10 August 2017
Tritax Big Box REIT plc
Interim Results for the six months ended 30 June 2017
Tritax Big Box REIT plc (ticker: BBOX), the only real estate investment trust giving pure exposure to Big Box logistics assets in the UK, is today reporting its interim results for the Group for the period from 1 January 2017 to 30 June 2017.
² This is a target only not a profit 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
³ See note 10 for reconciliation
Post Balance Sheet Highlights
Colin Godfrey, Fund Manager of Tritax Big Box REIT plc, commented:
Heightened investment demand and asset management have helped enhance the value of our portfolio and we consider that market values may improve further. Whilst our asset valuations have benefitted from compressed yields, the tightening investment market means that patience, capital pricing discipline and stock selection will be increasingly important in underpinning our future performance. Nonetheless, investments in the logistics sector remain attractive compared to other asset classes and the Company is well positioned and well capitalised to take advantage with an identified, largely off-market, pipeline of opportunities. Looking forwards, maintaining the quality of our investment purchases will be key.
The logistics market continues to dynamically influence the UK economy. We believe that the development of the Big Box logistics market remains in its infancy, with operational efficiencies and e-commerce likely to drive occupational demand for some time to come.
Investors seeking robust values and income protection are drawn by long term lease commitments and strong market fundamentals, but also the possibility of maintaining the impressive levels of rental growth witnessed during the last couple of years. These positive attributes are expected to continue, underpinning our ambition to deliver attractive and growing, fully covered, dividends. We view the remainder of 2017 and 2018 with optimism.
For further information, please contact:
Tritax Big Box
Colin Godfrey (Partner, Fund Manager)
via Newgate (below)
Newgate (PR Adviser)
Tel: 020 7680 6550
¹ Note: As a 30 June, This figure excludes Howdens II and III at Wrath Park, Raunds which have exchanged conditionally, subject to planning.
Tritax Big Box REIT plc is the UK’s only Real Estate Investment Trust dedicated to investing in very large Big Box logistics assets in the UK and is committed to delivering attractive and sustainable returns for shareholders.
Investing in and actively managing modern standing assets, land suitable for Big Box development and pre-let forward funded developments, the Company focuses on well-located, modern “Big Box” logistics assets, typically greater than 500,000 sq. ft. (measured by floor area, 70% of the Company’s assets are in excess of 500,000 sq ft¹), let to institutional-grade tenants on long-term leases (typically at least 12 years in length) with upward-only rent reviews and geographic and tenant diversification throughout the UK.
The Company seeks to exploit the significant opportunity in this sub-sector of the UK logistics market owing to strong tenant demand and limited supply of Big Boxes.
The Company is a real estate investment trust to which Part 12 of the UK Corporation Tax Act 2010 applies (“REIT”), is listed on the premium segment of the Official List of the UK Financial Conduct Authority and is a constituent of the FTSE 250, FTSE EPRA/NAREIT and MSCI indices.
Further information on Tritax Big Box REIT is available at www.tritaxbigbox.co.uk
In addition, later in the day an audio recording of this meeting and the presentation will also be available to download from the Company’s website: www.tritaxbigbox.co.uk