See our 2016 full year results

We are pleased to announce our full year results for the period from 1 January to 31 December 2016

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INVESTMENT CASE

Our Company has a number of important strengths, which we believe make us a compelling business, and well positioned for further success:

Pure Big Box – an attractive market with powerful long-term drivers

The fundamentals of the Big Box market are compelling. Demand from tenants is strong because Big Boxes offer them significant economies of scale and cost savings not available from smaller, older buildings. Equally they are vital for the swiftly evolving retail market and, in particular, for e-commerce, which is still at a relatively early stage of development and is growing rapidly in the UK.

At the same time, the supply of Big Boxes in the UK is highly constrained. Their scale makes planning permission difficult to obtain in locations where they are required. There are currently no new or very modern buildings of over 500,000 sq ft vacant or available and in the course of development. Meanwhile, developers are not planning to construct speculative buildings of this size.

This supply/demand imbalance benefits asset owners, producing attractive income and value growth.

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An outstanding portfolio

Since our IPO in December 2013, we have rapidly, but selectively, built one of the most attractive portfolios in the UK quoted real estate sector. Our portfolio is well diversified by size, geography and tenant. The portfolio metrics reflect the strength of our assets, which are typically modern and occupy prime logistics locations. Many of our tenants have made significant investment in respect of internal fit-out and sophisticated automation, which can, and typically does, eclipse the cost of the actual building. Such high levels of investment demonstrates long-term commitment to the asset.

Our portfolio is 100% let, or pre-let to tenants with excellent covenant strength and, at 16.3 years, the average lease length is one of the longest in the listed real estate sector, which gives us certainty of income and underpins our strategy to deliver low risk and growing income.
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Attractive dividend income

Our high-quality portfolio, combined with a low cost base, generates a high-quality, sustainable and growing income stream. This allows us to target a progressive dividend that can offer appealing risk-adjusted returns. For 2015, we declared a dividend of 6.0 pence per share which was fully covered by Adjusted earnings, giving us one of the highest dividend yields among UK REITs. For 2016 we have increased our target dividend for the year to 6.2 pence per share.

When viewed in the context of our modern assets, high-quality tenants and length of unexpired lease terms, we consider that our risk-adjusted income return is particularly appealing. Our dividend is underpinned by a 100% let portfolio, growing property income from financially strong tenants and long-term leases, primarily delivered through upward only rent reviews and assisted by the implementation of asset management initiatives.
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A strong track record of delivery

We have exercised strong capital discipline, standing firm on our pricing policy and turning down numerous unsuitable opportunities. Nonetheless, since listing, we have been successful in achieving our investment aims, acquiring an average of approximately one asset every month. Our ability to complete transactions quickly is aided by our ready access to attractive finance.

The quality of our assets, the secure income they generate and our low cost base have enabled us to meet our objectives of an aggregate dividend of 6 pence per share in respect of 2015 and a net total return in excess of our target of 9% pa. Since the year end we have also surpassed our original ambition to increase our NAV to more than £1 billion, and we aspire to grow further for the benefit of our Shareholders.
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A highly experienced management team

Tritax Management LLP is our Investment Manager. We benefit significantly from the Manager’s knowledge, expertise and relationships. These allow the Manager to source and negotiate deals off-market, at attractive pricing levels, which offer good value for Shareholders and meet vendors’ desire for quick and certain execution. This has given us a reputation as one of the industry’s most reliable purchasers and forward-thinking owners and managers, making us the obvious choice for potential vendors of Big Boxes.

As well as exercising capital discipline and adding initial value through purchasing at attractive prices, the Manager’s asset management skills can create value throughout an asset’s life cycle, working collaboratively with tenants and using the Manager’s knowledge of their businesses to identify and carry out value protecting and enhancing initiatives.
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RESULTS CENTRE

We report on a six-monthly basis with results announced in March and August. A full property valuation of our portfolio is undertaken every six months and is reported in our interim and annual results.

SHAREHOLDER INFORMATION

Company Documents

In this section we have provided shareholders with the information needed to support their holdings.

Prospectus

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DISCLAIMER

By accessing this content you are representing to Tritax Big Box REIT plc (the “Company”) and its advisers that you are not (i) a U.S. Person (within the meaning of Regulation S under the United States Securities Act of 1933, as amended (the “Securities Act”)) and are not acting on behalf of a U.S. Person (within the meaning of Regulation S under the Securities Act, a “U.S. Person”), nor purchasing with a view to re-sale in the United States (within the meaning of Regulation S under the Securities Act, the “United States”) or to or for the account or benefit of a U.S. Person, and that you are not an employee benefit plan as defined in section 3(3) of the United States Employee Retirement Income Security Act of 1974 and the regulations promulgated thereunder (in each case as amended) (“ERISA”) (whether or not subject to the provisions of Title 1 of ERISA) (“ERISA Plan”), an individual retirement account or annuity as defined in section 408 of the US Internal Revenue Code (“IRA”), or a holder of assets of an ERISA Plan or IRA, or (ii) a resident of the United States, Australia, Canada, Japan, New Zealand or the Republic of South Africa, and that you will not offer, sell, renounce, transfer or deliver, directly or indirectly, Ordinary Shares in the Company subscribed for by you in the United States, Australia, Canada, Japan, New Zealand or the Republic of South Africa or to any U.S. Person or resident of the United States, Australia, Canada, Japan, New Zealand or the Republic of South Africa.

