toyed with buying into them too. I know that one of our mods is an investor in them, but what puts me off is the 2.3% "ongoing charge", whatever that is, as shown in this from HL here; https://www.hl.co.uk/shares/shares-sear ... x-plc-gbx1

I see they're currently on a small discount of -2% if anyone's interested in buying?

I'm willing to listen to wiser Fools than I if they think otherwise?

Ian.

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Re: Tritax Big Box (BBOX)

#476804

Postby airbus330 » January 28th, 2022, 10:28 am

Only observation is that BBOX is trading at a 27% premium and EBOX a small discount. I like both of them, but feel EBOX still has room to grow if enthusiasm for the sector continues. Also dividend on EBOX is better. I have swapped into EBOX recently after a very happy run with BBOX, almost certainly the wrong decision!

idpickering
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Re: Tritax Big Box (BBOX)

#483942

Postby idpickering » March 3rd, 2022, 7:12 am

Results for the 12 months ended 31 December 2021

Strong income and capital growth delivering record total accounting returns

· Adjusted EPS up 14.8% to 8.23p (2020: 7.17p) driven by development completions, portfolio rental growth and higher development management agreement (DMA) income. Adjusted EPS, excluding DMA income above our anticipated run-rate, grew 6.8% to 7.38p (2020: 6.91p).

· Dividend growth of 4.7% to 6.70p per share, 91% pay-out ratio when adjusted for exceptional DMA income3.

· Record Total Accounting Return of 30.5% (2020: 19.9%), driven by execution of strategy and strong market conditions.

Long-term structural drivers underpin unprecedented demand in our market

· Strong market take-up of 42.4 million sq ft in 2021 (2020: 43.0 million sq ft), 64% higher than the annual average since 2010.

· Limited supply response has led to record low 1.6% market vacancy (2020: 4.1% vacancy) and strong rental growth.

· Opportunity for further prime market yield compression in 2022 as investor interest in logistics remains high.

Enhanced sustainability performance

· Sustainability initiatives improving environmental, social and governance (ESG) ratings:

o GRESB: Four Green Stars = 81/100 (2020: Three Green Stars = 72/100) and awarded Leader for Development in the European and Global Industrial Listed Sectors.

o Sustainalytics: Improved from 14.6 to 8.9 (Negligible Risk), Management Score 32.7 to 57.2 (Strong).

o MSCI: Upgraded to BBB from BB.

Significant value gains reflecting quality of assets, and strength of performance across entire portfolio

· 24.3% increase in portfolio value to £5.48 billion (31 December 2020: £4.41 billion) from development gains, asset management activity and strong market conditions, including a capital valuation surplus of 19.1% (net of capex).

· Portfolio's high-quality, long-term and resilient income reflected in:

o 100% rent collection achieved for both 2020 and 2021.

o WAULT of 13.0 years as at 31 December 2021 (31 December 2020: 13.8 years).

o 0% vacancy (2020: 0%).

And later;

Dividends

We aim to deliver an attractive and progressive dividend. Our policy is for the first three quarterly dividends to each represent 25% of the previous full year dividend. We then use the fourth-quarter dividend to determine any progression and aim to achieve an overall pay-out ratio in excess of 90% of Adjusted earnings.

We base our dividend decision on the long-term and stable earning potential of the business. For this reason, we do not factor in the full effects of the more variable other operating income generated by our successful third-party Development Management Agreements (DMAs), instead choosing to reinvest these proceeds to support future earnings growth.

Having declared three interim dividends of 1.60 pence per share each, the Board declared an interim dividend in respect of the fourth-quarter of 1.90 pence per share, giving a total for the year of 6.70 pence (2020: 6.40 pence), up 4.7%. The pay-out ratio was 91% when adjusting for DMA income above the expected run rate.


https://www.investegate.co.uk/tritax-bi ... 00064612D/

idpickering
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Re: Tritax Big Box (BBOX)

#483950

Postby idpickering » March 3rd, 2022, 7:35 am

Issued separately;

DIVIDEND DECLARATION

The Board of Directors of Tritax Big Box REIT plc (ticker: BBOX) has today declared an interim dividend in respect of the period from 1 October 2021 to 31 December 2021 of 1.90 pence per ordinary share, payable on or around 31 March 2022 to shareholders on the register on 11 March 2022. The ex-dividend date will be 10 March 2022.

This dividend will be a Property Income Distribution ("PID").

Following the payment of this dividend, the Company will have paid, in aggregate, 6.70 pence per ordinary share in respect of the year ended 31 December 2021, an increase of 4.7% against 2020.


https://www.investegate.co.uk/tritax-bi ... 00094607D/

idpickering
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Re: Tritax Big Box (BBOX)

#498306

Postby idpickering » May 4th, 2022, 7:17 am

1st Quarter Results.

Positive start to the year; continued development and asset management progress

Tritax Big Box REIT plc (the Company), in conjunction with its Annual General Meeting, announces an update on its performance for the period 1 January 2022 to date.

