Tritax Big Box (BBOX)

[idpickering]

NOTICE OF HALF YEAR RESULTS

https://www.investegate.co.uk/tritax-bi ... 00122148T/

Ian.

[idpickering]

Results for the six months ended 30 June 2022.

Strategic delivery supporting continued growth

· 5.6% operating profit growth from strategic delivery of development completions, asset management and LFL rental growth.

· Adjusted EPS of 3.73p (H1 2021: 4.03p) reflecting reduced development management (DMA) income partially offset by development completions and rental growth.

o Excluding additional DMA income in prior period, Adjusted EPS increased 1.1% to 3.73p3, with development completions and rental growth offsetting 8.7% increase in average share count following 2021 equity raise.

· 10.5% growth in contracted annual rent primarily through development letting activity supporting future accretive earnings growth.

· 4.7% dividend growth to 3.35p, representing 90% pay-out ratio when adjusting for additional DMA income3.

· Total Accounting Return of 10.7% (H1 2021: 12.5%) driven by continued execution of strategy.

· EPRA cost ratio of 15.2% expected to return to previous levels as Current Development Pipeline becomes income generating.

· Strong balance sheet with low LTV, no near-term refinancing requirements and 100% of drawn debt benefiting from either fixed or capped interest rates with an average cost of debt of 2.52%.

Market supported by positive and enduring structural drivers resulting in record occupier demand

· Record market take-up of 22.6 million sq ft in H1 2022, up 9.5% on H1 2021, as occupiers continue to enhance their supply chains.

· Supply of logistics space remains highly constrained; 1.2% vacancy rate resulting in rapid leasing of buildings and rental growth.

· H1 2022 investment volumes remained healthy at £4.2 billion (H1 2021: £5.2 billion) supported by structural drivers in logistics real estate.

And later;

Our dividend policy is to provide an attractive and progressive level of dividend for shareholders, aiming to achieve an overall pay-out ratio greater than 90% of Adjusted earnings. The distribution methodology is for each of the first three quarterly dividends to represent 25% of the previous full year dividend. We use the fourth-quarter dividend to determine the level of any progression. In line with that, we have declared two interim dividends of 1.675 pence each, to give a total for the period of 3.35 pence, up 4.7% on H1 2021. Along with the growth in EPRA NTA, this resulted in an attractive Total Accounting Return of 10.7%.

On 28 July 2022, the Company announced the declaration of the second interim dividend in respect of the year ended 31 December 2022 of 1.6750 pence per share payable on 25 August 2022. In relation to the total dividends declared for the period of 3.35 pence, 3.35 pence is a property income distribution (PID).

https://www.investegate.co.uk/tritax-bi ... 00068494U/

Ian.

[ISAnoob]

Does anyone know why the share price has halved in the last 6 months?

[Dod101]

Does anyone know why the share price has halved in the last 6 months?

For the same reason that Segro is down about 1/3rd. These companies have gone off the boil since Amazon I think it was saw that there was a limit to how space they actually needed. They have had a fantastic run and we should all have taken profits when prices were going through the roof. Nothing continues at that pace forever.

In other words, sentiment turned against them.

Dod

[monabri]

BBOX - The discount to NAV has swung from a max of c. +30% to almost -40% in 9 months....that's really a change of sentiment!

(I'm contemplating a SEGRO top up! )

[Dod101]

BBOX - The discount to NAV has swung from a max of c. +30% to almost -40% in 9 months....that's really a change of sentiment!

(I'm contemplating a SEGRO top up! )

I would have thought a Segro top up at current prices would be a good move. I only hold it in the sector because it is not so dependent on 'big box' customers. It has been in the game for much longer and is well spread geographically too.

Dod

[idpickering]

Dividend Declaration.

The Board of Directors of Tritax Big Box REIT plc (ticker: BBOX) has declared an interim dividend in respect of the period from 1 July 2022 to 30 September 2022 of 1.675 pence per ordinary share, payable on or around 3 November 2022 to shareholders on the register on 21 October 2022. The ex-dividend date will be 20 October 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 ... 00174072C/

Ian.

[idpickering]

Trading Update.

Strong operational performance - record development lettings - resilient portfolio

Tritax Big Box REIT plc (the Company), a UK leader in high-quality logistics real estate, today announces an update on its performance for the financial year ended 31 December 2022 (FY 2022), ahead of the release of its results on 2 March 2023.

Colin Godfrey, Tritax Big Box CEO, commented:

"We delivered excellent operational performance in FY 2022 underpinned by record development lettings and further development starts as we continued to capitalise on a strong occupational market .

