Tritax Big Box Reit Share Discussion Threads

[rathlindri] 20/5/2021 16:38

This is the best share in my portfolio, by quite a margin

[alter ego] 13/5/2021 10:33

Interesting speedsgh, thanks for posting.

[skinny] 13/5/2021 10:32

Interesting - thanks.

[speedsgh] 13/5/2021 10:25

Tritax Symmetry completes DPD’s new net zero carbon facility with further development announced -

[jong] 13/5/2021 09:59

XD today (1.6p) payable on 1st June

[skinny] 10/5/2021 16:37

New all time high @194.50p.

[rik shaw] 06/5/2021 07:11

Divdend declaration

[speedsgh] 05/5/2021 07:53

Trading update for the financial year to date -

Strong market fundamentals

Demand for logistics space in the UK remains high following a record year of take-up in 2020. Take-up in Q1 2021 was lower than average reflecting the acute shortage of ready-to-occupy sites with vacancy falling below 4%. With a record 16 million sq ft1 of logistics real estate space under offer in the market, nearly twice the level at the end of 2020, take-up for the rest of the year is expected to rise. Investment demand remained at record levels, with volumes reaching £2 billion2, the highest Q1 level on record. Recently completed transactions point to further downward pressure on prime yields, which remain at historic lows.


High-quality portfolio continues to deliver strong performance and very high levels of rent collection

Our high-quality portfolio continues to perform well with consistently high levels of rent collection:

· 99.8% of FY 2020 rents have been received with full collection expected by the Summer.

· 98% of Q1 2021 and 95% of Q2 2021 rents received, 99% expected to be received in respect of Q1 and Q2 by the end of June 2021.

· All arrears for Q1 and Q2 2021 are in relation to a rent deferral agreed with one customer where full collection is expected by the end of FY 2021.


Directly and actively managing our portfolio to deliver value for shareholders

We actively manage our high-quality portfolio to drive value for shareholders. With 37% of the portfolio due for rent review in FY 2021, across a blend of open market, fixed and inflation linked review types, we are well placed to capture attractive levels of rental growth. During the period we have:

· Undertaken approximately one third of the rent reviews falling due during 2021 which, combined with two historic reviews settled during the period, added £3.1 million to annual contracted rent (FY 2020: £2.0 million).

· As recently announced, completed the off market acquisition of an 872,000 sq ft distribution facility in Avonmouth for £90 million, with 12.8 years unexpired lease term, an attractive 5.1% NIY and with strong reversionary potential, adding £4.6 million to passing annual rent.

· Increased the percentage of the portfolio with an A to C grade EPC environmental rating to 92%.


Good progress across our development platform

The Company owns and controls the UK's largest logistics focused land platform capable of delivering approximately 40 million sq ft of logistics space. We have seen an increasing level of interest in the development pipeline as sites have progressed through the planning process and consents have been secured. In line with our previously stated guidance, we anticipate an acceleration in letting activity from our land platform through H2 2021 / H1 2022 aligned to the delivery of planning milestones. Key activity during the period included:

· Practical completion of construction for DPD at Bicester, our first net-zero carbon in construction building, and Co-Op at Biggleswade which together are now contributing £5.5 million to passing annual rent.

· Continued progress at Littlebrook, Dartford with commencement of construction at Phase 1 of 450,000 sq ft funded by our development partner Bericote, and the 2.3 million sq ft facility pre-let to Amazon at Phase 2 nearing practical completion.


Colin Godfrey, CEO, Fund Management, commented:

"We have made a good start to the year across all aspects of our business through a combination of effectively implementing our strategy and strong market fundamentals. The quality of our portfolio continues to be reflected in very high levels of rent collection while our asset management activities are enhancing value. With 37% of the portfolio rent roll subject to rent review during the year, we are capturing attractive levels of rental growth. Our development platform is making good progress and, in line with our guidance, with more of our sites progressing through the planning process, we are well placed to begin capturing greater letting opportunities from the second half of this year."

[speedsgh] 21/4/2021 09:50

Looks like a good acquisition. Critical national infrastructure :o)

"The building is the largest wine production, warehouse and distribution centre in Europe, distributing to all major UK supermarkets and European markets and providing approximately 20% of the UK's wine supply"

[skinny] 21/4/2021 07:02

.

Tritax Big Box REIT plc (Tritax Big Box or the Company) today announces it has acquired an 872,000 sq ft distribution unit in Avonmouth for GBP90 million, reflecting an attractive net initial yield of 5.1% for c.13 year income.

[speedsgh] 11/3/2021 20:43

Big Box: they doubted us, now they think we’re ‘geniuses’ -

[williamcooper104] 10/3/2021 21:22

Not sure there's a huge direct implication Could be more significant for ASLI/EBOX as no reason for them not to be merged

[bathcoup] 10/3/2021 20:29

Williamcooper104, Thanks for sharing the info. What's the implication for BBOX?

