H1 2020 results
August 2020
1
Agenda
Highlights | Colin Godfrey |
Financial Results | Frankie Whitehead |
Strategic Update | Colin Godfrey |
Q&A | |
2
Delivering resilient income and growth
- Supportive market fundamentals strengthened further by accelerating on-line adoption
- High-qualityportfolio delivering strong rent performance during Covid-19 pandemic
- Portfolio value increased by 6.1% during period
- Stable adjusted earnings, expect full year earnings growth from stronger second half
- Development activity driving H2 earnings
- Offset in part by expected asset disposals
- Declared Q2 interim dividend of 1.5625p
- H1 2020 dividend per share 3.125p
- 96% pay-out ratio
- Active asset management recycling capital into attractive development pipeline
- Selected disposals expected in H2 2020
- Significant development progress
- Littlebrook, Dartford pre-let - largest in Europe
- Two lettings on Symmetry portfolio, a further two imminent and one in advanced discussions
3
Financial
Whitehead
Director
4
Resilient H1 financial performance
£ million | H1 2020 | H1 2019 | Variance |
Net rental income | 78.8 | 69.2 | +13.9% |
Operating profit before fair value changes | 70.6 | 56.61 | +24.7% |
Operating profit | 124.0 | 88.1 | +40.7% |
Profit before taxation | 103.2 | 67.8 | +52.2% |
Adjusted earnings per share (pence) | 3.26 | 3.41 | -4.4% |
Average share count ('000s) | 1,707 | 1,656 | +3.1% |
Dividend per share (pence) | 3.125 | 3.425 | -8.8% |
Dividend pay-out ratio | 96% | 100% | |
30 June 2020 | 31 December 2019 | ||
Total carrying value of portfolio | 3,955.1 | 3,811.2 | +3.8% |
IFRS Net assets | 2,608.5 | 2,561.2 | +1.8% |
EPRA net asset value per share - diluted3 (pence) | 154.85 | 151.79 | +2.0% |
£178.9m
Contracted annual rent
roll
(December 2019: £166.6m)
14.1%
EPRA cost ratio
(H1 2019: 15.3%)
4.2%
Total accounting return
(H1 2019: 0.4%)
£4.18bn2
Total portfolio value
(December 2019: £3.94bn)
1 Including a deduction for one-off corporate acquisition costs of DB Symmetry of £4.1m. Excluding these costs the variance in operating profit before fair value changes is 16.3%.
- Total portfolio value includes the investment and development portfolio, plus forward funded commitments.
- Based on EPRA Net Tangible Assets (NTA).
5
High-quality portfolio delivering strong rent collection
• | Q2 | 2020 rent: 97% collected |
- Remaining 3% expected over H2 2020 / H1 2021 | ||
• | Q3 | 2020 rent, 90% collected to date and expect 99% by end |
Strong rent collection performance
Collected | Expected within quarter | Expected during 2020/21 | ||
97% of Q2 rent
of the quarter |
- Remaining 1% expected over H2 2020 / H1 2021 |
100%
collected
99% of Q3
• No rent-free periods / rent reductions agreed | |
• | Supporting some tenants cashflows with short-term move to |
monthly in advance payments (from quarterly) | |
• | Overall expectation is for 100% of all rent to be paid |
80%
60%
40%
20%
0%
Q1 2020 | Q2 2020 | Q3 2020 |
rent
expected to be collected by end of quarter
6
Stable H1 earnings with H2 expected to be stronger
Adjusted earnings £m
H2 activity
70 | |||||||||||||
65 | |||||||||||||
9.6 | (7.7) | 1.0 | (0.7) | ||||||||||
60 | 56.4 | ||||||||||||
55.6 | |||||||||||||
(0.2) | |||||||||||||
55 | (2.8) | ||||||||||||
50
45
40
35
30
- Adjusted earnings stable during H1 with higher net rent offset by lower licence fee income
- Adjusted EPS decline by 4.4% reflecting higher average share count
- Expect overall FY20 earnings growth driven by:
- £12.3m / annum licence fee Amazon Littlebrook (from mid June)
- Expected lettings on Symmetry assets (£2.5m / annum)
- Offset in part by expected disposals over H2 (£5-8m / annum)
- Expect incremental earnings from development activity to offset EPS dilution associated with the Feb 19 equity raise for Tritax Symmetry acquisition by end of FY20
7
Strategy continuing to deliver value growth
Movement in EPRA Net Asset Value per share for the period from 1 January to 30 June 2020
pence | +2% |
165.0
160.0
(0.17) | |
3.11 | (3.27) |
155.0
3.39
150.0
154.85
151.79
145.0
140.0
Opening NAV at 1 Jan | Operating profit and | Property revaluation | Share based pmt and | Dividends paid | Closing NAV at 30 June |
2020 | licence fees | surplus | amortisation charges | 2020 |
Note: Following the October 2019 update to EPRA's Best Practice Recommendations Guidelines, the Group has adopted EPRA net tangible assets (NTA) as its primary measure of net asset value and restates its December 2019 position in line with this change.
