Tritax Big Box Reit Share Discussion Threads

[wirralowl] 10/3/2015 17:22

Glasses were cleaned before I applied, LOL!

Unless of course, idealing have got things wrong... but my application for just over £2.5k's worth wasn't rejected, and my balance has been adjusted accordingly.

[skinny] 10/3/2015 16:42

That's annoying - unless you need to clean your glasses :-)

[wirralowl] 10/3/2015 16:26

Strange, but idealing's minimum application is just GBP 1000.

[skinny] 10/3/2015 15:51

Again thanks - I've now received it via HL - 10,000 shares is a bit rich for me on top of my existing holding, which is a shame.

[daveofdevon] 10/3/2015 15:14

Hargreaves also say the minimum application is 10,000 shares which is about twice what I would be prepared to buy.

[alter ego] 10/3/2015 14:54

Hargreaves L say let them know by 16 March.

[mach100] 10/3/2015 14:42

Hi Wirral I am with TDW and have received no word. I definitely want in! I just saw the deadline is 18th March.

[skinny] 10/3/2015 12:32

Thanks - I've heard nothing as yet, but probably will take up a few more.

[wirralowl] 10/3/2015 12:27

Received the offer documents this morning, and have applied for another 25% worth at 110. Anyone else going for some?

I'd expect the share price to continue to grow steadily (in line with NAV, which rose impressively in the first year) and they maintain they're on target for 6pps dividend this year, which equates to a 5.45% yield at issue price, and which will hopefully also grow over time as rent rolls increase.

I'm struggling to find much better for my ISA cash in the current environment, and preferred this option to the ICG bond, which closed at noon today, but offered no prospect of capital appreciation and only a 5% yield.

[greatgiginthesky] 06/3/2015 09:03

topvest,
Looks like your wish is being granted. I first bought into BBOX last July at 105p as part of a de-risking and diversification of my portfolio. Very happy with the track record to date and will add a few more.
There does seem to be a good stream of available assets to purchase and in the long term it will be interesting to see how the BoD can improve the assets by adding extensions etc.
I also like the BoD's attention to interest rate hedging.

[skinny] 06/3/2015 07:15

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 2015 to 28 February 2015 of 1.0 pence per ordinary share, payable on or around 22 April 2015 to shareholders on the register on 20 March 2015. The ex-dividend date will be 19 March 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.




Further to the statement made by Tritax Big Box REIT plc (the "Company") on 23 February 2015 as part of the Company's Full Year Results, the Board of Directors is pleased to announce that it intends to proceed with an institutional placing (the "Placing") and offer for subscription (the "Offer for Subscription") of new ordinary shares (the "New Shares") at a price of 110 pence per share (the "Issue Price") (the "Issue"). The Issue will comprise the second tranche of the Company's share issuance programme of up to 350 million new Ordinary Shares valid until 7 July 2015 (the "Share Issuance Programme") announced on 8 July 2014.

An updated securities note (the "Securities Note") and summary (the "Summary") containing full details of the Issue are expected to be published later today. The Securities Note and Summary, together with the registration document published on 8 July 2014 (as supplemented by the supplementary prospectus dated 23 February 2015), will form the prospectus (the "Prospectus") in relation to the Issue. The Issue will comprise a further tranche under the Share Issuance Programme, under which the Company has already issued 104,761,904 ordinary shares (the "Ordinary Shares") through a placing which closed in November 2014.


more....

[skinny] 02/3/2015 09:42

New high @114p - ex dividend this Thursday @0.8p.

[skinny] 25/2/2015 06:57

Jefferies International Buy 111.75 111.75 115.00 123.00 Reiterates

[topvest] 23/2/2015 20:21

Yes pretty impressive stuff. Happy to hold/add more.

[wirralowl] 23/2/2015 15:07

Hi Mach, I fully agree, but they didn't include retail investors in their last placement (though I think they did the first time they came back to market?). Both times they've had a placing the share price has temporarily fallen back quite sharply, so even if excluded, we might still get a chance to top up near the issue price.

[mach100] 23/2/2015 13:02

Hi Wirral, I am hoping there is a placement, especially if small PI's can partake. I will 100% be subscribing as this is one of the safest shares around. Huge barriers to entry and a niche market means Tritax is boxing clever and will steadily grow revenue. I am ready to dig deep. I think the placing will happen very shortly. It is just a question of whether they allow the smaller PI's in.

[wirralowl] 23/2/2015 09:34

Impressive results imho. NAV up almost 10% to 107, on track to deliver an initial dividend of 6pps this year, a nice low LTV and very positive outlook. The only fly in the ointment is a likely placing in the near term to fund new opportunities, but as we've seen in the past this seems to only suppress the share price in the short-term, and quickly recovers thereafter. Happy to hold and will take part in any placing if given the opportunity.

[skinny] 23/2/2015 07:04

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 November 2014 to 31 December 2014 of 0.8 pence per Ordinary Share, payable on or around 18 March 2015 to Shareholders on the register on 6 March 2015. The ex-dividend date will be 5 March 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.

[skinny] 23/2/2015 07:03

Financial highlights:
· The IPO in December 2013 raised gross proceeds of £200 million at an issue price of 100 pence per share. In July 2014, the Company's shares moved to a premium listing and trading on the London Stock Exchange Main Market.

· Further equity fundraisings in May, July and November 2014 raised a total of more than £280 million, at issue prices of between 103 and 105 pence per share.

· We paid the first interim dividend of 1.85 pence per share in August 2014, for the period to 30 June 2014, and the second interim dividend of 1.50 pence per share in December 2014, for the period from 1 July to 31 October 2014. A third interim dividend of 0.80 pence per share will be payable in March 2015, for the period from 1 November to 31 December 2014. In 2015, we are on track to achieve our initial target dividend on the IPO issue price of 6 pence per share.