[williamcooper104] 10/3/2021 17:43

Aberdeen Standard Investments could end up forking out as much as £204m to acquire real estate fund manager Tritax Management.The terms of the deal, which was announced at the end of last year, were disclosed this week in the annual results of ASI's parent company Standard Life Aberdeen.ASI is paying an initial cash consideration of £64m for a 60% stake in Tritax Management, which is best known for its listed logistics funds – Tritax Big Box REIT and Tritax EuroBox.Subject to certain conditions being met, an earnout is then payable over five years to acquire the remaining 40% of the equity in the fund manager.This could result in ASI paying out a maximum of another £140m, depending on the future growth in the profitability of the Tritax business.Accounts filed on Companies House for Tritax Management show that the fund manager generated a profit before tax of £17m in the year to the end of March last year, up from £15m in the previous year. Over the same period, turnover jumped from around £20.5m to almost £25m.The fund manager's biggest vehicle is Tritax Big Box REIT, which now has a portfolio valued at £4.41bn. The REIT has delivered exceptionally strong returns. Today, it published full-year results showing a 16% uplift in NAV, which with dividends gives an accounting return of just shy of 20%.The results show that investment management fees totalled £17.9m in 2020, up from £17.5m the year before.In addition to its two logistics REITs, Tritax manages the institutional open-end fund Tritax Property Income Fund, which has a £240m portfolio.Deal could transform ASI's flagging performanceThe Tritax acquisition will significantly increase ASI's exposure to logistics. If the logistics market continues to outperform, this should improve the performance of ASI's real estate business, which has been flagging in the UK.Standard Life Aberdeen's results showed that ASI's UK real estate assets under management fell from £13.4bn to £9.2bn in 2020 as a result of outflows and falling valuations.When the Tritax deal was announced, ASI's global head of real estate Neil Slater said: "Logistics is, and will remain, one of the most attractive income and capital growth sectors within real estate over the long term. This transaction reiterates our commitment to evolve our real estate offering to ensure it develops with changing industry dynamics and client needs."

[adamb1978] 10/3/2021 10:46

Good results, though slightly odd to shave a little off the dividend. I don't hold for income, more as a bond-proxy, but some investors do look for continual dividend growth or dividends which haven't (ever) been cut when they invest, and therefore those investors might not look at BBOX will a little more suspicion over continuity of the yield. If was the board, I wouldnt have made such a trivial reduction to the dividend - I can't see what the benefit of doing do is.

Am I missing something?

[speedsgh] 10/3/2021 10:29

Slight changes to dividend policy...

"The investments we have made over the years, most notably acquiring a development platform and land bank, provide the Group with more tools to generate further attractive and growing returns for our shareholders. Our aim is to achieve a total return that is formed of income and capital performance increasingly generated by development gains and asset management initiatives, rather than externally driven by market yield compression. We have the attributes to deliver long-term dividend progression, which will ensure the pay-out to shareholders remains attractive and an important part of our total return. In future, our intention is for the first to third quarter dividend payments to each represent 25% of the full year dividend of the previous financial year, and use the fourth quarter dividend to determine the level of any potential progression, with an overall aim to achieve a pay-out ratio in excess of 90% of Adjusted earnings. This provides both attractive returns to shareholders coupled with the financial flexibility to invest in the opportunities our strategy will continue to create."

[speedsgh] 10/3/2021 10:27

An impressive increase in NAV (EPRA NTA) of 15.7% and a Total Return of 19.9%...

Net assets

EPRA's updated Best Practice Recommendations Guidelines were issued in October 2019, which became effective for financial years beginning on 1 January 2020, include three replacement Net Asset Valuation metrics, namely EPRA Net Reinstatement Value (NRV), EPRA Net Tangible Assets (NTA) and EPRA Net Disposal Value (NDV). We report all three metrics and have adopted EPRA NTA as our primary metric, as it is the closest to our previous primary metric, EPRA NAV. A reconciliation of all three metrics has been provided in the notes to the EPRA NAV calculations.

At 31 December 2020, the EPRA NTA per share was 175.61 pence (31 December 2019: 151.79 pence), an increase of 15.7%. The primary driver of this increase during the period was growth from the property portfolio, as described above.

The Total Accounting Return for the year, equating to the growth in EPRA NTA plus dividends paid, was 19.9% (2019: 3.8%). The total return for 2019 was restated using the EPRA NTA.

[n0rbie] 10/3/2021 08:29

Great results

[scruff1] 25/2/2021 07:46

Looking forward to that

[skinny] 25/2/2021 07:09

Tritax Big Box REIT plc (the Company) confirms that it will announce its results for the year ended 31 December 2020 on Wednesday, 10 March 2021.

[williamcooper104] 24/2/2021 15:18

Just wish they would merge ASLI with EBOX now Arguably SEGROs premium rating is helped by their euro exposure (and of course size which is why a merger would help)

[williamcooper104] 24/2/2021 15:17

Quite like euros - ECB will lose the print money game with the fed Europe has much less e-commerce penetration than U.K. so should see greater rental growth (in theory)

[n0rbie] 24/2/2021 14:38

Sister company EBOX is raising via a placing at the moment. Seems to have significantly lower return and you take on currency risk.

[williamcooper104] 22/2/2021 22:43

I took a little profit on Friday too (not quite £45m ;)