"Against this positive operational performance, the macroeconomic backdrop has been challenging with increasing inflation and interest rates leading to a significant weakening of the investment market and material falls in asset values in the second half of the year across the sector. More recently, however, given the attractive long-term fundamentals of UK logistics, we are seeing encouraging early signs of stabilisation in the investment market and greater discernment over asset quality which plays to the quality and strength of our portfolio.

"With a more uncertain economic backdrop, stakeholders can take comfort from our very strong balance sheet and highly resilient income, underpinned by triple-net, long-term leases let to a diverse range of robust customers which positions us well to weather this uncertainty."

Occupational market remains strong at near record levels

· 38 million sq ft of UK lettings in 2022 (2021: 42 million sq ft) to a diverse range of occupiers, the third highest year on record and 33% above the 10-year average1.

· UK supply remains constrained with ready to occupy vacant space low at just 2.0% (Q4 2021: 1.6%)1.

· Real estate transaction market remains open but has slowed; distribution warehouse investment volumes totalled £2.4 billion in H2 2022 (H2 2021: £6.1 billion)2.

· Prime market yields for high quality rack-rented buildings with c.15 year unexpired lease terms and open market reviews are around 5.0% (Q4 2021: 3.5%)1.

Record development letting activity increasing contracted annual rent by £23.3 million

· £23.3 million of annual contracted rent secured through 3.1 million sq ft of development lettings within 6-8% yield on cost guidance.

· 2.9 million sq ft of development starts in 2022, of which 2.4 million sq ft (82%) has been let to a diverse range of customers.

o 0.4 million sq ft of 2022 development starts still under construction and unlet with potential to add a further £5.0 million per annum to contracted rent.

o 0.1 million sq ft started at Littlebrook and subsequently sold post practical completion (see below).

· Maintaining long-term development guidance of 2-3 million sq ft per annum (£200-250m of capex) at a 6-8% yield on cost.

Active management continuing to grow income and generate value

· £5.1 million added to annual contracted rent from rent reviews and a lease renewal.

o 7.6% increase in passing rent across the 34.2% of the portfolio subject to lease events.

· Like-for-like ERV growth of 9.1% over the year, with a 19.1% portfolio rental reversion at 31 December 2022.

· Exchanged3 on the sale of £25.0 million of newly developed and vacant non-core assets at Littlebrook, in line with 31 December 2022 independent valuation, and continuing to pursue further disposals to support development capex.

High-quality portfolio with resilient and attractive income characteristics

· £28.4 million growth (14.5%) in annual contracted rent to £224.0 million from development lettings and active management underpinning future earnings growth.

· 100% of rent collected in relation to FY 2022 (FY 2021: 100%).

· Long term leases to a diverse range of large customers with 12.6 years weighted average unexpired lease term (WAULT) as at 31 December 2022.

https://www.investegate.co.uk/tritax-bi ... 00047518N/

Ian (I hold and am likely to top up my holdings soon).

[idpickering]

Notice of Results.

Tritax Big Box REIT plc ("the Company") will announce its results for the twelve months ended 31 December 2022 on Thursday 2 March 2023.

A Company presentation for analysts and investors will take place on the day at 09.00am UK time via a live webcast and conference call.

To view the live webcast, please register in advance at:

https://stream.brrmedia.co.uk/broadcast ... 4a8b5147a1

https://www.investegate.co.uk/tritax-bi ... 00070759Q/

Ian.

[idpickering]

Tritax Big Box REIT plc is awarded an 'AA' rating by MSCI ESG Ratings.

28 February 2023, Tritax Big Box REIT plc ("the Company" or "Tritax Big Box") (ticker: BBOX), a specialist investor in large-scale UK supply chain real assets, today announced that it has been awarded an 'AA' rating in the MSCI ESG Ratings and classified as an industry leader in managing significant ESG risks and opportunities. In 2021 the Company's rating was BBB.

Alan Somerville, Director of ESG, Tritax Management LLP, commented, "We are delighted to be recognised as a leader in managing ESG risks and opportunities by MSCI. Our improved rating reflects our relentless commitment to strong ESG performance and the effectiveness of our active and ongoing programme. ESG is central to our overall strategy and our ability to create value for our shareholders and customers. We will continue to work with our customers and other stakeholders to drive further improvements in this area."

In its assessment, MSCI noted, among other factors, that Tritax Big Box leads peers in sustainability certifications across its portfolio, leads global and home market peers on corporate governance, has strong group-wide safety programmes and improved talent-focused initiatives like job-related skill training.

https://www.investegate.co.uk/tritax-bi ... 00051988R/

Ian.

