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Tritax Big Box Fundamentals (BBOX)

Final Results

Financial highlights:
· The IPO in December 2013 raised gross proceeds of £200 million at an issue price of 100 pence per share. In July 2014, the Company's shares moved to a premium listing and trading on the London Stock Exchange Main Market.

· Further equity fundraisings in May, July and November 2014 raised a total of more than £280 million, at issue prices of between 103 and 105 pence per share.

· We paid the first interim dividend of 1.85 pence per share in August 2014, for the period to 30 June 2014, and the second interim dividend of 1.50 pence per share in December 2014, for the period from 1 July to 31 October 2014. A third interim dividend of 0.80 pence per share will be payable in March 2015, for the period from 1 November to 31 December 2014. In 2015, we are on track to achieve our initial target dividend on the IPO issue price of 6 pence per share.

· The properties were independently valued as at 31 December 2014 at £619.28 million (including forward funded commitments), an uplift of 9.3% over the aggregate acquisition price (excluding acquisition costs).

· The net asset value ("NAV") per share increased from 98.00 pence at the time of the IPO to 107.02 pence as at 31 December 2014, a rise of 9.2%.

· Annualised rent roll as at 31 December 2014 of £36.16 million including forward funded commitments.

· Our loan to value ("LTV") ratio was 32.9% as at 31 December 2014, with long-term debt drawn at the period end of £203.64 million.

· The average debt margin payable across the portfolio is 1.76% over 3-month LIBOR; we have used interest rate caps to limit our exposure to interest rate increases.


Operational highlights:
· The net proceeds from the IPO and the equity fundraisings in May and July 2014 were fully invested, on time and in line with our stated objectives. During the period, we acquired 14 Big Box assets let to some of the UK's largest retailers, global logistics companies and renowned manufacturers.

· The properties in our portfolio are in strong distribution locations and provide UK geographic diversification.

· We benefit from a diverse covenant spread, with all properties leased to institutional-grade tenants.

· Our weighted average unexpired lease term across the portfolio was 13.9 years as at 31 December 2014.

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


Post Balance Sheet highlights:
· In January 2015 we exchanged contracts, subject to detailed planning consent, to provide £98.8 million of forward funding for a new distribution warehouse pre-let to Ocado, Erith.

· In February 2015, we drew a further £13.17 million of senior debt with a term to maturity of four years, hedged via a coterminous swap.

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 November 2014 to 31 December 2014 of 0.8 pence per Ordinary Share, payable on or around 18 March 2015 to Shareholders on the register on 6 March 2015. The ex-dividend date will be 5 March 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.

Watch: Tritax Presentation - Results for the fourteen month period ended 31 December

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Jefferies International Buy 111.75 111.75 115.00 123.00 Reiterates

New high @114p - ex dividend this Thursday @0.8p.

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 January 2015 to 28 February 2015 of 1.0 pence per ordinary share, payable on or around 22 April 2015 to shareholders on the register on 20 March 2015. The ex-dividend date will be 19 March 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.


Proposed Issue of Equity

Further to the statement made by Tritax Big Box REIT plc (the "Company") on 23 February 2015 as part of the Company's Full Year Results, the Board of Directors is pleased to announce that it intends to proceed with an institutional placing (the "Placing") and offer for subscription (the "Offer for Subscription") of new ordinary shares (the "New Shares") at a price of 110 pence per share (the "Issue Price") (the "Issue"). The Issue will comprise the second tranche of the Company's share issuance programme of up to 350 million new Ordinary Shares valid until 7 July 2015 (the "Share Issuance Programme") announced on 8 July 2014.

An updated securities note (the "Securities Note") and summary (the "Summary") containing full details of the Issue are expected to be published later today. The Securities Note and Summary, together with the registration document published on 8 July 2014 (as supplemented by the supplementary prospectus dated 23 February 2015), will form the prospectus (the "Prospectus") in relation to the Issue. The Issue will comprise a further tranche under the Share Issuance Programme, under which the Company has already issued 104,761,904 ordinary shares (the "Ordinary Shares") through a placing which closed in November 2014.