8
Strong balance sheet
Diversified, long-term debt maturity profile at 30 June 2020
Committed amount £m
500
400
300 | 10.0 | ||||||||||
200 | |||||||||||
300.0 | 190.0 | 250.0 | 250.0 | 250.0 | |||||||
100 | |||||||||||
150.0 | |||||||||||
50.0 | 50.9 | 90.0 | 72.0 | ||||||||
0 | |||||||||||
2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 |
Unsecured RCF | Unsecured RCF (with | Helaba | Unsecured Loan | PGIM | US Private | Canada | |||||
option to extend to 2026) | Notes | Placement | Life | ||||||||
Extended during the period |
Supportive mix of Bank and Institutional Lenders
1 Based on full debt commitment
£371m
Undrawn, committed debt available
7.1 years
Weighted average term to maturity1
(2019: 7.5 years)
2.68%
Capped cost of debt1 (2019: 2.68%)
31.8% LTV
(2019: 30.4%)
64%
Fixed rate debt
9
Capital allocation and guidance
Current development pipeline
Remaining | |||
As at 30 June 2020 | costs to | Rent p.a. | Lease length |
complete | |||
Amazon, Littlebrook | £152.1m | £12.3m | 20 years |
Amazon, Durham | £20.4m | £7.6m | 20 years |
Co-Op Biggleswade | £38.1m | £4.7m | 20 years |
Howdens III, Raunds | £11.4m | £1.7m | 30 years |
Disposal pipeline
Proceeds | Rent p.a. | Lease length | |
FY 2020 | £125-175m | £5-8m | ~8 years |
Dividend
- Continues to remain under review with potential to increase on a progressive basis
- Ensuring appropriate, sustainable pay-out ratio providing flexibility
Leverage
- Long-termrange 30-35%
- Will use debt as bridge to disposals resulting in temporary periods towards higher end of range
Earnings
- Stable earnings in H1
- Stronger H2 expected
- Increased income from successful development activity in part offset by expected disposals
10
Strategic update
Colin Godfrey
CEO
11
Accelerating growth in logistics demand
Short-term:COVID-19 has accelerated the growth in online sales
Monthly YoY retail sales trends(1)
80% | Online sales | ||||
Total sales | |||||
60% | Non-online sales | ||||
40% | |||||
20% | |||||
0% | |||||
-20% | |||||
-40% | |||||
Jan 2020 | Feb 2020 | Mar 2020 | Apr 2020 | May 2020 | Jun 2020 |
June online retail sales trends
73% 67% 32%
YoY growth | YTD growth | Online sales as % of total |
Long-term: Increasing online spending could result in substantial
new demand
Online retail spend1 | x | Online sales as % of total retail sales |
£300bn | 50% e-commerce penetration | ||
40% e-commerce penetration | |||
£250bn | 30% e-commerce penetration | 50% | |
40% | |||
£200bn | |||
£150bn | 30% | ||
£100bn | |||
19.2% | |||
£50bn | |||
2019 | Online driven | 2030 | |
Overall | |||
demand for new | |||
demand(2) | |||
buildings(2) | |||
50% | 155m sq ft | 360m sq ft | |
40% | 110m sq ft | 315m sq ft | |
30% | 65m sq ft | 270m sq ft |
1 Office of National Statistics (ONS); 2 Tritax estimates
12
Favourable market dynamics & fundamentals for Big Boxes
Growing demand for large-scale big boxes1
Only nine speculative large-scale big boxes built since 20161
Millions | 40 | 100% | |||
35 | 90% | ||||
30 | 80% | ||||
70% | |||||
25 | 60% | ||||
20 | 50% | ||||
15 | 40% | ||||
10 | 30% | ||||
20% | |||||
5 | 10% | ||||
0 | 0% | ||||
2016 | 2017 | 2018 | 2019 | H1 2020 |
Under offer (100k sq ft +)
500k sq ft +
250-500k sq ft
100-250k sq ft
500k sq ft + - % of take- up inc u/o (rhs)
Under Construction | Completed & let |
2.2m sq ft | |
1.3m sq ft | 4 buildings |
2 buildings |
Completed & available | Complete & under offer |
1.1m sq ft | 0.5m sq ft |
2 buildings | 1 building |
Implied yield based on the 20-year average shows potential for further yield compression1, 2
9% | ||||||||
