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Tritax Big Box Fundamentals (BBOX)

150.90p - a new trading high.

CLARIFICATION OF INVESTMENT PROCESS

Tritax Management LLP (the 'Investment Manager') is the appointed Authorised Investment Fund Manager ('AIFM') of the Company for the purposes of the Alternative Investment Fund Managers Directive ('AIFMD') and as such has been delegated authority by the Company, inter alia, to conduct portfolio management and risk management services on its behalf.

The Company wishes to clarify that going forward, whilst the Board will continue to review and offer advice on prospective investments and divestments of portfolio assets and will continue to monitor compliance with the Company's investment policy, the final investment or divestment decision in each case will be made by the Investment Manager in accordance with its delegated responsibility as the Company's AIFM.

This arrangement accords with the latest European Securities and Markets Authority ('ESMA') guidance regarding the performance of delegated investment management functions under the AIFMD.

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 April to 30 June 2017 of 1.60 pence per ordinary share, payable on or around 10 August 2017 to shareholders on the register on 21 July 2017. The ex-dividend date will be 20 July 2017.

This dividend will be a Property Income Distribution ("PID").

The Company is targeting an aggregate dividend of 6.40 pence per ordinary share for the year ending 31 December 20171, payable quarterly, representing a 3.2 per cent. increase in the total dividend of 6.20 pence per Ordinary Share declared for 2016, in excess of the rate of RPI inflation for the period from 1 January 2016 to 31 December 2016. Dividends are expected to be fully covered by Adjusted Earnings from the Company's portfolio of properties.

Tritax Big Box REIT plc (ticker: BBOX), the only real estate investment trust dedicated to investing in very large logistics warehouse assets in the UK, will announce its half year results for the six months ended 30 June 2017 on Thursday, 10 August 2017.

Acquisition

ACQUISITION OF 124 ACRES OF PRIME LONDON DISTRIBUTION DEVELOPMENT LAND AT LITTLEBROOK, DARTFORD FOR £65 MILLION

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has exchanged conditional contracts to purchase a development site at Littlebrook, Dartford. The freehold of the former Littlebrook Power Station site has been acquired, for a total consideration of £65million (excluding purchaser's costs), which is being funded by the Company from equity.

The site occupies a prime location within the M25 motorway and adjacent to the Dartford Thames River Crossing, providing the opportunity for the efficient distribution of goods across London and the home counties. With the Queen Elizabeth II Bridge and Dartford Tunnel to the east, the site has easy access via J1A to the M25 Motorway and the wider national motorway network. The site also has excellent rail and port connectivity.

The site, the location of a former power station which was decommissioned in 2015, extends to approximately 124 acres. The entire site is capable of supporting the potential development of approximately 1.7 million sq ft of logistics distribution buildings, including several Big Box logistics facilities of over 400,000 sq ft, together with some smaller urban logistics facilities. Part of the site benefits from existing B8 use class (storage and distribution) planning consent for c.517,000 sq ft of the expected c.1.7m sq ft total.

The Company, working in partnership with one of the leading specialist logistics developers in the UK, Bericote Properties, intends to apply for planning consent for the remaining land. The site will be developed in phases, with site preparation costs estimated at c. £25 million. The construction of new buildings will commence on a pre-let basis and the Company will retain the developed investment properties to further enhance its existing investment portfolio.

The Company aims to be able to commence building construction by Autumn 2018 and, working alongside Bericote Properties aims to deliver on a pre-let basis one of London's largest Big Box logistics parks inside the M25 motorway.

Colin Godfrey, Partner of Tritax, commented:

"We are delighted to be acquiring this prime distribution development site in Dartford. Large strategic sites for Big Box distribution buildings within the M25 are scarce and are in strong demand from occupiers. The site is capable of supporting several Big Box distribution facilities as well as smaller urban logistics facilities for serving the London and South East markets in particular. The development of the buildings, in partnership with Bericote, will only commence on a pre-let basis and provide an opportunity for the Company to enhance our existing portfolio with further prime logistics investments at an attractive yield on cost."

