Fact Sheet - Tritax Big Box REIT€¦ · 30 November 2015 BBOX is added to index MSCI Global Small...
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© Tritax Big Box REIT plc 2016 Corporate Details Board of Directors Richard Jewson Chairman (Non-Executive) Stephen Smith Director (Non-Executive) Jim Prower Director (Non-Executive) Mark Shaw Director (Non-Executive) Launch Date 9 December 2013 Listing Main Market LSE Premium Listing on the Official List Index Inclusion FTSE 250 Index, EPRA/NAREIT, MSCI Ticker BBOX ISIN GB00BG49KP99 The Tritax Big Box REIT plc – Pure Big Box UK Distribution Assets Tritax Big Box REIT plc (the “Company” or “BBOX”) is the only real estate investment trust dedicated to investing in very large logistics warehouses in the UK, known as “Big Boxes”. The Board believes Big Boxes are currently one of the most exciting asset classes in the UK market. Investment Objectives and Strategy The Company has a clear set of objectives, which reflect its aim of creating value for shareholders. By investing in a diversified portfolio of Big Box assets, let or pre-let to high-calibre, institutional grade tenants such as M&S, Ocado, Next and Rolls-Royce, the Company looks to provide shareholders with long-term, stable and increasing income streams and an opportunity for attractive capital returns. Assuming the Company is fully invested and has geared to its target level, the Company looks to deliver the following targets: • an annual dividend of 6.0 pence on the IPO price of 100 pence per share, payable semi-annually; and • a net total shareholder return in excess of 9% a year, over the medium term. BBOX share price and NAV per share (p) 9 December 2013 to 31 December 2015 90 120 130 110 Dec 13 Jan 14 Feb 14 Mar 14 Apr 14 May 14 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Mar 15 Apr 15 May 15 Jun 15 Jul 15 Aug 15 Sep 15 Oct 15 Nov 15 Dec 15 100 Share price NAV per share BBOX’s Growth December 2013 raised £200 million on IPO June 2014 raised £21 million July 2014 raised £150 million December 2014 raised £110 million March 2015 raised £175 million June 2015 raised £54 million Key Statistics – At a Glance as at 31 December 2015 Market Cap £879.16 million Share Price 129.70 pence NAV £841.10 million NAV/share 124.09 pence EPRA NAV £845.67 million EPRA NAV/share 124.68 pence Target dividend/share 6.0 pence pa Dividends paid to date 2014: 4.15 pence/share 2015: 6.00 pence/share Q4 2015 In Brief December November 2015 October 1 As at 30 June 2015 valuation plus acquisition price for subsequently acquired properties 2 Including forward funded assets 3 Source: Bloomberg, to 16 December 2015 respectively, based on closing share price of 126.3 pence Key Dates Financial Year End 31 December Half Year End 30 June Link to further information on website 9 December 2015 Acquisition of Matalan DC, Liverpool • Exchanged contracts for a purchase price of £42.38 million. • Net Initial Yield 6.27%. 2 October 2015 New £500 million secured debt facility agreed • Agreed a new five year £500 million secured debt facility with a syndicate of Barclays Bank PLC, Helaba, Wells Fargo Bank, NA and ING Real Estate Finance (UK) BV refinancing £253.34 million of the Group’s existing debt • Opening margin of 1.40% above three-month LIBOR • Reducing average margin payable from 1.77%-1.42% and extending the average unexpired loan term to five years. www.tritaxbigbox.co.uk 31 December 2015 Q4 Fact Sheet Tritax Big Box Bognor Regis, Rolls-Royce Motor Cars 4 November 2015 Official opening Rolls-Royce Motor Cars Big Box, Bognor Regis • BBOX’s Fund Manager Colin Godfrey and Head of Asset Management and Sustainability Petrina Austin attend the official opening Rolls-Royce Motor Cars Big Box, Bognor Regis. 30 November 2015 BBOX is added to index MSCI Global Small Cap Index • BBOX now in the FTSE 250, EPRA/NAREIT, MSCI Global Small Cap Index. 1 December 2015 Share price hits historical high • BBOX Share price hits historical high of 131.40 pence. 17 December 2015 Pre-Close Update • £1,261 million (net of acquisition costs) 1 invested in 25 assets let to 21 tenants • 81% of assets acquired off-market • WAULT across the portfolio of 16.7 years • Portfolio 100% let 2 , all leases provide for upward only rent reviews • 3.0 pence per share dividend paid for the six months ended 30 June 2015 • Share price total return of 20.9% over 2015 YTD and 35.7% since IPO 3
Transcript of Fact Sheet - Tritax Big Box REIT€¦ · 30 November 2015 BBOX is added to index MSCI Global Small...
