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Tritax Big Box Fundamentals (BBOX)

UPDATE ON PRIME LONDON DEVELOPMENT LAND AT LITTLEBROOK, DARTFORD

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to provide the following update on progress with the Company's c.114 acres of prime London development land at Littlebrook, Dartford, within the M25, which was acquired in July 2017.

The Company announces that it has successfully secured planning permission from Dartford Borough Council for the proposed development of a 450,240 sq ft cross-docked logistics facility with a clear internal height of 21 metres. The proposed development of the asset is on 28.6 acres of Phase 1 land and this planning permission consolidates planning consents from other parts of the site.

The marketing campaign, which formally commenced recently, has already attracted a healthy level of enquiries and the Phase 1 planning consent is expected to heighten interest further. The Company is targeting a yield on cost on Phase 1 in excess of 6.5%.

The Littlebrook site represents one of London's largest big box logistics parks and is in a core South East "Last Mile" location on the edge of London and inside the M25 orbital motorway. It has excellent road and port connectivity and can support the potential development of approximately 1.7 million sq ft of logistics distribution buildings, including several big box logistics facilities, together with some smaller urban logistics facilities. By developing buildings on a pre-let basis only on this site, the Company aims to add new high-quality investments to its portfolio over the coming years at an attractive yield on cost, whilst minimising risk.

Demolition of both Phases 1 and 2, which total approximately 54 acres, has now completed on time and on budget. An important part of the demolition process is ensuring that as much of the demolished material as possible is recycled. To date, a recycling level of over 98% has been achieved across the site.

The demolition of Phase 3, which includes the main power station and its associated infrastructure, is continuing and is on track to complete in early 2020.

Discussions are now ongoing with Dartford Borough Council for a separate application for outline planning consent on the balance of the site.

Colin Godfrey, Partner of Tritax, commented:

"Working alongside our development partner, Bericote Properties, we are delighted to have been granted planning permission for the first development phase of this exciting Big Box logistics park within the M25 at Dartford, London.

The development team look forward to continuing to build on the positive working relationship established with Dartford Borough Council to progress discussions to secure planning consent for the development of the balance of this site. We anticipate being able to provide additional new high-quality investments on a pre-let basis to the Company's portfolio over the coming years at an attractive yield on cost.

Our continuing phased capital investment programme will in time bring new jobs to the site as well as the wider area."

Liberum Capital Hold 140.40 155.00 Reiterates

Completion of New 15 Year Lease

COMPLETION OF A NEW 15 YEAR LEASE TO A WORLD LEADING RETAILER ON CHESTERFIELD ASSET

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce the successful completion of a new 15-year lease to the incumbent licensee, a financially robust world leading retailer, on the Company's distribution centre at Barlborough Links, Chesterfield.

Previously let to Tesco Stores Limited ("Tesco"), on a lease which was due to expire in March 2020, this well located and well configured logistics facility was acquired by the Company in March 2014 at an attractive yield.

In March 2018, the Company successfully negotiated a surrender of the Tesco lease, without premium, to obtain vacant possession. Almost simultaneously, this world leading occupier entered into a 12-month licence agreement, to help enable it to undertake due diligence on the asset, with a view to negotiating and finalising a formal lease.

This well specified cross-docked facility with 64 dock level loading doors, has a gross internal area of 501,751 sq ft, an eaves height of 15 metres, ancillary office space and a site density of 46%. It benefits from immediate access to the M1 at Junction 30, providing excellent motorway and wider transport network connectivity.

The Company is undertaking a programme of works in conjunction with the customer's extensive fit out plans.

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Hoarding for Brexit sparks race for warehouse space in Britain

EXTENSION OF DEBT FACILITY

On 1 December 2017, the Board of Tritax Big Box REIT plc (ticker: BBOX) (the "Board") announced that it had agreed a £350 million unsecured revolving credit facility (the "Facility") with a syndicate of lenders, with the ability to request two extensions of one year each beyond the original termination date of 10 December 2022.

The Board is pleased to announce that the Company has reached an agreement to extend the termination date of the Facility from 10 December 2022 to 10 December 2023. The margin payable under the Facility of 1.10 per cent per annum over 3 month LIBOR remains unchanged and the Facility retains its uncommitted £200 million accordion option. There remains one further extension option available under the Facility.

The agreement in respect of the Facility further extends the Company's weighted average debt maturity (excluding the existing £250 million short-term debt facility) to 8.7 years.

TRADING UPDATE

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 2018, which are expected to be published on or around 6 March 2019.

