Tritax Big Box REIT reports that its EPRA net asset value per share increased by 17.11 pence (or 15.91%) to 124.68 pence (31 December 2014: 107.57 pence) over the course of 2015. This works out as a total return for the year of 19.4%, compared to the FTSE EPRA/NAREIT UK REITs Index of 10.5%. Dividends declared in respect of 2015 totalled 6.0 pence per share, in line with their target. EPRA earnings per share for the year were 4.70 pence (2014: 4.60 pence) – which would imply that the dividend was uncovered but, including licence fees received from developers for forward funded developments would give EPS of 6.12p.
At the year end their portfolio of 25 assets was independently valued at £1.31 billion. This is on a fully completed basis and includes forward funded commitments. This represents a valuation uplift of £164m or 14.3% over the aggregate acquisition price (excluding acquisition costs). The weighted average unexpired lease term (“WAULT”) was 16.5 years (31 December 2014: 13.9 years), against a target of at least 12 years. The portfolio is 100% fully let or pre-let and income producing.
They acquired 11 Big Boxes during the year, five of which were forward funded pre-let developments where they work with a developer to deliver a new pre-let Big Box for a tenant. In September 2015 they completed their first forward funded development, pre-let to Rolls-Royce Motor Cars Limited.
The fund had a 33% Loan to Value (“LTV”) at the year end. On a fully invested basis, including the fulfilment of forward funded development commitments this increases to c.40%.
BBOX : Tritax Big Box NAV jumps 16% in 2015