Tritax Big Box Reit Share Discussion Threads

[gswredland] 11/9/2015 18:07

Good to see it really moving!

[skinny] 11/9/2015 10:55

A new high @124.50p.

[18bt] 07/9/2015 10:39

Feel another equity raise for the next deal at least price is higher

[skinny] 07/9/2015 07:22

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has exchanged conditional contracts to acquire the land and provide forward funding for the development of a new distribution warehouse facility, pre-let in its entirety to Howden Joinery Group Plc ("Howdens"), the parent group of the UK's leading supplier of kitchens and joinery. The investment price is £67.0 million, reflecting a net initial yield of 5.03% (net of land acquisition costs).

more....

[wirralowl] 21/8/2015 09:25

...and another dividend declaration, relating to just the month of June (must admit, I've not got my head around the timetabling of BBOX divis, they seem pretty random? Though they state they are on course for 6p pa):

21 August 2015

TRITAX BIG BOX REIT PLC

(the "Company")

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 June 2015 to 30 June 2015 of 0.5 pence per ordinary share, payable on or around 23 September 2015 to shareholders on the register on 4 September 2015. The ex-dividend date will be 3 September 2015.

This interim dividend will be a Property Income Distribution ("PID"). The Directors have decided not to offer a scrip alternative in connection with this interim dividend.

The Company is targeting an aggregate dividend of 6.0 pence per ordinary share for the year ending 31 December 2015(1) .

[skinny] 21/8/2015 07:02

Financial highlights
· Our investment properties were independently valued at £1.09 billion as at 30 June 2015 (including forward funded commitments), representing an increase of £114.80 million or 11.7% over the aggregate acquisition price (excluding acquisition costs).

· The portfolio's contracted rental income has increased to £58.87 million per annum (30 June 2014: £20.84 million), including forward funded assets.

· Dividends declared in relation to the six months ending 30 June 2015 (the "period") totalled 3.0 pence per share, putting us on track to meet our stated 6.0 pence per share target for 2015.

· Total return for the six month period of 10.71% compared to our target of 9% per annum for the medium term.

· We raised an additional £229 million of equity during the period, issuing 159.09 million new shares at an issue price of 110 pence per share in March 2015, and a further 47.79 million new shares at an issue price of 113 pence per share in June 2015, pursuant to the Company's share issuance programme which expired on 7 July 2015.

Operational highlights
· We acquired eight Big Boxes during the period, three of which were forward funded pre-let investments, expanding the portfolio to 22 assets. The acquisitions further diversified the portfolio both by geography and by tenant.

· The weighted average unexpired lease term across the portfolio is 15.77 years, which compares well to our target of at least 12 years.

· The average net initial yield of the portfolio at acquisition is 5.8% against our period end valuation of 5.1% net initial yield.

· The total expense ratio for the period was 0.50%, down from 0.71% for the period from 1 January 2014 to 30 June 2014, which compares favourably with our real estate peers.

· Our portfolio was fully let or pre-let and income producing during the period.

· The Company's shares were included in the FTSE EPRA/ NAREIT Global Developed Index from 23 March 2015 and the FTSE 250 Index from 8 June 2015, helping to attract new investors and support liquidity in the shares.

· Growth of the portfolio to provide a total of over 11 million sq ft of logistics space forming the portfolio.

Post Balance Sheet highlights
· In July 2015 a new five year loan facility totalling £50.87 million was agreed with Landesbank Hessen- Thüringen Girozentrale ("Helaba") to finance the forward funded investment pre-let to Ocado in Erith.

more....

[skinny] 21/7/2015 12:24

A new high @119p.

[skinny] 21/7/2015 07:03

Tritax Big Box REIT plc (ticker: BBOX), the only real estate investment trust giving pure exposure to very large logistics warehouse assets in the UK, will announce its interim results for the six months ended 30 June 2015 on Friday, 21 August 2015.

[skinny] 14/7/2015 13:03

Further to the announcement on 29 January 2015 that the Company had exchanged contracts to forward fund the investment of a new distribution warehouse facility located inside the M25 at Crossdox, Bronze Age Way, Erith, pre-let in its entirety to a subsidiary of Ocado Group Plc, the Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that the Company has agreed senior debt financing secured on the asset. This facility has been agreed with Landesbank Hessen-Thüringen Girozentrale ("Helaba") to the value of £50.866 million, reflecting a loan to value ratio of approximately 50%.

The facility has a five year term with an option to extend this to a maximum of six years exercisable before the second anniversary of the facility, subject to lender consent. To efficiently match the terms of the forward funding contract, the facility has been structured to provide a twelve month loan to facilitate the construction period which will automatically convert into an investment loan for the remainder of the term at the point of practical completion of the building, targeted for the summer of 2016.

