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Tritax Big Box Fundamentals (BBOX)

Jefferies International Buy 125.80 140.00 140.00 Reiterates

Norges Bank < 3%

NOTICE OF FULL YEAR RESULTS

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 full year results for the twelve months ended 31 December 2015 on Wednesday, 16 March 2016.

A Company presentation to analysts will take place at 10.30am on the day at the offices of Newgate, Sky Light City Tower, 50 Basinghall Street, EC2V 5DE.

Those wishing to attend are kindly asked to contact Newgate on tritax@newgatecomms.com or by telephone on +44 (0) 20 7680 6550.

A new high @133p.

Full Year Results

Financial highlights
· Dividends declared in respect of 2015 totalled 6.0 pence per share, in line with our target.

· Total return for the year of 19.4%, compared to the FTSE EPRA/NAREIT UK REITs Index of 10.5%.

· We agreed a new £500 million debt facility, reducing our average cost of borrowing by 35bps to 1.42% above 3 month Libor and extending our average unexpired loan term to 4.67 years.

· The EPRA net asset value per share increased by 17.11 pence (or 15.91%) to 124.68 pence (31 December 2014: 107.57 pence).

· We raised £229 million of equity during 2015 under our share issuance programme which expired on 7 July 2015.

· The portfolio is 100% let, or pre-let with developer licence fee income, across 25 properties.

· Our investment properties were independently valued at £1.31 billion1.

· £106.75 million valuation gain on our investment property portfolio during 2015.

· The portfolio's contracted rental income has increased to £68.37 million1 per annum (31 December 2014: £36.16 million1), including forward funded developments.


Operational highlights
· We acquired 11 Big Boxes during the year, five of which were forward funded pre-let developments. The acquisitions further diversified the portfolio by geography, tenant and building size.

· At the year end, the portfolio contained 25 assets, covering approximately 13 million sq ft of logistics space.

· The total expense ratio for the year was 1.09%, down from 1.13% for the prior period, which compares favourably with our real estate peers.

· At the year end, the weighted average unexpired lease term ("WAULT") was 16.5 years (31 December 2014: 13.9 years), against our target of at least 12 years.

· The average net initial yield of the portfolio at acquisition is 5.8% against our year end valuation of 4.9% net initial yield.

· 33% Loan to Value ("LTV"). On a fully invested basis, including the fulfilment of our forward funded development commitments this increases to c.40%.

· Our shares were:

o included in the FTSE EPRA/NAREIT Global Developed Index from 23 March 2015

o included in the FTSE 250 Index from 8 June 2015

o included in the MSCI Global Small Cap Index from 30 November 2015

· This helped to attract new investors and broaden liquidity in the shares with daily average traded value of £2.2 million in 2015


Post balance sheet highlights
· On 16 February 2016, the Company completed a £200 million equity fundraising in order to fund its near term investment pipeline.

· Progressive dividend target of 6.2 pence per share set for 2016.

HL's take - Tritax Big Box REIT - 2015 Full Year Results

New high @134.70p

Jefferies International Buy 134.50 140.00 150.00 Reiterates

Acquisition of Argos' National Distribution Centre

ACQUISITION OF ARGOS' NATIONAL DISTRIBUTION CENTRE AT BURTON-UPON-TRENT, STAFFORDSHIRE FOR £74.65 MILLION

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has acquired Argos' National Distribution Centre at Barton Business Park, Burton-upon-Trent, Staffordshire for a purchase price of £74.65 million (net of acquisition costs), reflecting a net initial yield of 5.55% on the corporate acquisition. The purchase has been funded from equity proceeds, with senior debt finance expected to be introduced in the near term.

The distribution centre incorporates modern design features including an eaves height of between 12 and 30 metres, ancillary office accommodation, extensive loading and has benefited from significant capital investment by the tenant including substantial internal automation systems. The facility comprises 653,670 sq ft, arranged over c. 26 acres, providing a site cover of approximately 47%.

The National Distribution Centre is well positioned in Staffordshire in the West Midlands, a core central UK location, with excellent motorway connectivity, strategically located adjacent to the A38 dual carriageway providing direct access to the M6 Toll, M42 (Junctions 9 to 11) and via the A50 (Junction 24) and A511 (junction 22) to the M1 motorway, and with close proximity to rail and air connections. The West Midlands is an established logistics location, which has attracted a significant number of major occupiers, including Amazon, B&Q, Boots, Pirelli and Tesco.

The property is let to Argos Limited with an unexpired lease term of approximately 12 years and benefits from fixed annual rental increases of 3%.

JLL represented the Company on the acquisition and David Baroukh Associates LLP represented the vendor.