Liberum Capital Hold 149.55 135.00 135.00 Reiterates

Half-year Report

Financial highlights
· Fully covered dividends declared for the six-month period of 3.20 pence per share, putting the Company on track to hit its full-year target of 6.40 pence2.

· EPRA net asset value ("NAV") per share increased by 4.30 pence or 3.3% to 133.30 pence as at 30 June 2017 (31 December 2016: 129.00 pence).

· Profit before taxation has increased by 49.9% to £80.53 million (30 June 2016: £53.72 million).

· Contracted annual rent roll increased to £108.65 million (31 December 2016: £99.66 million), including all forward funded development commitments.

· Portfolio independently valued at £2.10 billion3 as at 30 June 2017, including all forward funded development commitments.

· Total return for the period was 5.78% compared to the FTSE EPRA/NAREIT UK REITs Index total return of 4.09%.

· EPRA cost ratio continued to fall, to 13.7%, reflecting the benefits of increased scale (31 December 2016: 15.8%).

· Further diversified our sources of borrowing, with a new £90 million, long-term, fixed-rate facility with PGIM. Loan to Value ("LTV") as at 30 June 2017 was 27.0% (31 December 2016: 30.0%).

· Market capitalisation of approximately £2.0 billion as at 30 June 2017.

2 This is a target only not a profit forecast. There can be no assurances that the target will be met and it should not be taken as an indicator of the Company's expected or actual future results
3 See note 10 for reconciliation


Operational highlights
· Acquired three Big Boxes with an aggregate purchase price of £142.47 million, adding two new Customers to the portfolio.

· Three forward funded pre-let developments reached practical completion in the year to date, with a total value of £155 million.

· Average net initial yield of the property portfolio at acquisition is 5.7%, against our period end valuation of 4.9% net initial yield.

· At the period end, the portfolio comprised 38 assets, covering more than 19.6 million sq ft of logistics space.

· The portfolio was fully let, or pre-let and income producing, during the period.

· At 30 June 2017, the weighted average unexpired lease term ("WAULT") was 15.1 years, against our target of at least 12 years.

· Raised £350 million of equity in May 2017, through a substantially oversubscribed share issue.

Post Balance Sheet Highlights

· On 24 July 2017, exchanged conditional contracts to purchase a 124 acre development site at Littlebrook, Dartford for £62.5 million.

Colin Godfrey, Fund Manager of Tritax Big Box REIT plc, commented:

Heightened investment demand and asset management have helped enhance the value of our portfolio and we consider that market values may improve further. Whilst our asset valuations have benefitted from compressed yields, the tightening investment market means that patience, capital pricing discipline and stock selection will be increasingly important in underpinning our future performance. Nonetheless, investments in the logistics sector remain attractive compared to other asset classes and the Company is well positioned and well capitalised to take advantage with an identified, largely off-market, pipeline of opportunities. Looking forwards, maintaining the quality of our investment purchases will be key.

The logistics market continues to dynamically influence the UK economy. We believe that the development of the Big Box logistics market remains in its infancy, with operational efficiencies and e-commerce likely to drive occupational demand for some time to come.

Investors seeking robust values and income protection are drawn by long term lease commitments and strong market fundamentals, but also the possibility of maintaining the impressive levels of rental growth witnessed during the last couple of years. These positive attributes are expected to continue, underpinning our ambition to deliver attractive and growing, fully covered, dividends. We view the remainder of 2017 and 2018 with optimism.


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HL view - Tritax - Dividends rise, with more asset purchases to come

Acquisition

ACQUISITION OF THE ROYAL MAIL DISTRIBUTION FACILITY AT DANES WAY,

DAVENTRY INTERNATIONAL RAIL FREIGHT TERMINAL, NORTHAMPTONSHIRE

FOR £48.82 MILLION

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has exchanged contracts to acquire a National Distribution Centre at Danes Way, Daventry International Rail Freight Terminal ("DIRFT"), Northamptonshire let to Royal Mail Group Limited ("Royal Mail"), the main subsidiary of Royal Mail plc, one of the UK's leading postal and delivery companies and the UK's designated universal postal service provider. The total consideration is £48.82 million (excluding purchaser's costs), reflecting a net initial yield of 5.0%. The purchase is being funded from equity.

