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Share Name Share Symbol Market Type Share ISIN Share Description
Tritax Big Box Reit Plc LSE:BBOX London Ordinary Share GB00BG49KP99 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -7.00 -3.13% 216.80 217.40 217.60 224.80 216.20 223.40 5,688,079 16:35:23
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 194.5 449.5 26.3 8.2 3,731

Tritax Big Box Reit Share Discussion Threads

Showing 1251 to 1274 of 1700 messages
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DateSubjectAuthorDiscuss
20/3/2020
09:05
I'd worry about shops/retail/retail parks for that reason. Much less for Big Box. Saying that, I've taken profit on 2/3rds of what I bought. Trying to run the rest.
spectoacc
20/3/2020
08:38
@deanowls don't really agree with your first statement. The warehouses are fit out to work for specific occupiers but one of the reasons BBOX is a good investment is because they are great sheds in great locations that would work for many different tenants in the market. Which is a positive to keep in mind if things do turn sour and we end up with vacant buildings. Regarding your second point, I agree somewhat. I am not worried about tenants making an orderly exit from these assets by triggering break options. What I am worried about is a disorderly exit i.e. tenants unable to keep up with the rental obligations, which may result in lease forfeiture.
bagsforlife
20/3/2020
03:30
These warehouses are usually tailor made and pick for location in their overall strategy. They have massive bits of kit in and are surrounded by their workers. There is a massive amount to do to move operations and those current customers would be subject to break clauses. Very difficult to just walk away. These are not sheds with a bit of racking up. Read the next update, very calming and informative. If anything it talks of pushing more online.
deanowls
19/3/2020
23:45
@intelinvestor if we end up in a market where companies are failing and other tenants are "picking up the pieces" of what's left then that will be the absolute worst case scenario. Those resilient tenants that are left will be able to drive a much harder bargain due to increased availability, so we will see rent frees and void periods increasing (read Tritax receiving less rent). This will also lead to the valuations softening and therefore a diminishing NAV. So let's hope we don't go down that road eh!
bagsforlife
19/3/2020
23:38
even if some do fail, other companies will pick up the peaces later when it all flat lines. My main concern is the amount of shares in issue now than in 2015, and if this continues it is not in hand nor in the shareholders interests.
intelinvestor
19/3/2020
22:48
@deanowls good question. Probably those most at risk are brick and mortar retailers, who I expect to see less physical footfall over the course of the pandemic. Looking through their tenant lineup, I think you would include Next, Argos, B&Q, New Look, Dunelm, TK Maxx, Matalan and DSG Retail as those that are likely to be impacted. But I don't have a scoobies about how resilient any of those entities are to the current climate. Without diving into the books, my only proxy for tenant's performance is the share price. Next shares are down about 40% since mid Feb. Kingfisher (parent co of B&Q) have moved by a very similar margin. Dunelm share price is looking a bit more volatile. They hit a big peak in mid-Feb too and are down about 53% if you take the high point. TJX down about a third since mid-Feb. Counter argument would be that these retail shares are perhaps oversold. I'm not a retail expert. But I'm sure bad news for any of these tenants will flow through to the BBOX share price. Albeit there is a good level of tenant diversification in the portfolio.
bagsforlife
19/3/2020
16:06
Which of their customers do you expect to go bust? Being a horrid thinking scenario and a million people died which it will be nowhere near that figure. There’s still 60 odd million people that require goods and services and if they don’t money will not matter.
deanowls
19/3/2020
12:49
Not that simple. If Tritax have vacant assets they are on the hook for rates, so if there is a deferment then that will help. Plus any govt intervention that helps their big tenants will mean the rent is more likely to be paid by extension, so it's good news all round.
bagsforlife
19/3/2020
08:20
Tritax Big Box REIT PLC - Non-Executive Director Aubrey Adams buys 50,000 shares at 93.6p, worth GBP46,800, on Tuesday.
greatgiginthesky
18/3/2020
18:55
Thank you very much SpectoAcc.
lilly 01
18/3/2020
17:11
No - tenants will be paying it, not BBOX. The logic of letting surging supermarkets off half a billion of business rates each is beyond me.
spectoacc
18/3/2020
16:59
Will the business rates relief benefit Big Box, anyone?
lilly 01
18/3/2020
15:14
Must be approaching revulsion stage, but a worry quite how long the bad news can go on for. "Climbing a wall of worry", fair enough, but Covid-19 going to still be with us next winter.
spectoacc
18/3/2020
15:02
Yes, not much blood visible on the streets yet but there is a strong whiff of it in the air. It shouldn't be too long.
speedsgh
18/3/2020
14:44
@ Spec - well, yes, the market moves, opinions move. Mine do! A number of articles (FT, mainly for me) have cited forced unwinding as a driver of this market, with hedge funds much exposed. So a share could well be a "buy" only just not yet. Streets not bloody enough.
