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Tritax Big Box REIT Plc Annual Report 2017

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Tritax Big Box REIT Plc Annual Report 2017 Tritax Big Box REIT plc Annual Report Tritax Big Box REIT plc Annual Report Fulfilling structural change Tritax Big Box REIT plc Annual Report CONTENTS STRATEGIC REPORT Tritax Big Box Tritax Big Box at a Glance Highlights Chairman’s Statement The Year in Brief Our Portfolio Our Market Our Business Model Our Strategy and Objectives Manager’s Report The Manager Key Performance Indicators EPRA Performance Measures Our Principal Risks and Uncertainties Responsible Business Going Concern and Viability Board Approval of the Strategic Report GOVERNANCE Chairman’s Governance Overview Leadership How we govern the Company The Board of Directors Effectiveness Nomination Committee Report Accountability Audit Committee Report Management Engagement Committee Report Relations with Shareholders and stakeholders Directors’ Remuneration Report Directors’ Report Directors’ Responsibilities Statement Independent Auditor’s Report FINANCIAL STATEMENTS Group Statement of Comprehensive Income Group Statement of Financial Position Group Cash Flow Statement Group Statement of Changes in Equity Notes to the Consolidated Accounts Company Balance Sheet Company Statement of Changes in Equity Notes to the Company Accounts ADDITIONAL INFORMATION Notes to the EPRA Performance Measures Application of the Principles of the AIC Code Financial Calendar Company Information STRATEGIC REPORT STRATEGIC Tritax Big Box is the UK’s leading investment company focused on larger scale GOVERNANCE logistics real estate. These properties are critically important to our Customers helping them to deliver their long-term business strategies by improving operational efficiency, providing cost savings and fulfilling fast growing e-commerce sales. Strong demand and limited supply, both occupationally and for investment stock, make Big Box logistics one of the most exciting asset classes in UK real estate. We invest in and actively manage existing income-producing assets, land suitable for Big Box development and pre-let forward funded developments. FINANCIAL STATEMENTS We have assembled and created a UK portfolio unmatched in quality. Our Customers include some of the biggest names in retail, logistics, consumer products and automotive, and we look to build long-term and mutually beneficial relationships with them to enhance their businesses and ours. Our ‘core-plus’ strategy is supported by high-quality income which underpins our desire to deliver secure, attractive and growing dividends for our Shareholders and we seek to apply sector-leading expertise to deliver total return outperformance. INFORMATION ADDITIONAL Tritax Big Box REIT plc Annual Report Strategic Report TRITAX BIG BOX AT A GLANCE A compelling business Our strengths, coupled with the highly attractive dynamics of our market, make us a compelling business for the long term. An attractive market benefitting from structural change Big Boxes are critical in fulfilling the changing needs of consumers. They generate cost savings and efficiencies needed to deal with the growth of e-commerce and complexities of the omni-channel supply chain. A supply and demand imbalance favouring owners of logistics assets creates powerful features in our market, including longer term leases and the potential for attractive rental growth. In , Amazon took the largest annual volume of logistics floorspace for a single occupier on record See Our Market, pages - for more. See Our Market, page for more. We selectively acquire and manage . Our competitive advantage some of the UK’s best logistics assets We were first movers in this subsector Tritax Management LLP is our and our dedication to it differentiates Investment Manager. We benefit us from our peers. We continue to significantly from the Manager’s strengthen a portfolio which we believe expertise, knowledge and specialist is one of the best in the UK quoted real subsector focus, to help us buy off estate sector, including outstanding market at attractive prices and asset assets and institutional-grade Customers. manage to deliver outperformance. See Our Portfolio, pages - and the Manager’s Report, pages - for more. See Our Business Model, pages - for more. Tritax Big Box REIT plc Annual Report STRATEGIC REPORT STRATEGIC GOVERNANCE FINANCIAL STATEMENTS . Delivering attractive returns for . Well positioned for further success Shareholders Long leases, growing rental income, Our market is performing well, with increasing economies of scale and a strong fundamentals and offers largely fixed cost base allow us to offer continued attractions. Via a strong transparent, secure and rising dividends. pipeline we see further opportunities Tenant and investor demand for Big to broaden the portfolio, supporting Boxes, plus our asset management our dividend growth and total return INFORMATION ADDITIONAL programme, also help to protect and ambitions. grow capital values. See the Chairman’s Statement, pages - and the See The Year in Brief, pages - and the Manager’s Manager’s Report, pages - for more. Report, pages - for more. +% Tritax Big Box has delivered an aggregate total return of % in the four years since IPO Tritax Big Box REIT plc Annual Report Strategic Report HIGHLIGHTS Financial .p .p .