|Tritax Big Box REIT
||EPS - Basic
||Market Cap (m)
|Real Estate Investment Trusts
Tritax Big Box Share Discussion Threads
Showing 501 to 524 of 525 messages
|Updated Financial Calendar|
|Well, fast response from company:
Thank you for your email. We are currently uploading the proposed timetable for 2017 to the Company's website and it should be available from tomorrow morning.
|So re-iterated that we move to quarterly dividends from Jan 1st but no announcements or on website about when to expect first payment or ex-div date? Have I missed this?|
|Looks a good one to park some cash, with quarterly divi payments from 01Jan this year too.
Prefer to get in around 130p though, resistance 139p & 148p, support 130p|
|Tricky to understand what this update is saying since little comparison to last year|
The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce the following update ahead of the publication of the Company's results for the year ended 31 December 2016 (currently expected to be released on or around 8 March 2017).
· A portfolio of £1,877 million (including forward funded commitments)1 invested in 35 Big Box assets let to 29 tenants
· 33 standing assets and two pre-let forward funded developments, with a combined floor space of 18.2 million sq. ft. (of which 1.1 million sq. ft. is under construction)
· Ten new investments made in 2016, with an aggregate purchase price of £524 million
· Contracts exchanged on 23 December 2016 for two forward funded developments totalling £102 million, both pre-let to Howdens Joinery Group Plc, conditional on receiving planning consent. Planning consent is expected to be obtained in March 2017, which will further enhance the portfolio value
· 80% of assets acquired off-market since inception with average purchase yield of 5.7%
· Current weighted average unexpired lease term across the portfolio of 15.3 years2
· Portfolio 100% let with contracted annual rental income of £99.7 million as at 31 December 2016
· All leases provide for upward only rent reviews, of which 44% are open market, 35% are fixed uplift, 14% are RPI/CPI-linked and 7% are hybrid
· High quality institutional grade tenant mix with strong financial covenants - 81% of tenants are listed PLCs (61% in the FTSE 100 or FTSE 250)3
· Strong price resilience observed in the industrial logistics sector with modest capital value improvement during H2 2016
· Strong pipeline of attractively priced, off-market investment opportunities identified with several properties currently under offer
· Progressive dividend policy with target dividend of 6.2p per share for the year ended 31 December 2016, of which 4.65p per share has been paid for the nine months ended 30 September 2016
· Share price total return of 15.1% over 2016 compared to 10.2% for the FTSE EPRA/NAREIT UK Index over the same period4
· Extension of the Investment Management Agreement ("IMA") (earliest termination date of 31 December 2021), between the Company and the Manager, Tritax Management LLP, has resulted in a reduction of the management fee at new upper bands and lowers the Company's total expense ratio.
· Successful oversubscribed £350 million equity issue in October 2016
· £691.5 million of committed debt financing in place of which £541.5 million is currently drawn (30% LTV)
· Weighted average term to maturity of debt facilities of 4.8 years as at 31 December 2016, increasing to 5.6 years with extension options
· Current blended margin payable of 1.43% above three month LIBOR or the referenced GILT rate and a weighted average capped cost of borrowing of 2.82%
· Market capitalisation of £1,542 million4; FTSE 250, FTSE EPRA/NAREIT and MSCI index constituent
· £3.5 million average daily traded value in 2016; £5.2 million average daily traded value post the October 2016 equity raise5
|Tesco are moving out of their Chesterfield distribution centre.
This appears to be one of BBOX`s sites.
Lease runs to 2020.|
|355, 364 and 366 all look prescient now.|
|Good end to the year here for BBOX :-)|
|"0rient - 8 Dec '16 - 11:12 - 484 of 500 1 0
OMG..an up day!! It's been a while :-)
140p by xmas ;-) ha ha"
139 by new year is OK with me!! Good call Orient|
|Tremendous performance in the last few days. And big thanks to Shauney for some quality Xmas reading.|
|Our Christmas rally has come a bit late, but is very welcome nonetheless|
|Yes, thanks Shauney. Thought the following comment was particularly noteworthy...
“At some point soon the value of industrial may go down, but the income from rent will remain.”|
|Thanks for that link shauney2 :-)|
|If you are having trouble sleeping at night maybe this could help;-)
Addleshaw Goddard report into the disruption and evolution of logistics and industrial property.
Tritax perspective is on page 14|
|BBOX appears in the Hargreaves Lansdown 2016 list of the top ten shares in the FTSE250 in terms of the highest number of net buys (buy trades minus sell trades.|
|They're doing really well. When can we give them more money through another placing?!|
|FORWARD FUNDED INVESTMENT
FORWARD FUNDED INVESTMENT IN TWO NEW DISTRIBUTION FACILITIES AT WARTH PARK, RAUNDS, NORTHAMPTONSHIRE
PRE-LET TO HOWDEN JOINERY GROUP PLC
The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has exchanged contracts (conditional on receiving planning consent) to provide forward funding for the development of two new distribution warehouse facilities at Warth Park, Raunds, pre-let in their entirety under two separate leases to Howdens Joinery Group Plc ("Howdens"), the parent group of the leading supplier of kitchens in the UK. The investment price is £101.8 million, reflecting a net initial yield of 5.1% (net of land acquisition costs). Upon practical completion of the construction, targeted for August 2018, both properties will be leased to Howdens on two new 30 year leases, subject to five yearly upward only open market rent reviews.
Warth Park, at Raunds, Northamptonshire is strategically located on the A45 corridor close to J13 of the A14, which provides access to the ports of Felixstowe and Harwich and also directly links to the A1(M) dual carriageway and the M1 motorway. The site is currently host to two logistics facilities recently acquired by the Company let to Whirlpool and Howdens; other notable nearby distribution facility occupiers include Homebase, Morrisons and Primark at Wellingborough, Northampton and Thrapston respectively.
The two distribution facilities, which will stand adjacent to one another and to the Company's existing Howdens facility, are under separate freehold titles and will be completed to a high specification with gross internal floor areas of 657,000 sq ft and 300,000 sq ft., respectively. Both buildings will have an eaves height of 15 metres, extensive offices and a combined site cover of approximately 53%.
The development will be undertaken by Roxhill which successfully delivered the previous Howdens facility on time and on budget. The land purchase will be funded by the Company from equity proceeds, with senior debt finance to be introduced in the near term.
Colin Godfrey, Partner of Tritax, commented:
"We are pleased to be working with Roxhill again and investing in the second phase of Howdens' new distribution centre, following the successful completion of the first phase which the Company also forward funded in September 2015. Once completed, these three facilities will provide Howdens with a 'centre of excellence' for its supply chain operations which is expected to deliver very significant operational and efficiency benefits.
"This investment is in an established logistics location with a strong covenant and extends the weighted average unexpired lease term of the Company's portfolio to c.16 years. This represents our ninth and tenth pre-let forward funded development and brings our total portfolio to 37 assets."|
|RNS out. Another two warehouses added to the portfolio.|
|davegk, Thanks for the article.|
|Slow bit steady recovery. Good|
|"The UK needs to build a shed load more warehouses. The rapid expansion of online retailers is expected to lead to a shortage of warehouses. The UK needs more than 18m square feet of new warehouse space a year, yet only 3.5m square feet will be built."
Taken from City AM news. Augurs well for the future.|
|Tempus tipped too!|