© Tritax Big Box REIT plc 2016
Corporate DetailsBoard of DirectorsRichard Jewson Chairman ( Non-Executive)Stephen Smith Director ( Non-Executive)Jim Prower Director ( Non-Executive)Mark Shaw Director ( Non-Executive)
Launch Date 9 December 2013Listing Main Market LSE Premium Listing on the Official List Index Inclusion FTSE 250 Index, EPRA/NAREIT, MSCITicker BBOXISIN GB00BG49KP99
The Tritax Big Box REIT plc – Pure Big Box UK Distribution Assets Tritax Big Box REIT plc (the “Company” or “BBOX”) is the only real estate investment trust dedicated to investing in very large logistics warehouses in the UK, known as “Big Boxes”. The Board believes Big Boxes are currently one of the most exciting asset classes in the UK market.
Investment Objectives and Strategy
The Company has a clear set of objectives, which reflect its aim of creating value for shareholders. By investing in a diversified portfolio of Big Box assets, let or pre-let to high-calibre, institutional grade tenants such as M&S, Ocado, Next and Rolls-Royce, the Company looks to provide shareholders with long-term, stable and increasing income streams and an opportunity for attractive capital returns.
Assuming the Company is fully invested and has geared to its target level,the Company looks to deliver the following targets:• an annual dividend of 6.0 pence on the IPO price of 100 pence per
share, payable semi-annually; and• a net total shareholder return in excess of 9% a year, over the medium term.
BBOX share price and NAV per share (p)9 December 2013 to 31 December 2015
90
120
130
110
Dec
13Ja
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Feb
14M
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4A
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Jul 1
4A
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4S
ep 1
4O
ct 1
4N
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4D
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Feb
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ar 1
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pr 1
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ay 1
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Jul 1
5A
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ep 1
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5N
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5
100
Share price NAV per share
BBOX’s Growth
December 2013 raised £200 million on IPO
June 2014 raised £21 million
July 2014 raised £150 million
December 2014 raised £110 million
March 2015 raised £175 million
June 2015 raised £54 million
Key Statistics – At a Glanceas at 31 December 2015
Market Cap £879.16 million
Share Price 129.70 pence
NAV £841.10 million
NAV/share 124.09 pence
EPRA NAV £845.67 million
EPRA NAV/share 124.68 pence
Target dividend/share 6.0 pence pa
Dividends paid to date 2014: 4.15 pence/share 2015: 6.00 pence/share
Q4 2015 In Brief
December November2015 October
1 As at 30 June 2015 valuation plus acquisition price for subsequently acquired properties
2 Including forward funded assets3 Source: Bloomberg, to
16 December 2015 respectively, based on closing share price of 126.3 pence
Key DatesFinancial Year End 31 December Half Year End 30 June
Link to further information on website
9 December 2015
Acquisition of Matalan DC, Liverpool• Exchanged contracts
for a purchase price of £42.38 million.
• Net Initial Yield 6.27%.
2 October 2015
New £500 million secured debt facility agreed• Agreed a new five year £500 million secured debt facility
with a syndicate of Barclays Bank PLC, Helaba, Wells Fargo Bank, NA and ING Real Estate Finance (UK) BV refinancing £253.34 million of the Group’s existing debt
• Opening margin of 1.40% above three-month LIBOR • Reducing average margin payable from 1.77%-1.42% and
extending the average unexpired loan term to five years.
www.tritaxbigbox.co.uk
31 December 2015
Q4 Fact SheetTritax Big Box Bognor Regis, Rolls-Royce Motor Cars
4 November 2015
Official opening Rolls-Royce Motor Cars Big Box, Bognor Regis• BBOX’s Fund Manager Colin Godfrey
and Head of Asset Management and Sustainability Petrina Austin attend the official opening Rolls-Royce Motor Cars Big Box, Bognor Regis.
30 November 2015
BBOX is added to index MSCI Global Small Cap Index• BBOX now in the FTSE 250,
EPRA/NAREIT, MSCI Global Small Cap Index.
1 December 2015
Share price hits historical high• BBOX Share price
hits historical high of 131.40 pence.