Purpose-built in 2003, this modern, high specification parcel delivery hub with a 24/7 on site operation provides a centrally located and adaptable National Distribution Centre to all Royal Mail parcel hubs across the UK. The cross-docked property has a gross internal area of 272,603 sq ft, an eaves height of between 6 and 13 metres, 360-degree circulation and an extensive service yard area, providing an exceptionally low site cover of c.18%. The investment has been acquired with an unexpired lease term of approximately 6 years, subject to annual upward only rent reviews indexed to the Retail Price Index capped at 3%. The next rent review is due in August 2018.

Situated within the 'Golden Triangle' of logistics, in a prime location, the property has excellent road, airport and rail connectivity. DIRFT is a rail-road intermodal freight terminal with associated logistics in Northamptonshire. DIRFT is located at the intersection of junction 18 of the M1 motorway, the A5 and A428 roads being 4 miles east of Rugby and 6 miles north of Daventry; it has a rail connection from the Northampton loop of the West Coast Main Line to other National and European Rail Freight Terminals. As an established core logistics location, it has attracted a significant number of major occupiers, including DHL, Eddie Stobart Logistics, Sainsbury's and Tesco. The Company recently acquired the Royal Mail's RDC for the Midlands at Atherstone.

DTRE represented the Company on the acquisition.

Colin Godfrey, Partner of Tritax, commented:

"We are very pleased to have acquired our second Distribution Centre let to Royal Mail, which with annual upward rent reviews linked to RPI offers the potential for strong and frequent rental growth. The modern, high specification facility, which is situated in an established core logistics location, also has the potential for future value enhancement."

DIVIDEND DECLARATION
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 July to 30 September 2017 of 1.60 pence per ordinary share, payable on or around 16 November 2017 to shareholders on the register on 20 October 2017. The ex-dividend date will be 19 October 2017.

This dividend will be a Property Income Distribution ("PID").

The Company is targeting an aggregate dividend of 6.40 pence per ordinary share for the year ending 31 December 20171, payable quarterly. Dividends are expected to be fully covered by Adjusted Earnings from the Company's portfolio of properties.

ACQUISITION OF TWO MODERN LOGISTICS FACILITIES AT PROLOGIS PARK, STOKE-ON-TRENT, STAFFORDSHIRE

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has completed contracts with ProLogis European Finance XI Sarl to acquire two modern Big Box logistics facilities at Prologis Park, Stoke-on-Trent, Staffordshire, let to Marks and Spencer plc ("M&S"), one of the UK's leading multichannel retailers, and Dunelm (Soft Furnishings) Ltd ("Dunelm"), the UK's number one homewares retailer. The combined net purchase price is £78.5 million and will be funded from equity.

Stoke-on-Trent has attracted major distribution occupiers including Asda, JCB, Michelin, New Look, Sainsbury's and TK Maxx. This core logistics location has excellent connectivity to the M6 motorway for access to Birmingham and Manchester city airports and the Port of Liverpool.

Marks and Spencer plc National Distribution Centre
Built to a high specification in 2008, this National Distribution Centre is let to Marks and Spencer plc, the main subsidiary of FTSE100 constituent Marks and Spencer Group plc, one of the UK's leading multichannel retailers. The net purchase price reflected a net initial yield of 5.43% on the corporate acquisition.

The facility is one of M&S's five National Distribution Centres for general merchandise and onward fulfilment to Regional Distribution Centres. The property, which has benefited from significant capital investment from the occupier, has an eaves height of c.12 metres, a gross internal floor area of 382,594 sq ft with a site cover of approximately 57%.

The property has been acquired with an unexpired lease term of approximately 8.5 years and has a lease break or rent review in c.3.5 years. The lease is subject to five yearly upward only open market rent reviews. The passing rent reflects £5.24 per sq ft.