Ordinary Shares offered by the Company have not been and will not be registered under the Securities Act or with any securities regulatory authority of any State or other jurisdiction of the United States and, subject to certain exceptions, may not be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons. The Company has not been and will not be registered as an “investment company” under the United States Investment Company Act of 1940, as amended, and investors will not be entitled to the benefits of that Act. In addition, relevant clearances have not been, and will not be, obtained from the securities commission (or equivalent) of any state or province of the United States, Australia, Canada, Japan, New Zealand or the Republic of South Africa and, accordingly, unless an exemption under any relevant legislation or regulations is applicable, none of the Ordinary Shares may be offered, sold, renounced, transferred or delivered, directly or indirectly, in the United States, Australia, Canada, Japan, New Zealand or the Republic of South Africa.

Any person outside the United Kingdom wishing to acquire, subscribe for or purchase any Ordinary Shares in the Company should satisfy himself that, in doing so, he complies with the laws of any relevant territory, and that he obtains any requisite governmental or other consents and observes any other applicable formalities.

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Dividend Information

Tritax Big Box pays investors a half yearly dividend. As a UK REIT, the Company can pay dividends of two types. Firstly, the dividend may be paid as a Property Income Distribution (“PID”) which is payable from income generated by the Company’s qualifying UK property rental business. Secondly, the dividend may be paid as a Non-Property Income Distribution (“non-PID”) which is payable from the Company’s residual business activities.

2017 Expected Dividend Calendar

DividendDeclaration datePayment datePID(p)*Non-PID(p)Total
Q1 Interimlate April 2017late May 2017
Q2 Interimmid August 2017mid September 2017
Q3 Interimlate October 2017late November 2017
Q4 Interimearly March 2018mid April 2018
Total

2016

DividendEx-Div datePayment datePID(p)*Non-PID(p)Total
Interim18 August 201625 August 20163.103.10
Interim13 October 201627 October 20161.551.55
Interim16 March 20173 April 20170.101.451.55
Total4.751.456.20

2015

DividendEx-Div datePayment datePID(p)*Non-PID(p)Total
Interim19 March 201522 March 20151.001.00
Interim18 June 201515 July 20151.501.50
Interim3 September 201523 September 20150.500.50
Final11 February 20169 March 20162.250.753.00
Total5.250.756.00

2014

DividendEx-Div datePayment datePID(p)*Non-PID(p)Total
Interim16 July 20148 August 20141.851.85
Interim27 November 201417 December 20141.501.50
Final5 March 201518 March 20150.800.80
Total4.154.15

*Amount Gross. The PID element of the Dividend will be paid net of 20% withholding tax (unless a shareholder is eligible for payment  of a dividend gross and completes either a INTERMEDIARY – DECLARATION OF ELIGIBILITY FOR GROSS PID PAYMENTS FROM TRITAX BIG BOX REIT PLC or a BENEFICIAL OWNER DECLARATION OF ELIGIBILITY FOR GROSS PID PAYMENTS FROM TRITAX BIG BOX REIT PLC and sends it to our registrars Capita Asset Services.

All details correct as at 15 July 2016.

Financial Calendar

Our key dates during the financial year are shown below.

DateEvent
31st December 2017Full Year End
8th March 2017Announcement of 2016 Full Year Results
31st December 2016Full Year End
30th June 2016Half Year End

Equity Analysts

The following analysts produce research on Tritax Big Box REIT plc.

CompanyNameTelephone
Jefferies International Ltd*Mike Prew+44 (0)20 7029 8422
Green Street AdvisorsHemant Kotak+44 (0)20 7290 6540
Cantor Fitzgerald EuropeMonica Tepes+44 (0)20 7894 8623
STIFELJohn Cahill+44 (0)20 7710 7600
FinnCapDuncan Hall+44 (0)20 7220 0546
LiberumGareth Phillips+44 (0)20 3100 2081
*Acts as a broker to Tritax Big Box REIT plc

REGULATORY NEWS

All our regulatory news announcements (RNS) are shown below. The news service is run by the London Stock Exchange and carries all announcements made to the market by London listed companies.

Other non-regulatory news items and additional information is also provided in our News & Media section.

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INVESTOR CONTACTS

Henry Franklin Company Secretary Tritax Management LLP Email: bigboxcosec@tritax.co.uk Tel: +44 (0)20 7290 1616 Tritax Group
2-5 Old Bond Street
London
W1S 4PD

Olivia Cox Deputy Company Secretary Tritax Management LLP Email: bigboxcosec@tritax.co.uk Tel: +44 (0)20 7290 1616 Tritax Group
2-5 Old Bond Street
London
W1S 4PD

Capita Asset Services Registrar Email: ssd@capitaregistrars.com Tel: +44 (0)871 664 0300 The Registry
34 Beckenham Road
Beckenham
Kent
BR3 4TU