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RESULT OF PLACING AND OFFER FOR SUBSCRIPTION

The Board of Directors (the "Board") of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce the results of the Placing and Offer for Subscription of Ordinary Shares (the "Issue").

Investor demand for the Issue has significantly exceeded the targeted size of £150 million. The Board, after careful consideration with the Manager and in consultation with Jefferies International Limited ("Jefferies"), has exercised its right to increase the size of the Issue to £175 million. As a result, a total of 159,090,909 Ordinary Shares will be issued at a price of 110 pence per Ordinary Share, of which 141,646,051 Ordinary Shares will be issued under the Placing and 17,444,858 Ordinary Shares will be issued pursuant to the Offer for Subscription.

The net proceeds of the Issue will be used to invest further in UK Big Box assets, with the Manager currently in advanced negotiations for the acquisition of three additional assets, each of which is under offer, in solicitors' hands and subject to exclusivity arrangements. In addition, the Manager is engaged in detailed discussions with the owners of a number of other suitable assets that meet the Company's Investment Policy.

Notice of EGM

Blackrock < 5%

A new high today @117.25.

Disposal

LONDONMETRIC SELLS HARLOW
DISTRIBUTION FACILITY FOR £37.2 MILLION

LondonMetric Property Plc ("LondonMetric" or "Company" or "Group") announces that it has exchanged on the sale of the 268,000 sq ft Brake Bros Ltd. distribution facility in Harlow to Tritax Big Box REIT plc for £37.2 million (LondonMetric's share: £18.6 million).

The property, which was built in 1989, is owned in a 50:50 joint venture between LondonMetric and Green Park and was acquired in August 2011 for £22.9 million. Last year, LondonMetric accepted a surrender of the 16.8 acre site from Tesco and completed the re-letting to Brake Bros Ltd. on a new 25 year lease subject to RPI uplifts of between 0 - 5.0% pa every 5 years.

The current passing rent is £1.8 million pa which will be 'topped' up to the next rent review, reflecting a 5.0% NIY to the purchaser.

Following this disposal, LondonMetric's distribution portfolio (including developments) totals £598.1 million in 22 distribution centres with a WAULT of 14.4 years and with 51.0% of income subject to fixed uplift or RPI increases. The distribution portfolio is now the Group's largest sector representing over 45% of the total portfolio.

Acquisition of Brake Bros Distribution Centre

ACQUISITION OF BRAKE BROS LTD DISTRIBUTION CENTRE, FLEX MEADOW, HARLOW FOR £37.2 MILLION
The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has exchanged contracts on a regional distribution centre at Flex Meadow, Harlow, let to Brake Bros Ltd ("Brake Bros"), for a purchase price of £37.2 million (net of acquisition costs), which reflects a net initial yield of 5.0%. The purchase has been funded out of equity proceeds, with senior debt finance expected to be introduced in the near term. Completion is expected to take place in June 2015.

The asset is strategically positioned in a core South East location, close to the M11, the M25 and Central London, providing distribution reach across the South East. It is currently undergoing a comprehensive refurbishment programme (fully financed by the tenant) and comprises a rentalised area of approximately 268,000 sq. ft., a low site cover of 37%, and features cross dock loading and a temperature controlled environment.

It is being acquired from LondonMetric Property Plc with an unexpired lease term of approximately 24.5 years, subject to five yearly upward only rent reviews indexed to RPI, and capped at 5% p.a. compound.

ACQUISITION OF ARGOS REGIONAL DISTRIBUTION CENTRE

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has exchanged contracts on the Argos Regional Distribution Centre at Heywood Distribution Park, Heywood, Manchester for a purchase price of £34.1 million (net of acquisition costs), reflecting a net initial yield of 5.3% on the asset purchase. The purchase has been funded out of equity proceeds, with senior debt finance expected to be introduced in the near term. Completion is expected to take place on 29 April 2015.

Developed in 1998 for Argos, this high specification facility incorporates design features such as cross docking, has an eaves height of 15.2 metres and comprises a rentalised area of approximately 381,106 sq ft., with a low site cover of 46%.