Dunelm (Soft Furnishings) Ltd National Distribution Facility
The modern and versatile facility comprises two interconnected buildings with a gross internal floor area totalling approximately 503,389 sq ft, which are let to Dunelm (Soft Furnishings) Ltd, the UK's number one homewares retailer. The net purchase price reflected a net initial yield of 5.38% on the corporate acquisition.

These two sortation and distribution facilities, built to a high specification in 2004 and 2010 respectively, are interlinked and work in conjunction with the Company's new Dunelm National Distribution Centre located in nearby Sideway, Stoke-on-Trent, which was forward funded by the Company in June 2015, and together form Dunelm's dedicated national distribution hub. The properties have all benefited from significant capital investment by the occupier. Each building has an eaves height of c.12 metres, good parking and a site cover of approximately 56%.

The properties are being acquired with two coterminous leases, each with an unexpired lease term of approximately three years. There are no further rent reviews. The passing rent reflects c. £4.56 per sq ft which is highly reversionary against current market rents in this location.

Colin Godfrey, Partner of Tritax, commented:

"We are very pleased to have acquired these modern and adjacent Big Box distribution facilities, situated in an established core logistics location with two high quality tenant covenants in M&S and Dunelm. They build on our strong working relationship with both retailers.

These Value Add investments provide opportunity for rental growth and the short unexpired lease terms offer potential for capital value enhancement from either lease renewal or reletting. Value Add assets now constitute 17% of our portfolio by value."

How to cash in on the UK warehouse boom: Funds that made a shed load by taking advantage of the rise of online shopping

Refinancing

£500 MILLION DEBUT SENIOR UNSECURED NOTES AND NEW £350 MILLION UNSECURED REVOLVING CREDIT FACILITY

Further to the announcement on 23 November 2017, the Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce the pricing of senior unsecured notes in an aggregate principal amount of £500 million and for an average term of 11.5 years (together, the "Notes") which are to be issued under the Company's £1.5 billion Euro Medium Term Note Programme (the "EMTN Programme"). The Company is also pleased to announce a proposed new £350 million unsecured revolving credit facility (the "New Facility") to be entered into with its core relationship lender group and selected new lenders. Subject to the issuance of the Notes and entering into the New Facility, it is proposed that the majority of the Company's secured debt, including the existing £550 million secured syndicated facility, will be repaid in full.

Following the issue of the Notes, entering into the New Facility and the repayment of the majority of the existing secured debt, the Company's weighted average debt maturity will increase from 4.5 years to 8.4 years. The Company's weighted average running cost of debt will become 2.38 per cent. and will primarily comprise fixed rate debt.

Debut Issue of Notes:

The Company has priced two tranches of Notes, comprising (i) £250 million senior unsecured notes maturing on 14 December 2026 (the "2026 Notes") and (ii) £250 million senior unsecured notes maturing on 14 December 2031 (the "2031 Notes") which are to be issued under its EMTN Programme. The Notes are expected to be rated Baa1 by Moody's Investors Service Limited.

The Notes are expected to be (i) issued on 14 December 2017 upon the satisfaction or waiver of customary conditions precedent; and (ii) admitted to the Irish Stock Exchange's Official List and to trading on the Global Exchange Market of the Irish Stock Exchange upon issue.

The 2026 Notes and the 2031 Notes will bear interest at a rate of 2.625 per cent. per annum and 3.125 per cent. per annum, respectively.

New Facility:

The New Facility has an initial maturity of five years and can be extended (subject to obtaining the prior consent of the lenders) by two further years to a maximum maturity of seven years. The New Facility also contains an uncommitted £200 million accordion option. The New Facility is expected to be entered into shortly before the issue of the Notes on 14 December 2017 and is subject to satisfaction or waiver of customary conditions precedent.

The New Facility has an opening margin of 1.10 per cent. per annum over LIBOR.


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Non-exec buying 100k at 143.9.

I'm watching carefully

EXTENSION OF DEBT FACILITY

Further to the Company's refinancing announcement on 1 December 2017, the Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that the Company has agreed terms to extend the maturity on its existing loan facility (the "Facility") with Landesbank Hessen-Thüringen Girozentrale ("Helaba").