[idpickering]

Results for the 12 months ended 31 December 2022.

Strong operational performance - record lettings - high-quality portfolio

Increasing contracted rent and expected reduction in costs underpinning future earnings growth

· £28.4 million growth (+14.5%) in annual contracted rent to £224.0 million from development lettings and active management underpinning future earnings growth when compared to current passing rent of £205.1 million.

· 5.3% reduction in Adjusted EPS to 7.79 pence (2021: 8.23 pence) from lower additional development management (DMA) income and increased average share count.

· Excluding additional DMA income:

o Adjusted earnings increased by 8.3% to £140.3 million (2021: £129.6 million); and

o Adjusted earnings per share increased by 1.8% to 7.51 pence (2021: 7.38 pence) with development completions and rental growth more than offsetting a 6.4% increase in average share count.

· 4.5% increase in dividend to 7.00 pence per share; 93% pay-out ratio when adjusting for additional DMA income.

· -15.9% Total Accounting Return (2021: 30.5%) driven by significant outward yield shift across the logistics real estate sector, (a -13.1% portfolio capital value deficit), offset in part by development gains and rental growth.

· EPRA Cost Ratio reflects greater level of assets under construction which are not yet income producing.

o Expected reduction in FY 2023 from reduced management fee and increased rental income from developments.

Occupational market remains at near record levels

· 38 million sq ft of UK lettings in 2022 (2021: 42 million sq ft) to a diverse range of occupiers, the third highest year on record and 33% above the 10-year average.

· UK supply constrained with ready to occupy vacant space remaining low at just 2.0% (Q4 2021: 1.6%)6.

· Transaction market slowed in H2 2022, full year investment volumes totalling £6.7 billion (2021: £11.2 billion).

· Prime market yield for high-quality rack-rented logistics real estate investment with c.15-year unexpired lease and open market rent reviews was 5.0% 6 as at 31 December 2022 (Q4 2021: 3.5%).

Record development lettings secure £23.3 million of contracted annual rent

· £23.3 million of contracted annual rent secured from record 3.1 million sq ft of development lettings in line with 6-8% yield on cost guidance.

· 2.9 million sq ft of development starts in 2022, of which 2.4 million sq ft (82%) has been let to a range of high-quality customers

o 0.4 million sq ft of development starts unlet with potential to add a further £4.7 million per annum to contracted rent.

o 0.1 million sq ft started at Littlebrook and subsequently sold post practical completion (see below).

· £2 .6 million of additional annual rent secured through 0.3 million sq ft of development lettings post period end.

· 2 - 3 million sq ft per annum long-term development guidance (£200 - 250 million) at a 6 - 8% yield on cost maintained.

And later;

Financial performance and dividend

Our underlying financial performance was good and in line with our expectations. Adjusted earnings increased by 8.3% when excluding additional DMA income, although as a consequence of higher average shares in issue we saw a more modest increase in Adjusted EPS 1 of 1.8%. The contribution made by our development activity secured a 14.5% increase in contracted annual rent during 2022. With the majority of these development assets still under construction, and therefore not yet contributing to gross rental income, this provides us with confidence in our ability to grow earnings during 2023, with the full benefit expected in 2024. The decline in the fair value of the portfolio, principally driven by outward yield movements due to macro economic factors, resulted in EPRA Net Tangible Assets of 180.37 pence per share (31 December 2021: 222.60 pence).

The reduction in EPRA NTA will be a contributing factor to an expected reduction in the investment management fee in FY 2023 which, combined with the increasing income contribution from development completions, we believe will result in a lower EPRA Cost Ratio for 2023.

Having paid three interim dividends of 1.675 pence each, we have declared a fourth interim dividend of 1.975 pence per share, to give a total for the year of 7.0 pence, an increase of 4.5% (2021: 6.70 pence).

https://www.investegate.co.uk/tritax-bi ... 00065963R/

Issued separately;

DIVIDEND DECLARATION.

The Board of Directors of Tritax Big Box REIT plc (ticker: BBOX) has declared an interim dividend in respect of the period from 1 October 2022 to 31 December 2022 of 1.975 pence per ordinary share, payable on or around 30 March 2023 to shareholders on the register on 10 March 2023. The ex-dividend date will be 9 March 2023.

Following the payment of this dividend, the Company will have paid, in aggregate, 7.00 pence per ordinary share in respect of the year ended 31 December 2022, an increase of 4.5% against 2021.

