Tritax Big Box (BBOX)

[idpickering]

New £500m Revolving Credit Facility.

Tritax Big Box REIT plc, a UK leader in high-quality logistics real estate, is pleased to announce that it has signed a £500 million sustainability-linked unsecured revolving credit facility (the "New RCF") with a syndicate of its existing relationship banks and new lenders.

The New RCF has an initial five-year term which may be extended to a maximum of seven years at the Company's request, subject to lender consent. The New RCF also contains an uncommitted £200 million accordion option.

The New RCF is fully available for general corporate purposes and is being used to refinance the Company's existing £450m revolving credit facility, which was due to mature in December 2024 (the "Existing RCF").

The New RCF will help to support the Company's future investment and development activities and retains the same pricing as the Existing RCF, with an opening margin of 120bps.

The New RCF incorporates four sustainability-linked performance KPIs which align with our updated ESG targets and sustainability strategy. The KPIs specify any new developments should have a minimum BREEAM certification, a reduction in embodied carbon and a minimum biodiversity net gain within the development footprint. It also specifies that EPC ratings should be improved across the investment portfolio. The Company has the opportunity to improve the margin, subject to performance against these KPIs.

Following the refinancing, the average debt maturity across the Company's loan arrangements extends from 4.6 years to 5.4 years, the Company has more than £450 million of available liquidity and 95% of drawn debt is either fixed or hedged.

https://www.investegate.co.uk/announcem ... ty/7820309

Ian.

[idpickering]

Dividend Declaration.

The Board of Directors of Tritax Big Box REIT plc (ticker: BBOX) has declared an interim dividend in respect of the period from 1 July 2023 to 30 September 2023 of 1.75 pence per ordinary share, payable on or around 17 November 2023 to shareholders on the register on 3 November 2023. The ex-dividend date will be 2 November 2023.

In accordance with the Company's dividend policy, the first, second and third quarter dividend payments will each represent 25% of the previous financial year's annual dividend of 7.00 pence per ordinary share. The level of the fourth quarter dividend will be used to determine any potential dividend progression, with an overall aim to achieve a pay-out ratio in excess of 90% of Adjusted earnings.

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

https://www.investegate.co.uk/announcem ... on/7829864

Ian.

[idpickering]

Disposals Update.

Tritax Big Box REIT plc ("Tritax Big Box" or "the Company") provides an update on its disposal activity undertaken so far in its financial year ended 31 December 2023 ("FY 2023").

https://www.investegate.co.uk/announcem ... te/7906252

Ian (No holding).

[idpickering]

Trading Update

Tritax Big Box REIT plc, specialising in high-quality UK logistics real estate, today announces an update on its performance for the financial year ended 31 December 2023 (FY23), ahead of its results on 1 March 2024.

Colin Godfrey, Tritax Big Box CEO, commented:

"This has been another positive year demonstrating our ability to execute on all aspects of our strategy to create value. We are capturing rental growth through our asset management activities, crystalising attractive returns through our disposal programme, and carefully redeploying the proceeds into higher returning opportunities. We continue to make good development progress with ongoing rental growth and a more favourable cost environment improving our yield on cost. Our investment activity has complemented our portfolio adding a range of attractive urban logistics assets, and we are making progress in capturing their significant reversionary potential.

"Looking forward, we remain confident in our ability to continue creating value, which is likely to be enhanced by an improving market backdrop. With record rental reversion in our portfolio, an attractive development pipeline and strong balance sheet, we are well positioned to deliver further income and capital growth".

https://www.investegate.co.uk/announcem ... te/8009535

Ian (No holding).

[idpickering]

Statement Regarding A Possible All-Share Offer

The Boards of Tritax Big Box REIT PLC ("BBOX") and UK Commercial Property REIT Limited ("UKCM") are pleased to announce that they have reached agreement on the key terms of a possible all-share offer (the "Possible Offer") for the entire issued and to be issued share capital of UKCM at an exchange ratio of:

0.444 new ordinary BBOX shares per UKCM share

(the "Exchange Ratio")

The Exchange Ratio is on an EPRA NTA for EPRA NTA basis with reference to BBOX's 31 December 2023 unaudited EPRA NTA of 177.2 pence per share and UKCM's 31 December 2023 unaudited EPRA NTA of 78.7 pence per share.