Acquisition

ACQUISITION OF A DSG RETAIL PLC NATIONAL DISTRIBUTION CENTRE AT NEWARK, NOTTINGHAMSHIRE FOR £77.30 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 let to DSG Retail Ltd ("DSG"), part of the Dixons Carphone plc group. The purchase price is £77.30 million (excluding purchaser's costs), reflecting a net initial yield of 5.86% on the corporate acquisition. The purchase is being funded from equity proceeds, with senior debt finance expected to be introduced in the near term. Completion is expected to take place later today.

The property is one of two National DSG Distribution Centres located on Newlink Business Park in Newark, Nottinghamshire and forms part of DSG's principal National Distribution hub for direct store replenishment, home deliveries and returns. The National Distribution Centre also accommodates DSG's main service repair centre which has benefited from significant capital investment. This facility was purpose built to a high specification for DSG in 2003 and includes an eaves height of 12.25 metres, extensive parking and a substantial service yard. The facility has a gross internal floor area of 725,798 sq ft and a low site cover of circa 37%. The property has an unexpired lease term of approximately 20 years and benefits from 3% per annum fixed rental increases received every five years.

Newlink Business Park is strategically located two minutes from the A1 and A46 interchange, providing good motorway connectivity north and south via the A1/A1M and onto the M1. The site benefits from good rail services with Newark North Gate Station located less than two miles from the property.

DTRE represented the Company on the acquisition and Savills represented the vendor.

Colin Godfrey, Partner of Tritax, commented:
"This National Distribution Centre at Newark is a strong addition to the foundation income within our overall portfolio of 28 Big Box logistics assets and has been acquired at a level which is accretive to our portfolio's current average net initial yield. It further diversifies our tenant and geographic mix and maintains the weighted average unexpired lease term across the portfolio at approximately 16.5 years. Dixons Carphone plc is one of the largest pure electrical retailers with a growing online presence and we are pleased to have been able to secure this key asset."

TRADING UPDATE

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to provide the following update ahead of the half year period ending 30 June 2016.

PORTFOLIO HIGHLIGHTS
· £1,488 million (net of acquisition costs)1 invested in 28 UK Big Box assets let to 22 tenants

· 27 standing assets and one pre-let forward funded development with a combined floor space of 14.7 million sq. ft. (of which 0.6 million sq. ft. is under construction)

· 75% of assets acquired off-market with average purchase yield of 5.8%

· Nine new investments made in the last 12 months for an aggregate purchase price of £473 million

· Current weighted average unexpired lease term ("WAULT") across the portfolio of 16.3 years

· Portfolio 100% let with contracted annual rental income of £78.5 million2 as at 29 June 2016

· All leases provide for upward only rent reviews, of which 43% are open market, 32% are fixed uplift, 17% are RPI linked and 8% are hybrid

· High quality institutional grade tenant mix with strong financial covenants - 84%3 of tenants are listed PLCs (71% in the FTSE 100 or FTSE 250)

· Forward funded developments pre-let to Rolls-Royce Motor Cars, Ocado, NicePak, Dunelm and Howdens have all completed on schedule and on budget

1 as at 31 December 2015 valuation plus acquisition price for subsequently acquired properties
2 including forward funded assets
3 based on the ultimate parent entity of the lessee


FINANCIAL HIGHLIGHTS
· Targeting fully covered aggregate dividend of 6.2p per share for the year ending 31 December 20164

· Low cost base with 2015 total expense ratio of 1.09%

· £569.5 million of committed debt financing in place of which £472.9 million is currently drawn (32% LTV)

· Weighted average term to maturity of debt facilities of 4.3 years, which could be increased to 6.1 years by triggering extension options

· Current blended margin payable of 1.42% above three month LIBOR, capped at an all-in rate of 2.84% using interest rate caps which run coterminous with the Group's bank facilities

· Successful oversubscribed £200 million equity issue in February 2016

4 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 expected or actual future results.

EXTENSION OF DEBT FACILITY

Following completion of the Ocado distribution warehouse at Erith, the Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that the Company has agreed terms to extend the maturity of its £50.866 million loan facility (the "Facility") secured on the asset with Landesbank Hessen-Thüringen Girozentrale ("Helaba") from July 2020 to July 2023.

Including the Facility, the blended margin payable across the Company's financings will be 1.43% above three month LIBOR. When taking into account the Company's hedging arrangements, the all-in capped cost of borrowing is 2.86%. The Company has 99.7% of its drawn debt subject to hedging arrangements.

Forward funded pre-let investment in new facility

FORWARD FUNDED PRE-LET INVESTMENT IN A NEW LOGISITICS FACILITY AND HEADQUARTERS AT FOUR ASHES, WOLVERHAMPTON

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has exchanged contracts (conditional on detailed planning consent) to provide forward funding for the development of a new logistics facility and headquarters at Four Ashes, Wolverhampton. The investment price is £56.3 million, reflecting a net initial yield of 5.14% (net of land acquisition costs).