8% | Prime distribution | |||||||
7% | ||||||||
6% | 10-year Gov bond yield | |||||||
5% | ||||||||
4% | ||||||||
3% | ||||||||
2% | c.440 bp spread | |||||||
1% | ||||||||
0% | ||||||||
1999 | 2001 | 2004 | 2006 | 2009 | 2011 | 2014 | 2016 | 2019 |
1 CBRE; 2 Bank of England |
13
Strategy focused on high-quality UK logistics real estate
Our vision is to become the leading integrated REIT focused on high-quality UK logistics real estate assets
delivering sustainable, long-term income and value growth for shareholders
High-quality assets attracting world leading customers
Delivering high quality, resilient and growing income
- High-qualitylogistics assets attracting world-leading customers
- Weighting towards defensive and high-growth sectors
• Resilient portfolio delivering secure, long term and growing income
Direct and active management | ||
Capital | ||
Protecting, adding and realising value | ||
allocation | ||
• | Direct and active management of existing assets for physical and financial | |
and | ||
improvement (income resilience / value growth) | ||
sustainability | ||
• | Acquiring assets with opportunities to add further value | |
- Selling assets to crystallise value and recycle capital into higher returning opportunities
Insight driven development and innovation
Creating value
- Using insights from customers to identify long-term opportunities
- Capital efficient development creating high-quality and environmentally friendly buildings
- Significant majority pre-let opportunities to de-risk development
14
High-quality portfolio reflective of strategy
Investment Portfolio (91% of GAV) | Development Portfolio (9% of GAV) - Target Y-o-C of 6-8% | |||||||
Foundation Assets (73%) | Tritax Symmetry (7%) | |||||||
▪ | Core, low risk income | ▪ Potential to deliver c.39 million sq ft of logistics assets1 | ||||||
▪ | Modern buildings in prime logistics locations | ▪ | One of the UK's largest strategic land portfolios for the | |||||
▪ Long-term leases to institutional grade customers | development of Big Boxes | |||||||
Value Add (13%) | 73% | Littlebrook, Dartford (2%) | ||||||
▪ | Strong tenant covenants | £4.18bn | 7% | 9% | ▪ | Original underwrite of c.1.7 million sq ft of logistics | ||
91% | Portfolio(2) | 2% | assets | |||||
▪ Capital and rental growth potential through active asset | ||||||||
management | 5% | ▪ The largest logistics development site within the M25 | ||||||
▪ | Lease re-gears and property improvements | 13% | ▪ | Big Box logistics facilities in a core last mile location on | ||||
the edge of London | ||||||||
Growth Covenants (5%)
- Undervalued, well-located,fully-let assets
- Improvement in tenant credit quality to drive asset value
Long-term, stable and growing income… | …complemented by significant growth potential | |
1 Including owned assets, development management agreements and continued economic interests; (2) See page 31 for reconciliation with Statement of Financial Position
15
Quality customers, resilient sectors, critical assets
40 customers across 61 investment assets
Online Retail | 26.1% | Food Retail | 16.3% | Homewares & DIY Retail 9.1% |
Other Retail | 7.5% | 3PL / Distribution | 6.9% | Fashion Retail | 6.8% |
Other Manufacturing | 6.3% | Wholesale | 4.9% | Electricals Manufacturing 4.0% |
Consumer Goods Manufacturing | Automotive Manufacturing | Post and Parcels | 2.7% | |
4.0% | 3.3% | |||
Food Production | 2.1% |
Exposure as a % of annual rent | 1 based on contracted rents |
4.4%
Stable investment portfolio valuation yield
(31 December 2019: 4.4%)
c. 70%
of tenants are publicly listed with a market cap >£2bn1