Including this loan, the blended margin payable across the Company's financings post practical completion will be approximately 1.70% above three month LIBOR.

[skinny] 08/6/2015 07:19

More for the big boys :-(



The Board of Directors is pleased to announce that it intends to proceed with an institutional placing (the "Placing") of new ordinary shares (the "Placing Shares") at a price of 113 pence per share (the "Placing Price"). The Placing will comprise the final tranche of the Company's share issuance programme valid until 7 July 2015 (the "Share Issuance Programme") under which 86,147,187 ordinary shares remain available for issue. The Board intends to combine the available balance of the Share Issuance Programme with the Company's general authority to issue shares for cash on a non-pre-emptive basis (the "General Authority") with a target fundraising size of up to £125 million1. The Placing Shares to be issued under the General Authority will be issued on the same terms as the Placing Shares to be issued under the Share Issuance Programme.

more....

[skinny] 08/6/2015 07:19

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has completed the land purchase and entered into contracts to provide forward funding for the development of a new distribution warehouse facility, pre-let in its entirety to Dunelm (Soft Furnishings) Ltd, the UK's number one homewares retailer.The investment price is £43.43 million, reflecting a yield of 5.47% (net of land acquisition costs).

more....

[skinny] 08/6/2015 07:16

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 March 2015 to 31 May 2015 of 1.5 pence per ordinary share, payable on or around 15 July 2015 to shareholders on the register on 19 June 2015. The ex-dividend date will be 18 June 2015.

This interim dividend will be a Property Income Distribution ("PID"). The Directors have decided not to offer a scrip alternative in connection with this interim dividend.

The Company is targeting an aggregate dividend of 6.0 pence per ordinary share for the year ending 31 December 2015.

[skinny] 13/5/2015 07:08

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has exchanged and completed contracts to provide forward funding for the development of a new distribution and production facility, pre-let in its entirety to Nice-Pak International Limited ("Nice-Pak"), a leading manufacturer and supplier of wet wipes globally. The investment price is £28.66 million, reflecting a yield of 6.42% (net of land acquisition costs).


more....



Further to the announcement on 29 April 2015 that the Company had acquired the B&Q Regional Distribution Centre at Worksop, Nottinghamshire, the Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that the Company has drawn on senior debt financing secured on the asset. This facility has been agreed with Barclays Bank PLC to the value of £40.38 million, reflecting a loan to value ratio of 45% at the asset level.

The debt financing for the distribution centre is for a term of five years, with an option to extend the term of the loan by up to one further year, exercisable prior to the end of year one, resulting in a maximum term of six years.

Post drawdown the blended margin payable across the Company's financings is approximately 1.77% above three month LIBOR and the loan to value ratio across all assets stands at approximately 33%.

[daveofdevon] 04/5/2015 03:27

I use Trustnet which has extensive coverage of unit trusts and a section on investment trusts. The database shows quoted price and NAV and you can also set up a portfolio or watch list which shows prem/disc %

hxxp://www.trustnet.com/

Recently I found the AIC which appears to offer something similar but have not had the time to explore it in depth

hxxp://www.theaic.co.uk/

[adamb1978] 03/5/2015 20:01

Does anyone have a source which shows premium or discount to NAV for UK REITs?

I hold a couple and wouldn't mind being able to easily benchmark their valuations.
Thanks

[wirralowl] 01/5/2015 09:10

wingrove, see the extract from the latest EGM notice, posted by Skinny above:

in the event a lease is surrendered on the insolvency of a tenant or a lease is
otherwise surrendered by the tenant in breach of its terms, the Company currently believes that it would be able to re-let the affected property swiftly on the basis that its investments are in prime locations, and also because of the continuing occupier demand for Big Box assets in the UK market and the scarcity of supply of such assets. The Company would of course retain the land and building as assets on its balance sheet in such an event; and
• in the event of termination of a lease by a tenant for convenience, the notice period for tenants, either operating a contractual break or at lease expiry is typically between 6 – 12 months, which would provide the Company with time to identify an alternative tenant with no or minimal interruption to rental income.

[skinny] 01/5/2015 07:17

Have a read -

[wingrove4] 01/5/2015 07:13

They are certainly expanding at a fair old pace I am still a bit concerned about one of the companies going bust they are supposed to be all blue chip clients but companies like new look could easily go to the wall

[skinny] 01/5/2015 07:04

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has exchanged contracts on one of the two adjoining New Look Retailers Ltd ("New Look") National and European Distribution Centres at Lymedale Business Park, Newcastle-under-Lyme for a purchase price of £30.05 million (net of acquisition costs), reflecting a net initial yield of 5.9% on the corporate acquisition. The purchase will be funded from equity proceeds, with senior debt finance expected to be introduced in the near term. Completion is expected to take place by 6 May 2015.