The site is strategically located in the West Midlands, close to J12 of the M6, providing good access to Birmingham and Nottingham. The new facility will comprise a gross internal area of 543,692 sq ft. with expansion land to accommodate up to a further 101,139 sq ft. The property will include modern specifications, with a clear height of 15 and 12 metres and a low site cover of approximately 43%.

Agreement has been reached with a leading global designer and manufacturer of components and assemblies to enter into a new 25-year lease for the new facility, conditional upon detailed planning consent. The lease will be subject to five yearly upward only rent reviews indexed to the Retail Price Index, providing a minimum 2% pa rental growth (capped at 4% pa). During the construction phase, the Company will receive an income return equivalent to the agreed rent from the developer. Further details regarding the tenant will be made available in due course.

The development is being undertaken by Bericote Properties. Construction of the main works is expected to commence during September 2016 with practical completion anticipated for July 2017. The land purchase is expected to be funded by the Company from equity proceeds, with senior debt finance to be introduced in the near term.

Jones Lang LaSalle represented the Company and Dowley Turner Real Estate LPP represented the vendor.

Colin Godfrey, Partner of Tritax, commented:

"We are very pleased to be investing in this new logistics facility and UK headquarters which will benefit from significant capital investment by the tenant with the capacity to expand the unit to accommodate future growth plans. This investment provides further tenant, geographic and business sector diversification whilst maintaining a WAULT of over 16 years. This is our seventh pre-let forward funded development and the third with Bericote, one of the UK's leading developers of Big Box assets, following the successful completion of the Rolls-Royce Motor Cars and Ocado facilities."

ACQUISITION OF A KELLOGG'S DISTRIBUTION FACILITY AT TRAFFORD PARK, MANCHESTER FOR £23.5 MILLION

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has acquired a distribution facility at Trafford Park, Manchester, let to Kellogg Company of Great Britain Limited ("Kellogg's"), whose ultimate parent is the Kellogg Company. The purchase price is £23.5 million (excluding purchaser's costs), reflecting a net initial yield of 5.9% on the asset acquisition. The purchase is being funded from equity proceeds, with senior debt finance expected to be introduced in the near term.

The property is one of three distribution and production facilities located at Trafford Park, Manchester let to Kellogg's and is in close proximity to its production facility at Barton Dock Road, Trafford Park, which is the Kellogg Company's largest manufacturing facility in Europe and where it manages its national and some international operations. The asset was built to a high specification in 2007 and includes an eaves height of c.15 metres, offices and extensive parking and loading facilities. The facility has also benefited from significant capital investment including recent investment to improve racking efficiency. The facility has a gross internal floor area of 311,602 sq ft and a site cover of approximately 46%.

Trafford Park remains one of the largest and most successful business parks in Europe with one of the highest concentration of industrial and logistics facilities in the UK, principally due to its excellent rail, shipping and airport connectivity together with its proximity to the greater Manchester conurbation. It has a dedicated rail freight terminal, which is the largest in the North West, running straight through to mainland Europe, direct access to the M60 and the Manchester Ship canal and Manchester International Airport.

The property is being acquired with an unexpired lease term of approximately 1.75 years with a passing rent of £4.50 per sq ft and a capital value cost equivalent to approximately £75 per sq ft.

A new high @140.10p.

ACQUISITION OF THE AMAZON DISTRIBUTION CENTRE AT KINGSTON PARK, PETERBOROUGH FOR £42.9 MILLION

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has acquired the distribution centre at Kingston Park, Peterborough, let to Amazon UK Services Ltd ("Amazon") (and guaranteed by Amazon EU Sarl), for a purchase price of £42.9 million (net of acquisition costs), reflecting a net initial yield of 5.6% on the corporate acquisition. The purchase is being funded from equity proceeds, with senior debt finance expected to be introduced in the near term.

The property is one of Amazon's major distribution centres in the UK, fulfilling general merchandise online orders and groceries throughout the UK and Europe. The distribution centre has benefited from significant capital investment from the tenant with further initiatives currently underway. The property was built to a high specification in 2006, comprising an eaves height of 15 metres, offices, a secure HGV trailer park and extensive parking. The facility has a gross internal floor area of 549,788 sq ft with a low site cover of approximately 42%.

Kingston Park, Peterborough is well positioned in a core logistics location with excellent motorway connectivity across the UK, located just off junction 17 of the A1M, and links to the M1 (via A47) and A14, which provides a direct route to the Port of Felixstowe and the Midlands. Furthermore, Peterborough was the second fastest growing UK city over the last 10 years (as at 2015), thereby providing a large and growing workforce to draw from, underpinning the longevity of the area as a major UK distribution location.