HIGH QUALITY PORTFOLIO

· 54 Big Box assets and 114 acres of prime London distribution development land owned (the "Portfolio") independently valued at £3.42 billion as at 31 December 2018 (30 June 2018: £2.90 billion) including all forward funded development commitments

o Like-for-like valuation uplift of 4.7% during the 12 month period to 31 December 2018 (2.6% during the six month period to 31 December 2018)

o Weighted average purchase yield since inception of 5.5%1, against a valuation yield of 4.4% as at 31 December 2018

o 86% of Portfolio assets acquired off-market since inception

o Weighted average unexpired lease term across the Portfolio as at 31 December 2018 of 14.4 years1,2

· Portfolio 100% let or pre-let to 39 institutional quality tenants with contracted annual rental income of £161.1 million as at 31 December 20181

o All leases provide for upward only rent reviews, of which 45% are RPI/CPI-linked, 37% are open market, 11% are fixed and 7% are hybrid3

o As at 31 December 2018, the Company's largest tenant exposure was to Amazon, representing 13.6% of the Company's total contracted rental income (30 June 2018: 4.1%)

INVESTMENT ACTIVITY

· Eight new Big Box investments acquired in 2018 (including seven pre-let forward funded developments), with an aggregate purchase price commitment of £641.5 million4

o Weighted average purchase yield of the eight investments of 5.1%

o Valuation uplift of 7.5% across the eight investments as at 31 December 2018 compared to the aggregate purchase price commitment5

o Weighted average unexpired lease term across the eight investments as at 31 December 2018 of 18.9 years2

· Planning permission secured for Phase 1 of the Company's prime London distribution development site at Littlebrook, Dartford, comprising the proposed development of a 450,000 sq. ft. logistics facility

o The Company is targeting a yield on cost on Phase 1 of in excess of 6.5%

o The 114 acre Littlebrook site represents one of London's largest big box logistics parks and is in a core South East "Last Mile" location on the edge of London and inside the M25 orbital motorway

· Seven pre-let forward funded developments, totalling 6.6 million sq. ft., under construction as at 31 December 2018

ASSET MANAGEMENT ACTIVITY

· Completion of a new 15 year lease at the Company's distribution centre at Barlborough Links, Chesterfield, following the successful negotiation of a lease surrender with the previous tenant, reflecting an increase in annual rent of 25.4% from the previous passing level

· Completion of a 10 year lease extension with Kellogg's at the Company's distribution centre at Trafford Park, Manchester, reflecting an increase in annual rent of 20.0% from the previous passing level

· 2.0% average annual like-for-like growth in passing rent following the settlement of 10 rent reviews in 2018, representing 19.2% of the Company's total contracted annual rental income at 31 December 2018

FINANCING ACTIVITY

· US private placement of £400 million senior unsecured fixed rate loan notes agreed in December 2018, with a weighted average coupon of 2.91% and a weighted average maturity of 9.8 years. The funds will be drawn on 28 February 2019

· Maturity date of £350 million unsecured revolving credit facility (with an uncommitted £200 million accordion option) extended by one year to December 2023

· £1.46 billion6 of committed debt financing in place, of which £834 million was drawn as at 31 December 2018 (27% LTV) and £386 million is allocated against existing forward funded commitments

· Weighted average term to maturity of debt facilities of 8.7 years as at 31 December 20186 (8.9 years as at 31 December 2017)

· Weighted average running cost of debt of 2.63%7, primarily comprising fixed rate debt (2.38% as at 31 December 2017)

· Successful significantly oversubscribed £155.6 million equity issue in April 2018

PROGRESSIVE DIVIDEND POLICY

· The Company is targeting an aggregate dividend of 6.7 pence per share for the year ended 31 December 2018, payable quarterly, of which 5.025 pence per share has been paid for the nine months ended 30 September 20188

· The Company intends to maintain its progressive dividend policy during 2019 and thereafter

Colin Godfrey, Partner of Tritax, said:

"We have maintained a patient and disciplined approach to capital deployment throughout the year, investing £641.5 million in eight off-market and attractively priced assets, including seven forward funded pre-let developments which are due for completion over the course of the next 18 months, each delivering effective income during the construction phase. These new assets will help maintain the modernity of our portfolio and have enhanced our WAULT which now stands at 14.4 years. The addition of these assets has further diversified our customer tenant base and increased our weighting to high calibre companies in the e-retail, manufacturing and electricals sectors. Three of these important new assets are pre-let to Amazon, now our largest tenant by rental income.

Planning consent for a 450,000 sq. ft. logistics facility was secured at our 114 acre development site at Dartford and we successfully repositioned two Value Add assets into Foundation assets through the negotiation and delivery of new long-term leases.

Despite the ongoing uncertainty around Brexit, logistics lettings in 2018 reached near record high levels and market rents continued to grow even though speculative supply has increased. This occupier demand has been underpinned by the continued growth in e-commerce and occupiers seeking improved supply chain efficiency through the application of larger, flexible and automated logistics property solutions. Investment demand has also remained high, as evidenced by further yield compression during 2018. The outlook for our Company remains positive and we expect UK logistics to remain a robust property investment sector during 2019."

Notes

1) Excludes development site at Littlebrook, Dartford

2) To the earlier of lease expiry or break option

3) Based on contracted annual rental income as at 31 December 2018

4) Based on target commitments of £141.5 million in relation to the Company's forward funded development at Integra 61, near Durham and £120.3 million in relation to the Company's forward funded development at Link 66, Darlington

5) Excludes property purchase costs

6) Excludes £250 million short-term facility entered into in October 2018

7) Based on gross debt, excluding commitment fees

8) The target dividend is a target only and not a forecast. There can be no assurance that the target will be met and it should not be taken as an indication of the Company's actual or expected future results

Results of the Issue

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