Tritax Big Box REIT has published its first set of results, covering the period from inception on 1 November 2013 until the end of December 2014. over that period the fund’s net asset value rose to 107.02p – up from 98p (post issue expenses) when it launched. They also paid two dividends – the first in August 2014 of 1.85p and the second in December of 1.5p. A third dividend of 0.8p is planned for March 2015. The statement says they are on track to pay a total dividend of 6p for 2015. Under EPRA’s methodology, EPS for the period were 4.60 pence and the NAV per share at 31 December 2014 was 107.57 pence.
Over the period they raised £480m from investors and, at the end of the period, had debt of £204m. They invested £566.6m of that in 14 properties valued at £620m at the end of December 2014 and they had cash of £98.6m. The properties had an annualised rent roll of £36m. The whole portfolio comprises 6.9m sq ft of lettable space with an average rent of £5.27 per sq. ft.
The portfolio had a loan to value ratio of 32.9% at the end of December, lower than the Group’s initial LTV target of 45%. The average debt margin payable across the portfolio is 1.76% over 3-month LIBOR; they have used interest rate caps to limit the exposure to interest rate increases. They had an all-in rate payable at the period end of approximately 2.32%.
In January 2015 they exchanged contracts, subject to detailed planning consent, to provide £98.8m of forward funding for a new distribution warehouse pre-let to Ocado, Erith. Then in February 2015, they drew a further £13.17m of senior debt with a term to maturity of four years, hedged via a coterminous swap.
BBOX : Tritax goes from zero to 6.9m sq ft in thirteen months