1.750 pence of this dividend will be paid as a Property Income Distribution ("PID") in respect of the Company's tax-exempt property rental business and 0.225 pence will be paid as an ordinary UK dividend ("non-PID").

https://www.investegate.co.uk/tritax-bi ... 02015933R/

Ian.

[idpickering]

DIVIDEND DECLARATION

The Board of Directors of Tritax Big Box REIT plc (ticker: BBOX) has declared an interim dividend in respect of the period from 1 January 2023 to 31 March 2023 of 1.75 pence per ordinary share, payable on or around 1 June 2023 to shareholders on the register on 12 May 2023. The ex-dividend date will be 11 May 2023.

https://www.investegate.co.uk/announcement/7511967

Ian (I hold).

[Turf]

Morning Guys

Quick one on Tritax I am getting 20 % tax on the divi, is there anyway out of it ?? if not will sell up its rather annoying

Regards

Pete

[daveh]

Morning Guys

Quick one on Tritax I am getting 20 % tax on the divi, is there anyway out of it ?? if not will sell up its rather annoying

Regards

Pete

Its a REIT so you pay 20% tax on all PIDs in a taxable account. Move it to an ISA or SIPP and you'll pay no tax. Depending on the broker the divi will either be paid gross (if nominee holdings for tax free and taxed accounts are separate) or net of tax which will be reclaimed and appear in your account a few weeks later (if nominee holdings from taxed and tax free accounts are pooled).

[Turf]

Thank you, the holding is in a SIPP so I will contact my provider

Regards

[idpickering]

TRADING UPDATE.

Tritax Big Box REIT plc ("the Company") announces an update on its performance for the year to date.

Colin Godfrey, CEO commented: "We continue to make positive progress delivering our strategy despite a more challenging economic backdrop. Occupational demand remains strong and we are successfully converting customer requirements into new lettings, adding a further £4.1 million to our annual contracted rent in the first four months of the calendar year from development.

"We have taken advantage of investment market conditions to acquire £58.5 million of high-quality urban logistics assets with significant near-term reversionary potential. These assets complement our existing portfolio, broaden our customer offer, and provide additional asset management opportunities to drive income growth.

"Our high-quality portfolio, strong balance sheet, accretive development pipeline and visibility on an attractive range of investment opportunities mean we remain well placed to continue generating long-term value for shareholders."

Stabilising investment market and resilient occupational market

· Economic and capital market uncertainty contributed to investment transactional activity remaining low in Q1 2023, however there are increasing signs of stabilisation in pricing.

· Strong levels of occupational interest within the UK:

o Occupational take up in Q1 2023 totalled 6.6 million sq ft, in line with average Q1 take-up for the past 5 years (6.8 million sq ft)

o Prime headline rents have increased across all regions in Q1 2023, typically by 2-3%.

o These continued positive market dynamics have been reflected across our development and investment portfolio

Development lettings adding a further £4.1 million to annual contracted rent

· 0.5 million sq ft of new development lettings secured adding £4.1 million to annual contracted rent

· 1.4 million sq ft of lease completions in the period adding £10.5 million to passing rent

· 0.9 million sq ft of new planning consents secured bringing total consented undeveloped land portfolio to 8.1 million sq ft

· 6-8% yield on cost guidance maintained with 2023 schemes expected to be delivered in the mid 6-7% range

https://www.investegate.co.uk/announcement/7526055

Ian (I hold).

[idpickering]

Notice of Half Year Results.

Tritax Big Box REIT plc ("the Company") will announce its results for the six months ended 30 June 2023 on Thursday, 3 August 2023.

A Company presentation for analysts and investors will take place on the day at 10.00am UK time via a live webcast and conference call.

To view the live webcast, please register in advance at:

https://stream.brrmedia.co.uk/broadcast ... 79b596c0ae

https://www.investegate.co.uk/announcem ... ts/7661649

Ian.

[idpickering]

Results for the six months ended 30 June 2023.

Earnings driven by rental growth and lower costs

· 5.6% increase in Adjusted EPS to 3.94 pence (H1 2022: 3.73 pence) driven by practical completions of let developments, increasing rents from active management of assets and reduced operating costs from 14% reduction in management fee.

· 4.5% increase in dividend to 3.50 pence per share (H1 2022: 3.35 pence) reflecting 89% of Adjusted EPS payout ratio.

· 3.5% Total Accounting Return (H1 2022: 10.7%) supported by stabilising portfolio valuation.

· 3.1% increase in passing rent to £211.6 million (31 December 2022: £205.1 million).

o Contracted rent unchanged at £224.0 million following incremental £4.1m from development lettings, £2.0m added from rent reviews, offset by £6.1m from disposals.