Top 5 Customers
By portfolio income
19.2%
6.4%
4.9%
4.5%
3.8%
16
Embedded income growth with further upside potential
88% of portfolio subject to rent review by December 2022… | …leading to material embedded rental growth (£m) |
50%
40%
30%
20%
10%
0%
Portfolio rent review analysis
OMR
Hybrid
CPI/RPI
Fixed
37%
34%
17%
2020 | 2021 | 2022 |
191 | Potential growth in annual rental income | |||||
£190m | ||||||
189 | Potential rental uplift1 | |||||
Minimum contracted uplift 2 | ||||||
187 | ||||||
185 | £185m | |||||
183 | ||||||
181 | ||||||
179 | ||||||
177 | ||||||
Jul-20 | Jan-21 | Jul-21 | Jan-22 | Jul-22 | Jan-23 | Jul-23 |
- Fixed uplifts, RPI/CPI and hybrid estimated at 2% growth p.a.; OMR grown at 2% p.a. from today's ERV. All subject to caps and collars
- Fixed uplifts and collars applicable to both RPI/CPI and Hybrid
17
Asset management driving rental growth
Growing income through H1 asset management activity…
Asset | Outcome |
Morrisons, Sittingbourne | 1.1% uplift from RPI derived |
rent review | |
10% increase from April 2020 | |
Amazon, Peterborough | formed of 2% per annum |
increase over five years | |
Morrisons, Birch Coppice | 1.7% uplift from CPI derived |
rent review | |
Argos, Burton | Fixed 3% per annum increase |
Extended lease to May 2026 | |
Marks & Spencer, Stoke | Increased rent by 5% with |
effect from May 2021 | |
… with further pipeline of H2 activity
Growing income
- One open market rent review negotiated and in documentation
- Three open market rent reviews under negotiation, with one potentially resulting in a lease extension
- Two index linked rent reviews
- Three fixed uplift reviews
- One hybrid rent review
Increasing visibility
- Five active lease extension negotiations underway
Ensuring ongoing rental growth
18
Proactive and ongoing evaluation of our portfolio
1. Constant evaluation of portfolio
- Regularly evaluate the full extent of our portfolio
- Ensure all value creation opportunities realised in shareholders' interests
- Patient sellers of assets
2. Asset specific criteria considered
We assess individual assets on range of criteria such as:
Future return | Capital requirements | Market conditions |
profile | ||
Lease length | Tenant quality | Tenant sector |
Size | Location | Power / connectivity |
3. Broader portfolio considerations
We evaluate the impact of an asset disposal on the overall composition of our portfolio including:
Earnings | Dividend | Portfolio composition |
Risk profile | Clear value accretive opportunities to redeploy | |
proceeds |
H1 2020 progress update
- Development portfolio progress beginning to accelerate providing attractive opportunity to redeploy disposal proceeds into higher returning assets
- Some short-term delays to sale processes due to Covid-19
- A number of attractive disposals at advanced stages
- Looking to complete a number of disposals over the remainder of H2 2020 making progress towards our stated medium-term target
Medium-term target
- Progressing towards a run rate of disposals of £125-175 million per annum
- Taking advantage of strong investment and occupational market
19
Insight driven development growing returns and limiting risk
- Land bank gives opportunity to take advantage of tight investment market, recycling mature assets in our portfolio into higher returning ones in our development pipeline
- De-riskingthe development process by:
- Deep understanding of customers' future long-term requirements
- Capital efficient, low risk holding of land-bank primarily through long-dated options