The £50.87 million Facility is secured on the Ocado distribution warehouse at Erith and has been extended from July 2023 to July 2025, which further extends the Company's weighted average debt maturity. The margin payable on the facility will remain unchanged.

Looking to try 150 again (high was/is 151.40p)

Completes Contracts on Forward Fund Investments

COMPLETES CONTRACTS ON THE FORWARD FUNDED INVESTMENT IN TWO NEW DISTRIBUTION FACILITIES AT WARTH PARK, RAUNDS, NORTHAMPTONSHIRE

PRE-LET TO HOWDEN JOINERY GROUP PLC

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that the Company has completed contracts for the site acquisition and forward funding for the development of two new distribution warehouse facilities at Warth Park, Raunds. The properties are pre-let in their entirety under two separate 30 year leases to Howdens Joinery Group Plc ("Howdens"), the parent group of the leading supplier of kitchens in the UK.

Contracts were originally exchanged, conditional on planning consent, in December 2016. Completion was delayed due to a prolonged challenge to the planning consent which has now been cleared. The agreed investment price has been amended to £103.7 million, to reflect a longer construction period due to the delayed planning consent and revised construction programme. The purchase price represents a net initial yield of 5.0% (net of land acquisition costs) upon completion of the leases.

Warth Park, at Raunds, Northamptonshire is strategically located on the A45 corridor close to J13 of the A14, which provides access to the ports of Felixstowe and Harwich and also directly links to the A1(M) dual carriageway and the M1 motorway. The two distribution facilities, which will stand adjacent to one another and to the Company's existing Howdens facility, are under separate freehold titles and will be completed to a high specification with target gross internal floor areas of 657,000 sq ft and 300,000 sq ft., respectively.

Both buildings will have an eaves height of 15 metres and a combined site cover of approximately 53%. Completion of the construction of the two facilities is due to take approximately 21 months with completion of the two new leases expected by winter 2019.

Colin Godfrey, Partner of Tritax, commented:

"Following the successful completion of the first Howdens building, which the Company agreed to forward fund in September 2015, we are delighted to be investing on the second phase of Howdens' two new distribution centres. Once completed, these three high specification facilities totalling 1.6 million sq ft will provide Howdens with a 'centre of excellence' for its national supply chain operations.

This investment is in an established logistics location with a strong covenant, adds to our portfolio's core foundation income and brings our total portfolio to 48 assets."

Acquisition

ACQUISITION OF THE AO WORLD PLC NATIONAL DISTRIBUTION CENTRE

AT WESTON ROAD, CREWE, CHESHIRE FOR £36.10 MILLION

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has acquired a National Distribution Centre at Weston Road, Crewe, Cheshire. The property is let to Expert Logistics Ltd ("Expert Logistics"), a wholly owned subsidiary of AO World Plc ("ao.com"), a leading European online electrical retailer listed on the London Stock Exchange, which will act as guarantor. The total consideration is £36.10 million.

Built in 2006, this modern, high specification cross docked facility is located diagonally opposite the tenant's other distribution facility and together form ao.com's UK National Distribution hub. The versatile property, which has benefited from significant capital investment by the tenant, has a total gross internal area of 387,541 sq ft., an eaves height of 12.5 metres, an extensive yard area and parking, with a site cover of 49%.



The facility is strategically positioned in a core national distribution location, with excellent access to the M6 and M1 via the A50 dual carriageway, with good connectivity to Manchester and Liverpool airports and the Port of Liverpool. The immediate location has attracted major logistics occupiers including Bargain Booze, Bentley Motors Limited and Rymans.

The property is being acquired with an unexpired lease term of approximately nine years, which is subject to five yearly upward only open market rent reviews. The next rent review is due in April 2021.

DTRE represented the Company on the acquisition.