· Lowest reported EPRA cost ratio of 12.6% (H1 2022: 15.2%), reflecting 9.8% reduction in administrative expenses and increasing net rental income.

· Reduction in IFRS EPS reflects lower valuation surplus during period compared to H1 2022.

Occupational market continues to be supported by long term structural drivers6

· 10.0 million sq ft of UK lettings in H1 2023, in line with 12.8m sq ft pre-pandemic average.

· Vacancy at 3.4% at the period end (31 December 2022: 2.0%), with supply of new space now slowing.

· In H1 2023, UK prime headline rents increased by an average of 4.9%.

· Valuations stabilising, with the CBRE UK Monthly Industrial index recording capital value growth of 1.4% for the six month period.

High-quality and resilient portfolio supporting ongoing like-for-like ERV growth and stabilising valuations

· Total portfolio value of £5.05 billion as at 30 June 2023 (31 December 2022: £5.06 billion), equating to an equivalent yield of 5.3% (31 December 2022: 5.3%).

· Valuation supported by like-for-like Estimated Rental Value (ERV) growth of 3.9% bringing overall portfolio reversion to 21.3%.

· Portfolio composed of institutional-grade customers on long leases with WAULT of 12.1 years (31 December 2022: 12.6 years).

· Maintained 100% rent collection (H1 2022: 100%); approaching 10 years of consistent 100% rent collection.

· 1.9% portfolio vacancy (31 December 2022: 2.1%), reducing to 1.4% post the period end from further development lettings.

· 99% of portfolio rated EPC A-C, with incremental £2.5 million required to bring all assets to a minimum of EPC B rating.

Capturing portfolio reversion and recycling capital into higher-returning opportunities

· Added £2.0 million to contracted rents through rent reviews, achieving 8.8% increase to passing rent across 9.9% of portfolio reviewed.

o Two open market rent reviews completed achieving average 29.2% uplift.

o EPRA like-for-like rental growth of 3.6% (H1 2022: 3.3%) over the period.

And later;

On 2 August 2023, the Company approved the declaration of the second interim dividend in respect of the year ended 31 December 2023 of 1.75 pence per share payable on 31 August 2023. In relation to the total dividends declared for the period of 3.50 pence, 3.50 pence is a property income distribution (PID).

Dividend 1.75p per share, paid on 31 Aug 23.

https://www.investegate.co.uk/announcem ... 23/7672785

Also;

The Board of Directors of Tritax Big Box REIT plc (ticker: BBOX) has declared an interim dividend in respect of the period from 1 April 2023 to 30 June 2023 of 1.75 pence per ordinary share, payable on or around 31 August 2023 to shareholders on the register on 11 August 2023. The ex-dividend date will be 10 August 2023.

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 7.00 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/announcem ... on/7673000

Ian.

[idpickering]

TRITAX BIG BOX SELLS INVESTMENT ASSET FOR £84.3 MILLION AT 4.0% NIY.

Tritax Big Box REIT plc ("Tritax Big Box" or "the Company") today announces it has successfully exchanged contracts for the sale of an investment asset let to Howdens in Raunds for a net consideration of £84.3 million, in line with its December 2022 and June 2023 valuations, and reflecting a net initial yield of 4.0%. The purchaser is a leading UK institutional investor in real estate.

The investment asset is one of three buildings at Raunds developed for and let to Howdens Joinery Group Plc. It comprised a 659,000 sq ft logistics building, which the Company has owned for seven years, with an unexpired lease term at exchange of approximately 23 years. The investment disposal reduces the geographical and occupier concentration whilst delivering an attractive return over the hold period. Howdens continues to occupy the remaining two buildings, which are owned by Tritax Big Box.

The transaction brings the total value of disposals exchanged or completed so far in 2023 to approximately £235 million.

https://www.investegate.co.uk/announcem ... iy/7673064

Ian.

[idpickering]

Issue of Equity.

Tritax Big Box REIT plc, a UK leader in high-quality logistics real estate, today announces the issue of 34,911,333 new ordinary shares in the Company ("Ordinary Shares") at an issue price of £1.4200 per share, being the closing mid-market share price on Thursday, 10 August 2023 (being the date immediately prior to the allotment of the new Ordinary Shares).

The 34,911,333 new Ordinary Shares have been issued to certain members of the original Tritax Symmetry Holdings Limited ("TSHL") management team as part of the settlement of their incentive arrangements agreed at the time of the acquisition of TSHL in February 2019.

https://www.investegate.co.uk/announcem ... ty/7694931

Ian.