- Committing significant capital to construction only when lease agreed (pre-let) giving line of sight on risk / return profile
- Limited speculative exposure to smaller units to unlock greater value
- Potential for enhanced returns with no incremental capital from 3rd party Development Management Agreements
Current development pipeline | Near-term development pipeline | Future development pipeline |
Reach practical completion in 12- | Received planning, or planning | Long-term pipeline, predominately |
submitted - commence | held under option with average | |
18 month | ||
development in 1 - 3 years | maturity length of 9 years | |
5.3m sq ft | 9.2m sq ft | 30.2m sq ft |
8.4% of current portfolio value | 4.0% of current portfolio value | 4.8% of current portfolio value |
*sq ft figures are subject to change depending upon customer design requirements
91%
9%
Development | Investment Portfolio |
1.0%
of GAV in speculative
development
(5% maximum limit)
6-8%
Target yield on cost across development portfolio
20
Extensive development progress during the period
Letting speculative stock | Pre-lets | Planning consents achieved | |||||
SP1 Symmetry Park Doncaster | 152,000 | Littlebrook Phase 2 | 2,300,000 | Littlebrook Phase 2 | 2,300,000 | ||
Imminent lettings | Bicester Phase 2 | 59,000 | Wigan1 | 1,400,000 | |||
Unit 3 Aston Clinton | 112,000 | Darlington Phase 2 | 577,000 | ||||
Unit 2 Aston Clinton | 56,000 | Middlewich2 | 156,000 | ||||
Bicester Phase 2 | 59,000 |
Total sq ft let | 320,000 | Total sq ft of pre-lets | 2,359,000 | Total sq ft of planning consents | 4,492,000 | ||
Expected rent contribution | £2.5m | Contracted rent | £13.0m |
1 Committee resolution to grant consent but subsequently called in by Secretary of State for the Department of the Environment 2 Subject to Section 106
21
Littlebrook - approach to development in action
- Identified Littlebrook as optimal site for large scale logistics
- Acquired in 2017 for £65m
- Worked closely with Amazon to respond to their evolving and growing requirements
- Secured 20 year lease on 2.3m sq ft
- Valuation uplifts at key milestones, most notably achievement of significant pre-let in June
- Delivering our original profit expectations for the site with further potential upside from Phase 1 and remainder of 3
Littlebrook valuation progression
Net of future costs | ||||||||
200 | Cost | Profit | ||||||
million£ | 150 | |||||||
100 | ||||||||
50 | ||||||||
0 | ||||||||
Dec-17 | Dec-18 | Dec-19 | Jun-20 | |||||
Amazon
Phase 1 | Phase 2 | Originally part of phase 3, | |||
but now part of phase 2 | |||||
Phase 3 | Phase 4 | Ecology areas | |||
22
Our ongoing commitment to sustainability
Our vision for sustainability is to demonstrate leadership in sustainable logistics, working in collaboration with our
stakeholders, to create a positive change and value in the long term
Sustainability strategy encompasses four focus areas with detailed objectives and targets for each…
Healthy and sustainable | Net zero carbon | Biodiversity and | Social Value | |||||||
buildings | wellbeing | |||||||||
1 | 2 | 3 | 4 | |||||||
To ensure and demonstrate | To become net carbon zero | To enhance wellbeing and | To create and demonstrate the | |||||||
sustainability credentials of our | nature on our land and for our | |||||||||
across all direct assets | social value of our investments | |||||||||
assets | stakeholder | |||||||||
…building on our modern and efficient portfolio's strong environmental credentials
All our forward funded developments since IPO are rated
BREEAM Excellent or Very Good…
Excellent
46%
Very Good
54%