Colin Godfrey, Partner of Tritax, commented:

"This dedicated e-commerce facility, which plays an integral role in ao.com's national distribution network, further diversifies our portfolio by tenant and geography. Against the backdrop of strong tenant demand and the limited supply of modern Big Box National Distribution assets, this investment offers the potential for attractive rental growth in 2021."

Trading Statement

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to provide the following trading update ahead of the publication of the Company's results for the year ended 31 December 2017, which are to be published on Wednesday 7 March 2018.



HIGH QUALITY PORTFOLIO FOCUSED ON BIG BOX LOGISTICS ASSETS

· Acquired 11 new Big Box investments in 2017 (including one pre-let forward funded development), with an aggregate purchase price of £435 million, along with 124 acres of prime London distribution development land for a total consideration of £62.5 million (excluding purchaser's costs)

· Four pre-let forward funded developments, totalling 2.0 million sq ft., reached practical completion in 2017

· As at 31 December 2017, £2.46 billion1 (including forward funded commitments) invested in a portfolio of 46 Big Box assets (the "Portfolio") as well as the 124 acres of development land at Littlebrook, Dartford

o Portfolio 100% let or pre-let to 36 institutional quality tenants with contracted annual rental income of £124.6 million and all leases provide for upward only rent reviews2

o Weighted average purchase yield since inception of 5.7%2

o Weighted average unexpired lease term across the portfolio of 13.9 years2

· Since 31 December 2017, a further 3 Big Box assets have been acquired with an aggregate purchase price of £139.8 million, increasing the Portfolio to a total of 49 assets and extending the weighted average unexpired lease term across the portfolio to 14.5 years2

FINANCING ACTIVITY REDUCING COST OF DEBT AND EXTENDING MATURITY

· Debut issue of £500 million senior unsecured loan notes, with an average term of 11.5 years, rated Baa1 by Moody's following the establishment of a £1.5 billion Euro Medium Term Note Programme

· New five-year £350 million unsecured revolving credit facility, with an uncommitted £200 million accordion option, and the repayment in full of £550 million secured syndicated facility due 2020 and £7.0 million and £11.6 million Helaba facilities due 2019

· Weighted average term to maturity of debt facilities of 8.9 years as at 31 December 2017 (4.8 years as at 31 December 2016). Weighted average running cost of debt of 2.38% pa4, primarily comprising fixed rate debt

· Successful significantly oversubscribed £350 million equity issue in May 2017



PROGRESSIVE DIVIDEND POLICY

· The Company is targeting an aggregate dividend of 6.4 pence per share for the year ended 31 December 2017, payable quarterly, of which 4.8 pence per share has been paid for the nine months ended 30 September 20173

· Consistent with its progressive dividend policy, the Company today confirms it is targeting an aggregate dividend of 6.7 pence per ordinary share for the year ending 31 December 20183:

o A 4.7% increase over the dividend target of 6.4 pence per Ordinary Share for 2017

o In excess of the rate of RPI inflation over the 12 month period to 31 December 2017

o Dividends are expected to be fully covered by Adjusted earnings from the Company's portfolio

Colin Godfrey, Partner of Tritax, said:

"We continue to implement the Company's strategy, further diversifying our portfolio by geography and tenant whilst remaining patient and disciplined in our approach. During 2017, whilst maintaining a high proportion of Foundation assets to underpin the portfolio's core, low-risk income (74% of the portfolio by value), we have also sought to selectively acquire some Value Add opportunities, which included 124 acres of prime development land at Dartford, which offer the potential to deliver further value to our shareholders in 2018 and beyond.

Our increased scale brought further strategic benefits including the issuance of our £500m debut unsecured loan notes, which nearly doubled our average term to maturity at an attractive fixed cost of debt.

The compelling fundamentals of our market remain largely undisturbed by the ongoing uncertainties associated with the economic and geopolitical backdrop. The weight of occupier and investor demand for Big Box logistics assets, coupled with a lack of meaningful supply, ensured that values and rental growth remained robust during 2017, with evidence suggesting that such attractive dynamics are likely to continue to support the performance of the sector into 2018."

Liberum Capital Hold 148.95 150.00 150.00 Reiterates