The Heywood Distribution Park is strategically located on the A58 trunk road linking Leeds and Manchester. It is approximately seven miles north of Manchester city centre and junction 18 of the M62 motorway is two miles to the south, providing good access to the North-West of England and the wider trans-Pennine motorway network.

The Argos Distribution Centre is being acquired with an unexpired lease term of approximately 13 years, subject to five yearly open market rent reviews. The next review is due in 2018.

ACQUISITION OF THE B&Q DISTRIBUTION CENTRE

CQUISITION OF THE B&Q CORE PRODUCTS REGIONAL DISTRIBUTION CENTRE, WORKSOP, NOTTINGHAMSHIRE FOR £89.75 MILLION
The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has acquired the B&Q Core Products Regional Distribution Centre at Worksop, Nottinghamshire for a purchase price of £89.75 million (net of acquisition costs), reflecting a net initial yield of 5.13% on the corporate acquisition. The purchase has been funded out of equity proceeds, with senior debt finance expected to be introduced in the near term.

Constructed in 2005 for B&Q, the property is of a high specification and incorporates modern design features including cross docking, eaves height of between 14 and 24 metres, a fully automated racking system and the potential for rail freight connectivity. The current total floor area extends to 875,350 sq ft, reflecting an exceptionally low site cover of 24%. Planning consent is in place to increase the facility to a total of 1.1 million sq ft, facilitating future expansion for the tenant.

The Regional Distribution Centre is being acquired with an unexpired lease term of approximately 16.5 years, which is subject to five yearly rent reviews to the higher of the Open Market Rent or the Retail Price Index (capped at 5%). The next review is due to be in November 2016.

Worksop, Nottinghamshire is well located in the East Midlands with the facility positioned adjacent to the A57 which links directly to both the A1 to the East and M1 (J30) to the West.

FINANCING OF ASSET PRE-LET TO ROLLS-ROYCE

Further to the announcement on 29 September 2014 that the Company had exchanged contracts to forward fund the development of a new logistics asset located near Bognor Regis, West Sussex, pre-let in its entirety to Rolls-Royce Motor Cars Limited, the Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that the Company has drawn on senior debt financing secured on the asset. This facility has been agreed with Barclays Bank PLC to the value of £14.8 million, reflecting a loan to value ratio of approximately 39.5%.

The debt financing is for a term of five years. The facility will commence as a development term facility which converts into an investment term facility at the point of practical completion of the building, which is targeted for the spring of 2016.

The blended margin payable across the Company's financings post practical completion will be approximately 1.76% above three month LIBOR.

ACQUISITION OF NEW LOOK DISTRIBUTION CENTRE

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has exchanged contracts on one of the two adjoining New Look Retailers Ltd ("New Look") National and European Distribution Centres at Lymedale Business Park, Newcastle-under-Lyme for a purchase price of £30.05 million (net of acquisition costs), reflecting a net initial yield of 5.9% on the corporate acquisition. The purchase will be funded from equity proceeds, with senior debt finance expected to be introduced in the near term. Completion is expected to take place by 6 May 2015.

Pre-let development of Nice-Pak facility

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has exchanged and completed contracts to provide forward funding for the development of a new distribution and production facility, pre-let in its entirety to Nice-Pak International Limited ("Nice-Pak"), a leading manufacturer and supplier of wet wipes globally. The investment price is £28.66 million, reflecting a yield of 6.42% (net of land acquisition costs).


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Financing of B&Q Regional Distribution Centre

Further to the announcement on 29 April 2015 that the Company had acquired the B&Q Regional Distribution Centre at Worksop, Nottinghamshire, the Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that the Company has drawn on senior debt financing secured on the asset. This facility has been agreed with Barclays Bank PLC to the value of £40.38 million, reflecting a loan to value ratio of 45% at the asset level.

The debt financing for the distribution centre is for a term of five years, with an option to extend the term of the loan by up to one further year, exercisable prior to the end of year one, resulting in a maximum term of six years.

Post drawdown the blended margin payable across the Company's financings is approximately 1.77% above three month LIBOR and the loan to value ratio across all assets stands at approximately 33%.

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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