jonwig
18/3/2020
13:44
Thanks, bog-standard Investors Chronicle! A raging buy at 135p, 140p, but a "hold" at 91p.
spectoacc
18/3/2020
13:36
FWIW... Tritax valuation gains slow - HTTPS://www.investorschronicle.co.uk/tips-ideas/2020/03/18/tritax-valuation-gains-slow/ Tritax Big Box (BBOX) reported a reduced underlying total return of 5.8 per cent for 2019, due to a much lower revaluation uplift for its portfolio of logistics assets. That was despite increasing the annual dividend payment 2.2 per cent. The group achieved planning consents across 2.6m sq/ft of strategic land sites and 3.2 million sq/ft of logistics assets under construction, of which 92 per cent was pre-let. Management said the economic turmoil resulting from the outbreak of Covid-19 could temporarily weigh on tenants' willingness to commit to pre-lets. IC VIEW Analysts at Peel Hunt expect to reduce EPS and NAV forecasts for 2020 by around 1 per cent and 3 per cent, respectively, to account for the slower-than-expected progress on new lettings, over and above a 661,000 sq/ft unit pre-let to The Co-operative Group during the first half of the year. At 91p, we reduce to hold, given there is greater rental growth potential in the urban warehouse sector.
speedsgh
18/3/2020
11:34
I remember when British Land shares were a 1p and just about to bring about the collasp of the UK..............that was saved and then the funds piled in for what happended next. Not quite the same but in this case a blip and once the air clears not a 30% discount but back to say 15% discount to NAV.........one can look at this in various ways but all I am doing is going for a debate. Remember this is a fund that has to pay out most of its income so for income lovers this may be the time to buy - Pound Cost Average.......
anley
18/3/2020
11:15
hxxps://www.investmentweek.co.uk/news/4012591/update-aviva-suspend-property-fund-follow
nimbo1
17/3/2020
20:30
Big Box shares fold amid flat-lining growth and virus fears - HTTPS://citywire.co.uk/investment-trust-insider/news/big-box-shares-fold-amid-flat-lining-growth-and-virus-fears/a1336389 Shares in Tritax Big Box (BBOX) tumbled 16% today as the warehouse investor published annual results slightly below expectations, intensifying investor concerns about the impact the Covid-19 will have on logistics. The £1.6bn real estate investment trust (Reit) reported a 1.2% decline in EPRA net asset value (NAV) in 2019, taking the NAV per share price to 151p. At yesterday’s closing price of 99p, this represented a 33% discount which will have widened further as the shares slumped 15p to 83p. The total return from the Reit - which has a current yield of 6.9% - has slipped from 12.1% at the end of 2018 to 3.3% for the 12 months to 31 December 2019. Peel Hunt analyst Sebastian Isola said ‘limited pre-letting activity and disappointing rent reviews’ were behind the results, which were ‘marginally’ behind expectations. However, Tritax boasted that 99% of the portfolio was let or pre-let over the year and rent increased by £700,000 a year following seven rent reviews, equal to 2% of the rent reviewed. With market rental growth slowing to 1.2% last year, down from 5.6% in 2018, Numis Securities analyst Priyesh Parmar warned that the policy of targeting a yield of 6-8% on developments could come under strain. ‘Build costs and land inflation are likely to put pressure on achievable returns,’ he said... ... Peel Hunt’s Isola said coronavirus could push back ‘assumptions on the timing of new developments’ which would affect 2020 forecasts. However, he said the investment portfolio ‘boasts sector-leading covenant strength in buildings that are mission-critical to their operators’. ‘In the current climate, security of income is key and a 54% discount to our full-year 2020 NAV and an 8.3% dividend yield look unwarranted given the strength of the income,’ said Isola. Parmar at Numis said the affect the pandemic would have on logistics was still ‘unclear’ although as spending moves online retailers will have to ‘maximise efficiency from their supply chains’ and their ‘ability to invest may be curtailed, exacerbated by a potentially deeper decline in consumer spending and shorter-term’. He added that ‘further quarantine measures could cause major disruption to supply chains’.
speedsgh
17/3/2020
14:02
Couldn't resist doubling up - looking v good value The development pipeline is only really risky to the extent they spec it
williamcooper104
17/3/2020
13:58
Yes very odd I like a post earlier thought it was relatively immune from downturns I still don’t think we have reached the bottom but 80 with 8% yield looks a good point of entry
gswredland
17/3/2020
13:51
Well I’m still scratching my head. I would have thought that the present situation would have enhanced Big Box facilitates and make them even more valuable.
lilly 01
17/3/2020
13:02
Excellent buy in the low 80s earlier this morning
phillis
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