"We have made a positive start to the year as we continue to drive performance across all business areas. Demand from a broad range of occupiers for new logistics space remains very strong, underpinning our confidence in our growth prospects. We are actively managing our portfolio, completing several rent reviews and lease extensions during the period which will deliver attractive levels of income growth. With 3.1 million sq ft of space currently under construction we have growing visibility on accelerating earnings growth over the medium-term."

"The UK has entered a period of higher inflation however I am reassured by how the Company is positively responding to date. We are mitigating much of the construction cost inflation in our near-term development pipeline through our specialist approach to procurement, locking in fixed price building contracts, and our ability to pass through increased costs to rents. Our active management of open market rent reviews, the significant proportion of inflation linked leases and strong occupier demand combined provide a good degree of inflation protection."

Colin Godfrey, CEO

Strong demand from a broad range of occupiers supports market strength

Strong and diversified occupier demand combined with historically low levels of availability are leading to further rental growth across the UK.

· Near record levels of demand from a range of occupier types with 10.4 million sq ft of take up in Q1 2022, up 102% on Q1 2021.

· Nationwide vacancy rate remains at 1.6%[1]. The shortage of vacant space is encouraging occupiers to lease speculative buildings under construction or commit faster to new build to suit projects.

· Q1 2022 logistics investment volumes totalled £2.5 billion, up 19% on Q1 2021[2], with yields for high-quality investments tightening to approximately 3.25%1.



Development on track to deliver 3-4 million sq ft of starts in FY2022

We are well positioned to capitalise on near record levels of occupier demand for high-quality logistics space though our development pipeline. Development progress in the year-to-date include:

· 1.8 million sq ft of construction commenced, 56% pre-let, securing £6.0 million of contracted rent.

· 3.1 million sq ft of developments currently under construction:

o 1.3 million sq ft pre-let or let during construction, securing £8.4 million of contracted rent.

o Remaining units have the potential to add a further £15.2 million to contracted rent.

· Planning consent secured for a further 0.6 million sq ft of development, across two sites.

· As outlined at our FY results presentation in March 2022, well reported cost inflation is impacting our nearer term development pipeline. We are mitigating much of this by our careful approach to procurement, the use of fixed price construction costs and our ability to capture rental growth.

· We remain on-track to deliver an accelerated level of 3-4 million sq ft of development starts in FY 2022, within our 6-8% yield on cost target range, the earnings impact of which will be delivered through FY2023 and FY2024.



https://www.investegate.co.uk/tritax-bi ... 08302506K/

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Re: Tritax Big Box (BBOX)

#498313

Postby BullDog » May 4th, 2022, 8:13 am

Notable that Big Box had a bit of a bad day yesterday. It's been obvious that the big warehouse sector has been overheated for a while. The rate at which the countryside is being plastered over with huge new warehouses will in time mean there's a surplus of them and the inflated premium to NAV will be under pressure. The usual cycle of demand and supply. With the supply eventually overshooting as it usually does. We've had a terrific run at BBOX in the interim though. No doubt about that.

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Re: Tritax Big Box (BBOX)

#498357

Postby idpickering » May 4th, 2022, 10:35 am

BullDog wrote:Notable that Big Box had a bit of a bad day yesterday. It's been obvious that the big warehouse sector has been overheated for a while. The rate at which the countryside is being plastered over with huge new warehouses will in time mean there's a surplus of them and the inflated premium to NAV will be under pressure. The usual cycle of demand and supply. With the supply eventually overshooting as it usually does. We've had a terrific run at BBOX in the interim though. No doubt about that.


Thanks for your input, and sharing your thoughts on BBOX. I agree with what you’ve said. I bought into the firm on 28 August 2020, and haven’t touched it since. Tbh, I’m ok with that, and that’s how it’s going to be going forward methinks. Masterly, yeah right, inaction from me. Lol

Ian.

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Re: Tritax Big Box (BBOX)

#498418

Postby monabri » May 4th, 2022, 12:51 pm

idpickering wrote:
airbus330 wrote:Just possible that EBOX has better legs on it for the near future.


I had toyed with buying into them too. I know that one of our mods is an investor in them, but what puts me off is the 2.3% "ongoing charge", whatever that is, as shown in this from HL here; https://www.hl.co.uk/shares/shares-sear ... x-plc-gbx1

I see they're currently on a small discount of -2% if anyone's interested in buying?

I'm willing to listen to wiser Fools than I if they think otherwise?

Ian.



Interactive Investor won't allow me to buy EBOX as it claims "We are unable to trade this security as there is no KID/KIID document available." On the Hargreaves website, however, there is a KID available for download.

iWeb doesn't recognise "EBOX".

No problems with BBOX but I have no interest there ( premium).

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Re: Tritax Big Box (BBOX)

#498424

Postby MDW1954 » May 4th, 2022, 1:13 pm

monabri wrote:
idpickering wrote:
airbus330 wrote:Just possible that EBOX has better legs on it for the near future.