[skinny] 29/4/2015 07:08

CQUISITION OF THE B&Q CORE PRODUCTS REGIONAL DISTRIBUTION CENTRE, WORKSOP, NOTTINGHAMSHIRE FOR £89.75 MILLION
The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has acquired the B&Q Core Products Regional Distribution Centre at Worksop, Nottinghamshire for a purchase price of £89.75 million (net of acquisition costs), reflecting a net initial yield of 5.13% on the corporate acquisition. The purchase has been funded out of equity proceeds, with senior debt finance expected to be introduced in the near term.

Constructed in 2005 for B&Q, the property is of a high specification and incorporates modern design features including cross docking, eaves height of between 14 and 24 metres, a fully automated racking system and the potential for rail freight connectivity. The current total floor area extends to 875,350 sq ft, reflecting an exceptionally low site cover of 24%. Planning consent is in place to increase the facility to a total of 1.1 million sq ft, facilitating future expansion for the tenant.

The Regional Distribution Centre is being acquired with an unexpired lease term of approximately 16.5 years, which is subject to five yearly rent reviews to the higher of the Open Market Rent or the Retail Price Index (capped at 5%). The next review is due to be in November 2016.

Worksop, Nottinghamshire is well located in the East Midlands with the facility positioned adjacent to the A57 which links directly to both the A1 to the East and M1 (J30) to the West.

[alter ego] 20/4/2015 15:44

"The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has exchanged contracts on the Argos Regional Distribution Centre at Heywood Distribution Park, Heywood, Manchester for a purchase price of £34.1 million (net of acquisition costs), reflecting a net initial yield of 5.3% on the asset purchase. The purchase has been funded out of equity proceeds, with senior debt finance expected to be introduced in the near term. Completion is expected to take place on 29 April 2015."

[greatgiginthesky] 10/4/2015 11:33

From Investors Chronicle:
'Big box' distribution centres and industrial warehouses are in short supply and the boon in internet shopping is spurring strong demand from retailers and logistics companies. For landlords, that means rising rents and rising prices in a part of the property market that has traditionally been considered dull and remains - for now - lowly valued compared with more sought-after types of real estate. Tritax Big Box REIT (BBOX) provides income-seeking investors with a way to tap into these themes while enjoying a low-risk, bumper yield from the shares.

Tritax's strategy is straightforward: acquire the pre-leased distribution centres of quality high-street and online retailers and watch the rent roll in. The portfolio that has been assembled has several factors working in its favour. As people do more and more of their shopping online, distribution centres are becoming increasingly important to the supply chains of major retailers. Investment in big warehouses is also increasingly viewed as presenting an opportunity to create economies of scale and improve customer experiences. At the same time, planning rules mean 'big-boxes' are in scarce supply. All this makes it easier for leaseholders to raise rents and find new tenants in the event of a vacancy. Not that high tenant turnover is a feature of this asset class. The average large retailer spends more fitting out a warehouse than it does on rent, meaning it makes more sense to remain a long-term occupant. The average length of Tritax's tenants' leases is almost 14 years.

As well as the big-box asset class, the appeal of Tritax - the only REIT exclusively focused on this niche sector - also lies in its deal-making abilities. Between listing in December 2013 and the end of 2014, the company deployed £480m of equity and about £200m of bank loans to buy 14 sites - many 'off-market' - in the supply chains of retailers including J Sainsbury (SBRY), Tesco (TSCO) and Morrisons (MRW). Big boxes are unlikely to be affect by supermarkets' attempts to curb capital expenditure due to their crucial role in retailers' operations.

Overall, last year's acquisitions were made at a 6.4 per cent yield on combined purchase prices, excluding acquisition costs. The portfolio value rose 9.3 per cent when it was reviewed by CBRE at the end of 2014. The increase in value was helped by a narrowing in the difference between the prices fetched by big-box properties and the prices fetched by properties that have traditionally been regarded as more desirable, such as retail space.

Since the beginning of the year, management has acquired an Ocado (OCDO) distribution centre for £98.8m, and is in exclusive discussions to buy three more assets for a combined £175m. Further share issues may be required to fund the purchases. Two fund-raisings have taken place already since float. But with shares trading at a small premium to current net asset value (NAV), investors do not need to fear dilution as long as fees are kept in check. Meanwhile, prospects for rents look good, with three rent reviews due this summer.