…with 87% of overall portfolio (by sq ft) achieving EPC
ratings of A-CE
1%
A
38%
C
26%
B
23%
23
Well positioned to deliver growing income and value
Clear &
compelling
strategy
Resilient portfolio
Attractive
development opportunities
Financial firepower
Strong market
- Focused on delivering growing income and value through active management, insight led development and attracting the world's best customers
- Portfolio is intentionally high-quality, delivering resilient income and protecting value, particularly in uncertain times
- Delivering our attractive development pipeline from the UK's largest logistics focused land bank
- Strong balance sheet and a range of funding sources to support growth ambitions and drive shareholder returns
- Demand for high-quality logistics assets has only accelerated in light of Covid-19
24
25
A well curated portfolio
"Big" Boxes1 | Modern Big Boxes1 | Automated Big Boxes1 | |||||||
8% | 6% | 46% | |||||||
54% | |||||||||
44% | 22% | ||||||||
< 300k sq ft | |||||||||
Pre 2000 | |||||||||
Automated | |||||||||
300 - 500k | |||||||||
53% | |||||||||
500 - 700k | 2000s | Not automated | |||||||
> 700k | Since 2010 | ||||||||
26% | 41% | ||||||||
Long Term Income2 | Rent Reviews By Type2 | Geographically Diversified3 | |||||||
12% | 6% | 13% | 2% 1% | 22% | |||||
13% | 10% | ||||||||
54% | North East | ||||||||
23%< 5 Years | RPI/CPI linked | South East | |||||||
East Midlands | |||||||||
5-10 Years | Open Market | ||||||||
11-15 Years | 18% | West Midlands | |||||||
Fixed | |||||||||
16-20 Years | Hybrid | North West | |||||||
41% | > 20 years | 30% | Yorkshire | ||||||
South West | |||||||||
11% | 18% | 26% |
1 By area; 2 By rental income; 3 By value. |
26
Portfolio debt summary
Lender | Asset Security | Maturity | Loan | Amount Drawn at |
Commitment (£m) | 30 June 2020 (£m) | |||
Loan Notes | ||||
2.625% Bonds 2026 | None | Dec 2026 | 250.0 | 249.3 |
2.86% Loan notes 2028 | None | Feb 2028 | 250.0 | 250.0 |
2.98% Loan notes 2030 | None | Feb 2030 | 150.0 | 150.0 |
3.125% Bonds 2031 | None | Dec 2031 | 250.0 | 247.2 |
Bank Borrowings | ||||
RCF (syndicate of seven banks) | None | Dec 2023/2024 | 350.0 | 116.5 |
RCF (syndicate of six banks) | None | Jun 2024/2025 | 200.0 | 66.0 |
Helaba | Ocado, Erith | Jul 2025 | 50.9 | 50.9 |
PGIM Real Estate Finance | Portfolio of four assets | Mar 2027 | 90.0 | 90.0 |
Canada Life | Portfolio of three assets | Apr 2029 | 72.0 | 72.0 |
Total | 1,662.9 | 1,291.9 | ||
27
Current Development Pipeline
Estimated Costs
To Complete - Estimated Cost To Complete - By Period | ||||||
Total | ||||||
Pre-Let | H2 2020 | H1 2021 | H2 2021 | Total Sq | Contractual | |
£m | Ft | Rent / ERV | ||||
£m | £m | £m | ||||
million | £m | |||||
Amazon, Durham1 | 20.4 | 20.4 | - | - | 2.0 | 7.6 |
Howdens III (Unit 6B)1 | 11.4 | 11.4 | - | - | 0.3 | 1.7 |
Co-op, Biggleswade | 38.1 | 29.0 | 9.1 | - | 0.7 | 4.7 |
Amazon, Littlebrook | 152.1 | 73.8 | 49.5 | 28.8 | 2.3 | 12.3 |
Total | 222.0 | 134.6 | 58.6 | 28.8 | 5.3 | 26.3 |
1 Licence fee currently being received during the construction period
28
Near Term And Future Development Pipeline
Near Term Development Pipeline | ||||||
Current | Estimated Cost | ERV | Estimated Average | |||
Total Sq Ft | Book Value | to Completion | Gross Yield on | |||
£m | ||||||
million | £m | £m | Cost | |||
Land with consent | 5.8 | 124.4 | 337.3 | 32.3 | 6-8% | |
Land with planning submitted | 3.4 | 40.9 | 240.2 | 21.3 | 6-8% | |
Total | 9.2 | 165.3 | 577.5 | 53.6 | 6-8% | |
Future Development Pipeline | ||||||
Total Sq Ft | Target Gross Yield on Cost | |||||
million | ||||||
