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Share Name Share Symbol Market Type Share ISIN Share Description
Tritax Big Box REIT LSE:BBOX London Ordinary Share GB00BG49KP99 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  +0.50p +0.36% 138.60p 1,669,630 15:27:01
Bid Price Offer Price High Price Low Price Open Price
138.50p 138.60p 138.80p 137.60p 138.00p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 107.94 247.80 19.54 7.1 2,042.3

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Date Time Title Posts
17/1/201910:08Tritax Big Box REIT plc925

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Tritax Big Box Daily Update: Tritax Big Box REIT is listed in the Real Estate Investment Trusts sector of the London Stock Exchange with ticker BBOX. The last closing price for Tritax Big Box was 138.10p.
Tritax Big Box REIT has a 4 week average price of 130.10p and a 12 week average price of 129.10p.
The 1 year high share price is 158p while the 1 year low share price is currently 129.10p.
There are currently 1,473,556,950 shares in issue and the average daily traded volume is 4,204,966 shares. The market capitalisation of Tritax Big Box REIT is £2,033,508,591.
jonwig: Yes, I understand your point, and the next BBOX valuation will probably support you. The current share price falls in retail and property more widely are broad-brush in nature and in such conditions, BBOX could well hold its NAV figure but the share price go to a discount. Also it's UK-centric, of course. As a holder here, I hope it works out better than that!
jonwig: Tritax Big Box REIT plc (ticker: BBOX) announces that it has signed an agreement with a number of new institutional investors for a private placement of £400 million new senior unsecured loan notes (the "Loan Notes"). The Loan Notes comprise two tranches with a weighted average coupon of the fixed rate notes equating to 2.91 per cent. and a weighted average maturity of 9.8 years. ... The proceeds will be used to refinance existing commitments under the £250 million short term, unsecured banking facility announced in October 2018 and provide the Company with additional committed capital to assist in the acquisition of further potential investment opportunities. The LTV increases from 25% to about 31% (target is 40%). The rate looks very good, and in sterling (dollars would be a worry). Whatever the share price may be doing, this looks a good move.
speedsgh: @jonwig - In most cases I find companies' share price movements on the day of results releases illogical/arbitrary/meaningless. I see nothing in today's BBOX results out of the ordinary & therefore will not be lingering over them for too long. Expect another fundraising round before year end, nothing new there.
ugandalad: While this continuing method of raising funds at a minimum discount to the benefit of the big guys in the investment community I would appreciate a clawback option for smaller shareholders who might want to benefit from the discount, lack of fees and stamp duty and this case the immediate benefit of a dividend but I see that the cost to the company of this well executed system and seeming surety of success in raising capital for geared expansion of the portfolio is acceptable to the market as the share price seems to continue its upward move within a reasonable time of the fund raising. As long as there is a surplus of new projects this will no doubt continue. So far it has provided me overall with almost equal benefit from income and share price growth.i’m looking more from income than Capital growth in the medium term.
nimbo1: IMO it will be a bit of both but also because the market expects there will be another fund raise soon. So as usual the price will head down towards the fund raise level, which as per the last one will probably be at a small premium to NAV but a discount to the share price! BBOX in hindsight is a fantastic trading share - buy when the raise is announced or when it gets close to the raise price and sell at 148p + - infact I might take my own advice and start trying it. easy 10% = 2 years worth of the dividend!
jonwig: Tudes - I'm wondering why you omitted a company-specific remark in these results: As discussed earlier in the report, the winners in the game of omni channel retailing are the warehouse landlords and developers. We have been increasing our exposure to this sector for several years (as the other side of the reduction in retail) and this accelerated both in the UK and Continental Europe. Segro is now the second largest UK position and the capital raises in September 2016 and March 2017 enabled significant expansion in our position. The stock was the top performing UK large cap in the period, returning 20.5%. Hansteen has been a stock we have traded in over many years and undue share price weakness early last year enabled us to rebuild the position. We were pleased with the announcement of the sale of the entire European portfolio allowing management to concentrate on the UK. London Metric announced their intention to exit over time from retail warehousing and focus on distribution and the company is now 2% of our assets. Tritax Bigbox gives us exposure to this sector but their addiction to raising equity will result in a cash drag and sub par earnings growth hence our modest position. This is not the issue at Argan, our preferred logistics play in France, where the CEO and his family own half the business and are focused on organic growth. The stock returned 32.7% in the period. There will be significant cash drag only if the money raised is not quickly deployed. And equity is surely preferable to debt at this stage for a company bent on expansion.
