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Tritax Big Box Fundamentals (BBOX)

ACQUISITION OF TESCO REGIONAL DISTRIBUTION CENTRE, CAPITOL PARK, GOOLE FOR £47.1 MILLION

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 March 2015 to 31 May 2015 of 1.5 pence per ordinary share, payable on or around 15 July 2015 to shareholders on the register on 19 June 2015. The ex-dividend date will be 18 June 2015.

This interim dividend will be a Property Income Distribution ("PID"). The Directors have decided not to offer a scrip alternative in connection with this interim dividend.

The Company is targeting an aggregate dividend of 6.0 pence per ordinary share for the year ending 31 December 2015.

Pre-let development of Dunelm facility

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has completed the land purchase and entered into contracts to provide forward funding for the development of a new distribution warehouse facility, pre-let in its entirety to Dunelm (Soft Furnishings) Ltd, the UK's number one homewares retailer.The investment price is £43.43 million, reflecting a yield of 5.47% (net of land acquisition costs).

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More for the big boys :-(

Proposed Placing

The Board of Directors is pleased to announce that it intends to proceed with an institutional placing (the "Placing") of new ordinary shares (the "Placing Shares") at a price of 113 pence per share (the "Placing Price"). The Placing will comprise the final tranche of the Company's share issuance programme valid until 7 July 2015 (the "Share Issuance Programme") under which 86,147,187 ordinary shares remain available for issue. The Board intends to combine the available balance of the Share Issuance Programme with the Company's general authority to issue shares for cash on a non-pre-emptive basis (the "General Authority") with a target fundraising size of up to £125 million1. The Placing Shares to be issued under the General Authority will be issued on the same terms as the Placing Shares to be issued under the Share Issuance Programme.

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FINANCING OF ASSET PRE-LET TO OCADO

Further to the announcement on 29 January 2015 that the Company had exchanged contracts to forward fund the investment of a new distribution warehouse facility located inside the M25 at Crossdox, Bronze Age Way, Erith, pre-let in its entirety to a subsidiary of Ocado Group Plc, the Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that the Company has agreed senior debt financing secured on the asset. This facility has been agreed with Landesbank Hessen-Thüringen Girozentrale ("Helaba") to the value of £50.866 million, reflecting a loan to value ratio of approximately 50%.

The facility has a five year term with an option to extend this to a maximum of six years exercisable before the second anniversary of the facility, subject to lender consent. To efficiently match the terms of the forward funding contract, the facility has been structured to provide a twelve month loan to facilitate the construction period which will automatically convert into an investment loan for the remainder of the term at the point of practical completion of the building, targeted for the summer of 2016.

Including this loan, the blended margin payable across the Company's financings post practical completion will be approximately 1.70% above three month LIBOR.

Tritax Big Box REIT plc (ticker: BBOX), the only real estate investment trust giving pure exposure to very large logistics warehouse assets in the UK, will announce its interim results for the six months ended 30 June 2015 on Friday, 21 August 2015.

A new high @119p.

Toying with the highs again.

And again @119.50p

Interim Results

Financial highlights
· Our investment properties were independently valued at £1.09 billion as at 30 June 2015 (including forward funded commitments), representing an increase of £114.80 million or 11.7% over the aggregate acquisition price (excluding acquisition costs).

· The portfolio's contracted rental income has increased to £58.87 million per annum (30 June 2014: £20.84 million), including forward funded assets.

· Dividends declared in relation to the six months ending 30 June 2015 (the "period") totalled 3.0 pence per share, putting us on track to meet our stated 6.0 pence per share target for 2015.

· Total return for the six month period of 10.71% compared to our target of 9% per annum for the medium term.

· We raised an additional £229 million of equity during the period, issuing 159.09 million new shares at an issue price of 110 pence per share in March 2015, and a further 47.79 million new shares at an issue price of 113 pence per share in June 2015, pursuant to the Company's share issuance programme which expired on 7 July 2015.

Operational highlights
· We acquired eight Big Boxes during the period, three of which were forward funded pre-let investments, expanding the portfolio to 22 assets. The acquisitions further diversified the portfolio both by geography and by tenant.

· The weighted average unexpired lease term across the portfolio is 15.77 years, which compares well to our target of at least 12 years.

· The average net initial yield of the portfolio at acquisition is 5.8% against our period end valuation of 5.1% net initial yield.

· The total expense ratio for the period was 0.50%, down from 0.71% for the period from 1 January 2014 to 30 June 2014, which compares favourably with our real estate peers.

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

· The Company's shares were included in the FTSE EPRA/ NAREIT Global Developed Index from 23 March 2015 and the FTSE 250 Index from 8 June 2015, helping to attract new investors and support liquidity in the shares.

· Growth of the portfolio to provide a total of over 11 million sq ft of logistics space forming the portfolio.

Post Balance Sheet highlights
· In July 2015 a new five year loan facility totalling £50.87 million was agreed with Landesbank Hessen- Thüringen Girozentrale ("Helaba") to finance the forward funded investment pre-let to Ocado in Erith.

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Stockwatch: A safe haven with a 5% yield

Pre-let development of Howden Joinery facility

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has exchanged conditional contracts to acquire the land and provide forward funding for the development of a new distribution warehouse facility, pre-let in its entirety to Howden Joinery Group Plc ("Howdens"), the parent group of the UK's leading supplier of kitchens and joinery. The investment price is £67.0 million, reflecting a net initial yield of 5.03% (net of land acquisition costs).