Strategic land options | 30.2 | 6-8% | ||||
29
2020 Lease Events
Rent Reviews - Settled In H1 2020
Review Type | No. of | Increase in Contracted Annual | Annual Equivalent Increase | |
Reviews | Rental Income | |||
RPI / CPI | 3 | £0.4m | 1.2% | |
Fixed | 1 | £0.1m | 3.0% | |
OMR | 0 | n/a | n/a | |
Total | 4 | £0.5m | 1.6% | |
Rent Reviews - Due in H2 2020 | ||||
Review Type | No. of | |||
Reviews | ||||
RPI / CPI | 2 | |||
Fixed | 3 | |||
Hybrid | 1 | |||
Total | 6 | |||
30
Portfolio Value
Portfolio value
£m | 30 June 2020 | 31 December 2019 |
Investment property | 3,678.8 | 3,541.2 |
Other property assets | 13.9 | 13.9 |
Land options (at cost) | 232.0 | 226.0 |
Share of Joint Ventures | 30.4 | 30.1 |
Remaining forward funded | 222.0 | 129.9 |
development commitments | ||
Portfolio value | 4,177.1 | 3,941.1 |
31
Corporate Structure
Tritax Big Box REIT | Tritax Management LLP | |
DBS Management | Full Oversight | |||||
87% of DBS Development Co / | ||||||
100% of DBS Investment Co | ||||||
100% | 13% of DBS Development Co / | |||||
0% of DBS Investment Co | ||||||
DMA | DBS ManCo | |||||
Existing Group | Tritax Symmetry Limited | External | ||||
Management Company | ||||||
100%100%
At PC
DBS Investment Co | DBS Development Co |
32
Performance Track Record
FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | H1 2020 | |
Contracted rental income(1) | £68.4m | £99.7m | £126.0m | £161.1m | £166.6m | £178.9m |
EPRA cost ratio | 17.9% | 15.8% | 13.1% | 13.7% | 15.1% | 14.1% |
Adjusted EPS | 6.12p | 6.51p | 6.37p | 6.88p | 6.64p | 3.26p |
Dividend per share | 6.00p | 6.20p | 6.40p | 6.70p | 6.85p | 3.13p |
Dividend payout ratio | 98% | 95% | 100% | 97% | 100% | 96% |
Number of assets(2) | 25 | 35 | 46 | 54 | 58 | 61 |
Portfolio valuation | £1.31bn | £1.89bn | £2.61bn | £3.42bn | £3.94bn | £4.18bn |
EPRA Topped Up NIY | 4.95% | 4.95% | 4.71% | 4.68% | 4.60% | 4.60% |
Portfolio WAULT | 16.5 yrs | 15.3 yrs | 13.9 yrs | 14.4 yrs | 14.1 yrs | 14.1 yrs |
LTV | 33.2% | 30.0% | 26.8% | 27.3% | 30.4% | 31.8% |
EPRA NAV (diluted) | £0.85bn | £1.43bn | £1.94bn | £2.25bn | £2.58bn | £2.64bn |
EPRA NAV per share (diluted) (3) | 124.68p | 129.00p | 142.24p | 152.83p | 151.79p | 154.85p |
Annual total return | 19.4% | 9.6% | 15.2% | 12.1% | 3.3% | 4.2% |
(1) At period end; (2) Excludes development land; (3) EPRA NTA (Net Tangible Assets) is used for FY 2019 onwards.
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This document may contain forward-looking statements that may or may not prove accurate. For example, statements regarding expected revenue growth and trading margins, dividends, investment returns, market trends and future investments are forward-looking statements. Phrases such as "aim", "plan", "intend", "anticipate", "well-placed", "believe", "estimate", "expect", "target", "consider" and similar expressions are generally intended to identify forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from what is expressed or implied by the statements. Any forward-looking statement is based on information available to Tritax Big Box REIT plc (the "Company") as of the date of the statement. All written or oral forward-looking statements attributable to the Company are qualified by this caution. The Company does not undertake any obligation to update or revise any forward-looking statement to reflect any change in circumstances or in the Company's expectations.
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Tritax Big Box REIT plc published this content on 05 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 August 2020 08:48:13 UTC