davegk: In February 2016 I received 75% of the shares I applied for in the placing in an account where I wasn’t a holder. In the October 2016 offer on one my accounts I had and an entitlement of 268 shares which I applied for and I applied for a further 1500 under the excess application facility. I received a total of 1306 shares, so I received 69% of my application for the additional 1500 shares. Of course the danger here is that you apply for more shares than you want expecting to be scaled back only to find the stock market goes into reverse, the BBOX share price in the market falls to below the offer price and institutions who have not got to apply as early as we do don’t bother applying and you end up with all the shares applied for, paying higher than the market price. TD Waterhouse deadline is midnight tonight, rather bizarrely the IG deadline is 15:00 hours on Sunday. I’m going to take the risk and apply for more expecting to be scaled back. Happy stagging everybody
jonwig: Citywire: A £200 million equity raise by property fund Tritax (BBOX), which invests in ‘big box’ large logistics warehouses, will help strengthen the income potential, says Jefferies. Analyst Mike Prew retained his ‘buy’ recommendation and target price of 165p on the stock after the company said it was seeking to raise £200 million of new equity at a share price offer of 136p to fund a pipeline of ‘attractive investment assets’, including three assets in advance negotiations. It currently has 36 assets and a commitment to forward funded developments for Howdens. Prew said the investment would spread the fixed operating costs over a large base. ‘At full-year 2016, the company detailed that the big box market remained strong with income growth potential,’ he said. ‘The tenant line-up reads like an AAA corporate bond portfolio with 25 assets of which 80% have been bought off market and the low-risk income trisected between the foundation assets of the portfolio, value add, and growth, and the longest income in the UK Reit sector with only 6% of rent expiring in five years.’
nimbo1: Firstly as they are trading above NAV, which means their shares are in demand - the company know they can access more money. From the companies perspective their aim is to keep growing bigger. This is the first time a raise has been conducted at a premium to the NAV which is also beneficial to existing holders, granted it doesn't move the needle much. (ignoring the short term inevitable fall in the share price). The share price will probably do what it always does, go down a bit and then recover as if they use the dosh well again it will be earnings enhancing per share.
skinny: FULL YEAR RESULTS Financial highlights · Dividends declared in relation to 2016 totalled 6.20 pence per share, in line with our target. Dividends fully covered by Adjusted earnings per share of 6.51 pence. · Total Shareholder return for the period was 15.1% (based on the increase in share price assuming dividends reinvested), as compared to the FTSE 250 Index, the FTSE All-Share REIT Index and the EPRA NAREIT UK index which delivered total returns of 6.7%, (7.0%) and (8.5%) respectively. · EPRA net asset value per share increased by 3.46% or 4.71%1 on a like-for-like basis to 129.00 pence at 31 December (31 December 2015: 124.68 pence). · Total return (being the increase in EPRA NAV plus dividends paid) for the year was 9.6%, compared to our medium-term target of 9% per annum. · Market capitalisation of £1.54 billion as at 31 December 2016. · Portfolio independently valued at £1.89 billion2 as at 31 December 2016 which includes all forward funded commitments. · The portfolio's contracted annual rent roll has increased to £99.66 million (31 December 2015: £68.37million), which includes all forward funded commitments. · Further diversified our sources of borrowing, with a new £72 million, long-term, fixed-rate facility with Canada Life. The Loan to Value (LTV) as at 31 December 2016 was 30.0%. · A reducing EPRA cost and total expense ratio of 15.8% and 1.06% respectively, reflecting the benefits of increased scale. · Raised £550 million of equity during 2016, through two substantially oversubscribed share issues. Operational highlights · Acquired 10 Big Boxes during the year with an aggregate purchase price of £524.4 million, further diversifying the portfolio by geography and tenant. · As at the year-end our portfolio comprised 35 assets, covering more than 18.2 million sq ft of logistics space. · Four forward funded pre-let developments reached practical completion in the year, with a total valuation of £272.8 million at 31 December 2016. · Average net initial yield of the portfolio at acquisition is 5.70%, against our year-end valuation of 4.93%. · Our portfolio was fully let, or pre-let and income producing during the year. · At the year-end, the weighted average unexpired lease term ("WAULT") was 15.3 years, against our target of at least 12 years. Post Balance Sheet Activity · Progressive dividend target of 6.40 pence per share announced for 2017. · Invested in the forward funded development pre-let to Hachette UK. · Agreed a new 10 year fixed term loan facility with a fixed rate payable of 2.54%pa. 1 Having stripped out the effect of the different timings of dividend payments between December 2015 and December 2016. 2 Excludes Howdens units II and III at Warth Park, Raunds. * Each year makes reference to 31 December.
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