Tritax Big Box £500 million Debut Senior Unsecured Notes and new £350 million Unsecured Revolving Credit FacilityRead more
21 January 2016
The Board of Tritax Big Box REIT plc (ticker: BBOX) announces an unaudited estimated EPRA Net Asset Value per ordinary share as at 31 December 2015 of approximately 124.5 pence (the Company’s unaudited basic Net Asset Value per ordinary share is estimated to be approximately 124.0 pence as at the same date).
This represents an increase of approximately 15.7% as compared to the audited EPRA Net Asset Value as at 31 December 2014 of 107.6 pence and a total return1 of approximately 19.2% over the period, significantly in excess of the Company’s medium term target of 9% per annum. The total shareholder return2 over the period was 24.1%.
The Board expects to declare a fully covered 3.0 pence per share dividend for the six months ended 31 December 2015, representing an aggregate dividend of 6.0 pence per share for the year ended 31 December 2015.
The Board has adopted a progressive dividend policy and intends to target a dividend of 6.2 pence3 for the year ending 31 December 2016, representing a rise of 3.3% compared to the total dividend expected to be declared for 2015 and in excess of the rate of RPI inflation over the period from the Company’s IPO in December 2013 to 31 December 2015. Dividends are expected to be fully covered by adjusted earnings4 from the Company’s portfolio.
The Company will publish its audited annual results for the year ended 31 December 2015 in March 2016.
1 Total return calculated as change in EPRA Net Asset Value plus dividends paid.
2 Total shareholder return calculated as change in share price plus dividends reinvested in the Company.
3 This 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.
4 Adjusted earnings includes licence fees receivable on forward funded assets.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Newgate Communications (Financial PR)
Tel: 020 7680 6550
Tritax Big Box REIT plc is a real estate investment trust to which Part 12 of the UK Corporation Tax Act 2010 applies (“REIT”). The Company invests in and asset manages a portfolio of well-located, modern “Big Box” assets, typically targeting buildings greater than 500,000 sq. ft., let to institutionalgrade tenants on long-term leases (typically between 12 and 25 years in length) with upward-only rent reviews (providing the potential for inflation linked earnings growth), and with 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 in high growth areas of the economy and limited stock supply. The Company is the first listed vehicle to give pure exposure to the “Big Box” asset class in the UK.
Further information on Tritax Big Box REIT is available at www.tritaxbigbox.co.uk