The Possible Offer would result in UKCM shareholders holding approximately 23.3 per cent. of the issued share capital of the enlarged company (the "Combined Group").

https://www.investegate.co.uk/announcem ... er/8032103

Ian.

[idpickering]

BBOX are down 1.6% on market opening in UK. Maybe the above hasn't been well received? There was a comment on Bloomberg just now that BBOX might be overpaying for this deal?

Ian.

[Arborbridge]

BBOX are down 1.6% on market opening in UK. Maybe the above hasn't been well received? There was a comment on Bloomberg just now that BBOX might be overpaying for this deal?

Ian.

It's fairly normal for that to happen - the offering party's shares often suffer.


Arb.

[idpickering]

Notice of Full Year Results

Tritax Big Box REIT plc ("the Company") will announce its results for the twelve months ended 31 December 2023 on Friday 1 March 2024.

A Company presentation for analysts and investors will take place on the day at 09.00am UK time via a live webcast and conference call.

https://www.investegate.co.uk/announcem ... ts/8059170

Ian.

[idpickering]

Results for the 12 months ended 31 December 2023

Increased rental income and lower costs delivering resilient adjusted earnings growth, excluding DMA income

· Adjusted EPS of 7.75 pence (2022: 7.79 pence) with higher underlying earnings growth impacted by £nil DMA income in period (FY22: £9.3 million DMA income).

o 3.2% growth in Adjusted EPS (excluding additional DMA income), driven by rental income from completed developments, like-for-like rental growth and lower management fees, offset in part by the impact of disposals.

o 6.2% Adjusted EPS growth excluding all DMA income in current and prior period.

o Deferred 2023 DMA income expected to be recognised in 2024, with total 2024 DMA income expected to be in excess of £8 million.

· 4.3% increase in dividend per share to 7.30 pence (2022: 7.00 pence) reflecting payout of 94% of Adjusted EPS (excluding additional DMA income).

· 2.2% Total Accounting Return supported by growth in IFRS earnings and more stable portfolio valuation (2022: -15.9%).

· 5.8% increase in passing rent to £217.0 million (2022: £205.1 million).

o Stable contracted rent reflects incremental £15.4 million from acquisitions, development lettings, rent reviews and asset management, offset by £14.1 million from disposals and a lease expiry.

· 13.1% EPRA cost ratio (2022: 15.7%), supported by 15.4% reduction in management fees and rental income growth.

And later;

On 29 February 2024, the Company approved the fourth interim dividend for declaration in respect of the year ended 31 December 2023 of 2.05 pence per share payable on 2 April 2024. The total dividends declared for the year of 7.30 pence are all property income distribution ("PID").

https://www.investegate.co.uk/announcem ... 23/8064962

Ian )(No holding).

[idpickering]

Dividend Declaration

The Board of Directors of Tritax Big Box REIT plc (ticker: BBOX) has declared an interim dividend in respect of the period from 1 October 2023 to 31 December 2023 of 2.05 pence per ordinary share, payable on or around 2 April 2024 to shareholders on the register on 15 March 2024. The ex-dividend date will be 14 March 2024.

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

https://www.investegate.co.uk/announcem ... on/8065099

Ian.

[idpickering]

NOTICE OF ANNUAL GENERAL MEETING

The Board of Directors of Tritax Big Box REIT plc (ticker: BBOX) announces that the Annual General Meeting ("AGM") of the Company will be held on Wednesday 1 May 2024 at 10.00 a.m. at Ashurst LLP, London Fruit & Wool Exchange, 1 Duval Square, London E1 6PW

https://www.investegate.co.uk/announcem ... ng/8116723

Ian (No holding).