· The properties were independently valued as at 31 December 2014 at £619.28 million (including forward funded commitments), an uplift of 9.3% over the aggregate acquisition price (excluding acquisition costs).

· The net asset value ("NAV") per share increased from 98.00 pence at the time of the IPO to 107.02 pence as at 31 December 2014, a rise of 9.2%.

· Annualised rent roll as at 31 December 2014 of £36.16 million including forward funded commitments.

· Our loan to value ("LTV") ratio was 32.9% as at 31 December 2014, with long-term debt drawn at the period end of £203.64 million.

· The average debt margin payable across the portfolio is 1.76% over 3-month LIBOR; we have used interest rate caps to limit our exposure to interest rate increases.


Operational highlights:
· The net proceeds from the IPO and the equity fundraisings in May and July 2014 were fully invested, on time and in line with our stated objectives. During the period, we acquired 14 Big Box assets let to some of the UK's largest retailers, global logistics companies and renowned manufacturers.

· The properties in our portfolio are in strong distribution locations and provide UK geographic diversification.

· We benefit from a diverse covenant spread, with all properties leased to institutional-grade tenants.

· Our weighted average unexpired lease term across the portfolio was 13.9 years as at 31 December 2014.

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


Post Balance Sheet highlights:
· In January 2015 we exchanged contracts, subject to detailed planning consent, to provide £98.8 million of forward funding for a new distribution warehouse pre-let to Ocado, Erith.

· In February 2015, we drew a further £13.17 million of senior debt with a term to maturity of four years, hedged via a coterminous swap.

[skinny] 02/2/2015 14:54

FINANCING OF DISTRIBUTION CENTRE LOCATED IN DOVE VALLEY PARK, DERBY LEASED TO KUEHNE & NAGEL LIMITED

Further to the acquisition of the distribution centre in Dove Valley Park, Derby announced on 8 December 2014, 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 had previously been agreed with Barclays Bank PLC to the value of £13.2 million, reflecting a loan to value ratio of approximately 43.2%.

The debt financing for the distribution centre is for a term of four 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 five years.

The blended margin payable across the Company's financings to date is approximately 1.76% above three month LIBOR. Following drawdown of the loan, the Group's aggregate borrowings will be 35.1% of the Group's gross assets.

[skinny] 29/1/2015 07:17

A NEW BIG BOX LOGISTICS FACILITY DEVELOPMENT WITHIN THE M25
FOR OCADO
The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has exchanged contracts (conditional on detailed planning consent) to provide forward funding for 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 ("Ocado"). The investment price is £98.8 million, reflecting a yield of 5.25% (net of standard acquisition costs).

The site is located in a core south east location inside the M25 (J 1A) on the south side of the River Thames and A2016, with Central London approximately 12 miles to the West and Tilbury Docks and DP World container port to the East. It will also benefit from excellent access to the wider motorway network including Greater London and the Home Counties.

Ocado has signed an agreement to lease, conditional upon detailed planning, for a new 30 year lease, without break, subject to five yearly rent reviews indexed to RPI (capped and collared). During the construction phase, the Company will receive an income return from the developer.

The 35 acre site will be the location of an important South East logistics hub for Ocado to help fulfil its growing capacity needs in London and the South East. The investment will comprise a new distribution warehouse, with a gross internal area of approximately 560,000 sq ft, reflecting a site cover of c. 45%. The development is being undertaken by Bericote Properties.

Completion of the investment purchase is expected to take place in the spring of 2015 when construction of the main works will commence, with practical completion of the developer's base build targeted for the summer of 2016. The purchase will be funded by the Company out of equity with senior debt finance expected to be introduced in the near term.

Ocado has an option to introduce a third party joint guarantor to the lease on the later of 30 April 2015 and the date of grant of detailed planning consent, which, if exercised, would result in a reduction in the lease length from 30 to 25 years, a lower rent receivable and an increase to the investment price to £99.9 million.

[wirralowl] 19/12/2014 17:04

Thanks for the confirmation, DaveofDevon.

[daveofdevon] 19/12/2014 16:38

Ditto, but at Hargreaves Lansdown they get the tax back for me without me doing anything. Last time it took about 8 weeks

[wirralowl] 19/12/2014 15:11

Received my 1.5p dividend yesterday from selftrade, but noticed they had applied a 20% tax reduction presumably due to the shares PID/REIT status. I wasn't expecting this, particularly as my shares are all held in an ISA. Does anyone have any experience of this? Do I have to claim the tax back, or will Selftrade do this on my behalf? TIA.

[skinny] 08/12/2014 07:17

ACQUISITION OF TWO DISTRIBUTION CENTRES FOR A COMBINED TOTAL OF £55.1 MILLION,
LOCATED IN DOVE VALLEY PARK, DERBY AND TRAFFORD PARK, MANCHESTER

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has exchanged contracts to acquire two distribution centres located in Dove Valley Park, Derby and Trafford Park, Manchester for a combined purchase price of £55.1 million (net of acquisition costs). The two purchases represent a blended net initial yield of 6.53%, assuming 5.8% purchase costs. Completion of both purchases is expected to take place by 12 December 2014.

more..



Further to the acquisition of the distribution warehouse in Melmerby, near Ripon, North Yorkshire let to Wolseley UK announced on 1 September 2014, the Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that the Company has signed an agreement with Santander UK plc to provide £5.5 million of senior debt financing secured on the asset. This reflects a loan to value ratio of approximately 43.4%.

The debt financing for the distribution warehouse is for a term of five years. The blended margin payable across the Company's financings to date is approximately 1.76% above three month LIBOR. Following drawdown of the loan, the Group's aggregate borrowings will be 34.0% of the Group's gross assets.