I had toyed with buying into them too. I know that one of our mods is an investor in them, but what puts me off is the 2.3% "ongoing charge", whatever that is, as shown in this from HL here; https://www.hl.co.uk/shares/shares-sear ... x-plc-gbx1

I see they're currently on a small discount of -2% if anyone's interested in buying?

I'm willing to listen to wiser Fools than I if they think otherwise?

Ian.



Interactive Investor won't allow me to buy EBOX as it claims "We are unable to trade this security as there is no KID/KIID document available." On the Hargreaves website, however, there is a KID available for download.

iWeb doesn't recognise "EBOX".

No problems with BBOX but I have no interest there ( premium).


I do indeed have a modest holding of EBOX, although my holding of BBOX is much larger.

Also much larger is my holding of ASLI, which is a very similar beast to EBOX.

A suggestion: EBOX actually trades under two tickers, EBOX and BOXE. Try BOXE.

MDW1954

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Re: Tritax Big Box (BBOX)

#498445

Postby monabri » May 4th, 2022, 2:30 pm

MDW1954 wrote:
I do indeed have a modest holding of EBOX, although my holding of BBOX is much larger.

Also much larger is my holding of ASLI, which is a very similar beast to EBOX.

A suggestion: EBOX actually trades under two tickers, EBOX and BOXE. Try BOXE.

MDW1954


Thanks, that worked!

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Re: Tritax Big Box (BBOX)

#498460

Postby gnawsome » May 4th, 2022, 3:52 pm

BullDog wrote:Notable that Big Box had a bit of a bad day yesterday. It's been obvious that the big warehouse sector has been overheated for a while. The rate at which the countryside is being plastered over with huge new warehouses will in time mean there's a surplus of them and the inflated premium to NAV will be under pressure. The usual cycle of demand and supply. With the supply eventually overshooting as it usually does. We've had a terrific run at BBOX in the interim though. No doubt about that.


I'd agree with all of that such that BBOX is my largest holding followed by several others of that ilk.No doubt there will be those who will talk them down -- for their own purposes.
My underlying thought is that the land cost can be subject to many factors but the material and labour costs of construction are pretty much locked in and will have a rising value for as long as the demand for space continues in the locations that have been selected.

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Re: Tritax Big Box (BBOX)

#498463

Postby idpickering » May 4th, 2022, 4:38 pm

Dividend Declaration.

The Board of Directors of Tritax Big Box REIT plc (ticker: BBOX) has today declared an interim dividend in respect of the period from 1 January 2022 to 31 March 2022 of 1.675 pence per ordinary share, payable on or around 1 June 2022 to shareholders on the register on 13 May 2022. The ex-dividend date will be 12 May 2022.

In accordance with the Company's dividend policy, the first, second and third quarter dividend payments will each represent 25% of the previous financial year's annual dividend of 6.70 pence per ordinary share. The level of the fourth quarter dividend will be used to determine any potential dividend progression, with an overall aim to achieve a pay-out ratio in excess of 90% of Adjusted earnings.

This dividend will be a Property Income Distribution ("PID").


https://www.investegate.co.uk/tritax-bi ... 45103410K/

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Re: Tritax Big Box (BBOX)

#506770

Postby idpickering » June 13th, 2022, 7:16 am

One million sq ft of new development lettings secured at Rugby.

Tritax Big Box REIT plc (Tritax Big Box or the Company) announces that is has successfully leased one million sq ft across four buildings at its Symmetry Park Rugby development site to a global leader in storage and information management services (the Customer).

Extensive land portfolio supports the long-term growth ambitions of our customers

These logistics facilities will support our new Customer's growth ambitions by enabling it to create its first UK campus, capable of delivering a full range of services for its clients. The lettings also support the development programme at Tritax Big Box's Rugby site, which benefits from planning consent to deliver approximately 1.9 million sq ft of logistics space and access to key transport infrastructure.

Enhancing our portfolio with high-quality and sustainable assets

The buildings will be state of the art and, in line with our leading and integrated approach to ESG, will:

· Be constructed to BREEAM Very Good rating;

· Target an EPC rating of A;

· Achieve net zero carbon in construction, and

· Initially provide 20% solar PV roof covering with potential to increase.

Delivering attractive returns to investors

The Customer is leasing four buildings, of which two are from our speculative development programme, and has entered into a further two pre-lets on buildings which will be constructed on a built-to-suit basis, noting that:

· Each of the four buildings will be let on a new 15 year lease with five yearly open market rent reviews;

· Collectively the four buildings are expected to deliver a yield on cost within our 6-8% guidance range;

· Delivery of the buildings will be phased, with:

o 321,000 sq ft due to practically complete in Q2 2023 (forming part of our current speculative development programme where construction commenced in May 2022)

o 643,000 sq ft of pre-let space expected to practically complete in late 2023.


https://www.investegate.co.uk/tritax-bi ... 00055586O/

This is good news imho. I hold, and am mulling over topping up my holdings soon?

Ian.


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