The property is being acquired with an unexpired lease term of approximately 8.7 years subject to five yearly upward only rent reviews indexed to the Consumer Price Index (collared and capped at 1.5% p.a. and 2.75% p.a.). The next rent review is due in April 2020. The passing rent is c. £4.50 per sq ft with a capital value cost equivalent to approximately £78 per sq ft.

INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016

Financial highlights
· Dividends declared for the six month period of 3.1 pence per share, putting the Group on track to hit the target of 6.2 pence1 for the full year. Our dividend is fully covered by Adjusted earnings2.

· Adjusted earnings per share totalling 3.16 pence per share2 for the six month period.

· Total return for the six month period of 5.8%, compared to the FTSE EPRA/NAREIT UK REITs Index total return of -11.7%.

· Portfolio independently valued at 30 June 2016 at £1.53 billion3, reflecting a £41.1 million or 2.8% valuation gain during the period.

· EPRA net asset value per share increased by 4.23 pence or 3.4% to 128.91 pence (31 December 2015: 124.68 pence).

· Contracted rental income, including forward funded developments, increased to £78.59 million per annum (31 December 2015: £68.37 million).

· Raised £200 million of equity during the period, through a substantially oversubscribed share issue.

· Period end loan to value ("LTV") of 32% (31 December 2015: 33%), which increases to approximately 40%, including the fulfilment of our forward funded development commitments.

· The total expense ratio was 0.54% for the six month period, compared to 1.09% for the full year to 31 December 2015.


Operational highlights
· Acquired three Big Boxes during the period, with an aggregate purchase price of £177 million, further diversifying the portfolio by geography and tenant.

· Four forward funded pre-let developments reached practical completion in the period, with a total value of £271 million.

· Average net initial yield of the property portfolio at acquisition is 5.8%, against the period end valuation of 4.8% net initial yield.

· At the period end, the portfolio contained 28 assets, covering approximately 14.5 million sq ft of logistics space.

· Our portfolio is 100% let, or pre-let with developer licence fee received during the construction period.

· At 30 June 2016, the weighted average unexpired lease term ("WAULT") was 16.3 years, compared to 16.5 years at 31 December 2015 and ahead of the initial target of at least 12 years.


Post balance sheet highlights
· On 29 July 2016, the existing Helaba loan facility, secured on the asset let to Ocado, was extended by three years, taking the maturity of the facility out to July 2023.

· On 1 August 2016, acquired the pre-let forward funded development in Wolverhampton for £56.3 million.

· On 3 August 2016, agreed a new £72 million, c.13 year loan with Canada Life, at a fixed rate of 2.64%.

· On 8 August 2016, the Company acquired an investment property in Manchester, let to Kellogg's, for £23.5 million.

· On 9 August 2016, the Company acquired an investment property in Peterborough, let to Amazon, for £42.9 million.

1 This is a target only not a 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
2 See note 7 for reconciliation
3 See note 10 for reconciliation

Richard Jewson, Chairman of Tritax Big Box REIT plc, commented:

"Despite a backdrop of uncertainty (and perhaps partially because of it), I believe the future of our Company remains favourable. UK retail continues to evolve, with e-commerce growth leading the way. Many of our properties have an e-retail focus and/or automation, aiding home deliveries or store replenishment. These facilities are delivering economies of scale benefits and cost savings crucial to competitiveness and efficiency in a market where the consumer has become ever more demanding. Our aim is to invest in modern, best in class properties that are mission critical to the tenants that operate from them. This also ensures that our portfolio is defensive whilst offering the strongest potential for value growth.

"We continue to work closely with our tenants, where possible supporting their business objectives whilst delivering value growth through asset management. Occupational demand continues to outweigh the supply of quality logistics buildings in the UK but this situation is even more acutely favourable for Big Boxes. The resultant strong rental growth is expected to continue, helping to grow our income and support our progressive dividend policy.

"Our Investment Manager has continued to perform well, identifying value whilst exercising capital discipline and building a strong, best-in-class portfolio of Big Box investments. Subject to continued support from our shareholders, the Board considers that the Company has both the opportunity and ability to deliver further value growth to our shareholders through attractive investments."

DIVIDEND DECLARATION AND DIVIDEND POLICY

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 January 2016 to 30 June 2016 of 3.10 pence per ordinary share, payable on or around 25 August 2016 to shareholders on the register on 19 August 2016. The ex-dividend date will be 18 August 2016.

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

The Company is targeting a fully covered aggregate dividend of 6.20 pence per ordinary share for the year ending 31 December 20161.

The Board also announces its intention to increase the frequency of dividend payments from semi-annually to quarterly with effect from the financial year beginning 1 January 2017. This reflects feedback from shareholders and recent market practice amongst the Company's peer group of income focused real estate companies.

A new high @141.40p.

A new high @148p.