17 December 2015
Pre-Close Update• £1,261 million (net of acquisition costs)1
invested in 25 assets let to 21 tenants • 81% of assets acquired off-market • WAULT across the portfolio of 16.7 years • Portfolio 100% let2, all leases provide
for upward only rent reviews • 3.0 pence per share dividend paid for
the six months ended 30 June 2015• Share price total return of 20.9% over
2015 YTD and 35.7% since IPO3
Key Contact Colin Godfrey Fund ManagerEmail: [email protected]
Tritax Management LLP Standbrook House4th Floor, 2-5 Old Bond StreetLondon W1S 4PD
Tel: +44 (0)20 7290 1616Website: www.tritaxbigbox.co.uk
AdvisorsRegistrarCapita Asset ServicesTel: +44 (0)871 664 0300Email: [email protected]
AdministratorCapita Sinclair Henderson LimitedBeaufort House51 New North Road Exeter EX4 4EP
Company SecretaryTritax Management LLP Contact: Henry Franklin / Olivia Cox Tel: +44 (0)20 7290 1616Email: [email protected]
Joint Financial Advisor & BrokerJefferies International LtdContact: Mark James Tel: +44 (0)20 7898 7114
Joint Financial AdvisorAkur LtdContact: Anthony Richardson / Tom Frost Tel: +44 (0)44 20 7493 3631
Public RelationsNewgate CommunicationsContact: James Benjamin Tel: +44 (0)20 7680 6550Email: [email protected]
The Portfolio – Key Statistics
£1.31bn2
Market value
16.5 years3
WAULT
33%3
Loan to Value Ratio
5.8%3
Average NIY
Portfolio Value by Investment Pillar (%)2 Annual Rent Roll by Tenant (%)3
9
21241
12178
145
11
183
7
1322
19
2
23
4
16
15 6
10
2025
Disclaimer Approved for issue in accordance with section 21 of the Financial Services and Markets Act 2000 by Tritax Management LLP, authorised and regulated by the Financial Conduct Authority (FCA). This document is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. The document is intended for information purposes only and does not constitute investment advice. It is important to remember that past performance is not a guide to future performance. Furthermore, the value of any investment or the income deriving from them may go down as well as up and you may not get back the full amount invested. If you are in any doubt about the contents of this document or the investment to which it relates, you should consult a person that specialises and is authorised by the FCA to advice on this type of investment.
© Tritax Big Box REIT plc 2016
Portfolio Overview2 Since IPO (December 2013), the Company has acquired 25 high quality, modern Big Box assets, with good geographical spread and diverse tenants. The portfolio also presents a variety of asset management opportunities which have the potential to provide income growth and capital appreciation.
Portfolio value by investment type (%) 1
● Foundation assets● Sainsbury’s 4.53%● M&S 7.70%● Tesco, Didcot 2.52%● Morrisons 9.29%● DHL, Skelmersdale 2.67%● DHL, Langley Mill 1.65% ● Rolls-Royce Motor Cars 3.26%● Kuehne+Nagel 2.48%● Ocado 8.97%● Brake Bros 3.03%● Argos 2.80%● B&Q 7.36%● Tesco, Goole 4.05%● Howdens 5.23%● TK Maxx 4.61%
● Growth covenant assets● Wolseley 1.13%● The Range 4.64%● Nice-Pak 2.58%● Dunelm 3.36%● Matalan 3.31%
● Value add assets● Tesco, Chester�eld 2.83%● Next 5.29%● Tesco, Middleton 1.92%● L’Oréal 2.32%● New Look 2.47%
1 Source: CBRE – by valuation as at 31 December 2015
70.15%
14.83%
15.02%
£1.31 billion
3 As at 31 December 2015
Annual Rent Roll by Tenant (%)● Argos 3%● B&Q 7%● Brake Bros 3%● DHL 5%● Dunelm 3%● Howdens 5%● Kuehne+Nagel 3%● L’Oréal 3%● M&S 6%● Matalan 4%● Morrisons 8%● New Look 3%● Next 5%● Nice-Pak 3%● Ocado 8%● The Range 4%● Rolls-Royce Motor Cars 3%● Sainsbury's 5%● TK Maxx 5%● Tesco 12%● Wolseley 1%
£68.37 million
Big Box assest by property investment pillar Location Tenant
Valuation
(£m)
1. Leeds 59.3
2. Castle Donington 100.9
4. Didcot 33.0
6. Sittingbourne 121.8
7. Langley Mill 21.7
8. Skelmersdale 35.0
10. Bognor Regis 42.7
13. Derby 32.5
15. Erith 117.9
16. Harlow 39.7
17. Heywood 36.7
18. Worksop 96.4
21. Goole 53.1
23. Raunds 68.6
24. Knottingley 60.4
25. Knowsley 43.4
3. Chesterfield 37.1
5. Doncaster 69.4
12. Middleton 25.2
14. Manchester 30.5
19. Newcastle-under-Lyme 32.3
9. Ripon 14.8
11. Thorne 60.9
20. Wigan 33.8
22. Stoke-on-Trent 44.0
1,311.1
Keyl Foundation assetsl Value add assetsl Growth covenant assetsl Forward funded assets__ Major roadsn Major ports
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1 Assets marked with white numbers indicate forward funded developments 2 Source CBRE, valuation of portfolio as at 31 December 2015, including commitments associated with forward funded developments