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A new high @124.50p.

And again @125p.

Issue of Ordinary Shares under the Investment Management Agreement and PDMR Shareholdings

Jefferies International Buy 0.00 125.00 123.00 136.00 Reiterates

Pre-let development at Knottingley, Wakefield

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has completed the land purchase and entered into contracts to provide forward funding for the development of a new regional distribution facility, pre-let in its entirety to TJX UK ("TK Maxx"), a major retailer of branded apparel and home fashions in the UK and Ireland. The investment price is £59.00 million, reflecting a yield of 5.32% (net of land acquisition costs).


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From the 18th - Jefferies International Buy 130.45 136.00 140.00 Reiterates

A new high @130.80p.

ACQUISITION OF MATALAN RETAIL LTD NORTHERN DISTRIBUTION CENTRE AT KNOWSLEY BUSINESS PARK, LIVERPOOL FOR £42.38 MILLION

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has completed the purchase of the Matalan Retail Limited ("Matalan") Northern Distribution Centre at Knowsley Business Park in Liverpool, for a purchase price of £42.38 million (net of acquisition costs), reflecting a net initial yield of 6.27% on the corporate acquisition. The purchase will be funded out of equity proceeds, with senior debt finance expected to be introduced in the near term.

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PRE-CLOSE UPDATE

The Board of Tritax Big Box REIT plc (ticker: BBOX) announces this trading update as it enters the close period for the year ending 31 December 2015. This statement provides an update on investment activity, portfolio performance and market conditions.

PORTFOLIO HIGHLIGHTS

· £1,261 million (net of acquisition costs)1 invested in 25 Big Box assets let to 21 tenants

· 20 standing assets and five pre-let forward funded developments with a combined floor space of 13.0 million sq. ft. (of which 2.8 million sq. ft. is under construction)

· 11 new investments made in 2015

· 81% of assets acquired off-market with average purchase yield of 5.8%

· Current weighted average unexpired lease term across the portfolio of 16.7 years

· Portfolio 100% let with contracted annual rental income of £68.2 million2 as at 16 December 2015

· All leases provide for upward only rent reviews, of which 52% are open market, 23% are fixed uplift and 25% are RPI linked

· High quality institutional grade tenant mix with strong financial covenants - 84% of tenants are listed PLCs (69% in the FTSE 100 or FTSE 250)

· Forward funded development pre-let to Rolls Royce-Motor Cars Limited at Bognor completed on schedule and on budget in September 2015

· Engaged with multiple tenants on asset management initiatives

· Market rental growth expected to remain robust in 2016

· Strong pipeline of attractively priced, off-market investment opportunities identified

1 as at 30 June 2015 valuation plus acquisition price for subsequently acquired properties
2 including forward funded assets

FINANCIAL HIGHLIGHTS

· 3.0p per share dividend paid for the six months ended 30 June 2015; targeting fully covered aggregate dividend of 6.0p per share for the year ending 31 December 2015

· Share price total return of 20.9% over 2015 YTD and 35.7% since IPO in December 20133

· Low cost base with 2015 target total expense ratio of 1.1%

· £569.5 million of committed debt financing in place of which £375.1 million is currently drawn (34% LTV)

· Weighted average term to maturity of debt facilities of 4.7 years, increasing to 6.4 years with extension options

· Current blended margin payable of 1.42% above three month LIBOR

· Borrowing costs on current drawn debt capped at an all-in rate of 2.94% using interest rate caps which run coterminous with each facility

· Market capitalisation of £856 million3; FTSE 250, FTSE EPRA/NAREIT and MSCI index constituent

3 Source: Bloomberg, to 16 December 2015 respectively, based on closing share price of 126.3p

Colin Godfrey, Partner of Tritax, said:

"2015 has been another significant year of development for the Company with 11 new investments creating an increasingly diversified and high quality portfolio, a new five year £500 million debt facility secured on attractive terms and offering substantial operational flexibility and strong share price performance underpinned by the long term, income-focused nature of the Company's real estate assets.

As we look forward to 2016, we believe the imbalance between supply and demand of Big Box assets is a theme which will continue to dominate the logistics sector driving further market rental growth."

DIVIDEND POLICY

Since the IPO, the Board has targeted an initial annual dividend yield (on a fully invested and geared basis) of 6% by reference to the IPO issue price of 100 pence. With effect from 1 January 2016 the Directors intend to adopt a progressive dividend policy and expect to provide guidance to investors in this regard during Q1 2016. Dividends are expected to be fully covered by earnings from the Company's portfolio.

MARKET CONDITIONS AND OUTLOOK

The UK has one of the greatest warehouse space requirements in Europe driven by the strong economic outlook and the growth in internet sales which are expected to represent 19% of total retail sales by 2019, up from 13% in 2014 (source: eMarketer). Meanwhile, logistics availability in the UK has been decreasing since 2009 with the supply of speculatively developed Big Box assets extremely limited. As far as the Company's investment manager is aware, no Big Box assets of 500,000 sq. ft. or above are currently being developed speculatively.

Prime logistics yields have compressed by approximately 75 basis points since the Company's IPO in December 2013 and currently stand at approximately 5.0% with the potential for further compression in 2016 given the imbalance between supply and demand which is unlikely to be rectified in the short to medium term.

As a result of growing occupier demand and constrained occupational supply, strong rental growth has been evidenced during the last 18 months and is expected to continue through 2016 with the Company well placed to capture market rental growth given the profile of rent reviews across the portfolio.