% Dividend per share EPRA NAV Total return (: .p) (: .p) (: .%) +.% +.% +.% .p £.bn £ . m Adjusted earnings Portfolio value Profit before tax per share (: £.bn) (: £.m) (: .p) -.% +.% +.% £.bn £m £m Market capitalisation Equity raised Diversified borrowings (: £.bn) (: £m) arranged (: £m) +.% Dividend declared .p Operating profit £ .m per share (p) before changes in fair (+.p) value of investment (+£.m) properties (£m) 8 100 +.% 7 +.% 93.78 80 6 6.40 6.00 6.20 5 60 62.88 4 4.15 3 40 35.94 2 20 1 15.00 0 0 2014 2015 2016 2017 2014 2015 2016 2017 Tritax Big Box REIT plc Annual Report STRATEGIC REPORT STRATEGIC Operational Post balance sheet activity GOVERNANCE + + acres .p Big Box assets acquired Prime strategic land target (Aggregate purchase price: (Littlebrook, Dartford) dividend per share £.m) (: .p) +.% FINANCIAL STATEMENTS .yrs .m sq ft + Portfolio WAULT Portfolio % let or Big Box assets acquired (Against a target of yrs) pre-let (Aggregate purchase price: (: .m sq ft) £.m) ADDITIONAL INFORMATION ADDITIONAL .% NIY % + Portfolio average net Assets acquired off market Conditional exchange initial yield at purchase in (Forward funded development) (Year-end valuation of .%) EPRA NAV .p EPRA cost ratio (%) .% per share (p) (+.p) 150 +.% 20 19.4 142.24 17.9 120 129.00 124.68 15 -.% 15.8 points 107.57 90 13.1 10 60 5 30 0 0 2014 2015 2016 2017 2014 2015 2016 2017 ¥ Includes all ¦§ assets held at ¨¥ December ©ª¥«; excludes Littlebrook, Dartford strategic land. Tritax Big Box REIT plc Annual Report Strategic Report CHAIRMAN’S STATEMENT The Group once again performed strongly in , our shares delivering a Total Shareholder Return (TSR) of .¢%. We continued to add high-quality assets to the portfolio and put in place the equity and debt financing to support our continued growth, in a market which remains compelling. We acquired ¥¥ investment assets during the year plus a As envisaged, we successfully invested the equity proceeds strategic land site, at a combined price of £¦®«.¦¯ million within six months. The requirement to exercise patience and (excluding purchase costs). These further diversified the only pursue the right deals meant many of the transactions portfolio by geography and building size, added new Customers completed towards the end of the six-month period, resulting and increased the number of income producing assets to ¦§ in an element of cash drag on our earnings (see below). (plus ¥¥¦ acres of strategic land at Dartford) as at the year end. The share issue also broadened our share register, through These were independently valued at £©.§¥ billion; the like-for- selective targeting of new long-term investors in the UK and like valuation uplift was °.«©%. internationally. Our rising market capitalisation, which stood at approximately £©.ª billion as at ¨¥ December ©ª¥«, has The Manager used its outstanding network and market helped increase our liquidity, which averaged approximately intelligence to source ®¨% of these investments by value off £¦.ª million per day during the year. market. The Manager also continued to exercise robust capital discipline to ensure that we bought assets at attractive prices. Debt financing In addition to acquiring further Foundation assets (comprising The evolution of our debt platform was an important feature ¯®% of purchases by value), we also took the opportunity to of the year. In December ©ª¥« we issued £¯ªª million of senior purchase higher yielding Value Add and Growth Covenant unsecured loan notes, representing our first bond issue. At the assets, with a view to using the Manager’s asset management same time, we agreed a £¨¯ª million unsecured revolving skills to enhance value. credit facility (RCF) and repaid the majority of our secured debt; in doing so we avoided any early repayment charges. The bond During ©ª¥«, we completed four further forward funded pre-let issue has opened up substantial pools of liquidity and was developments, taking the total to nine and making us one of delivered with an investment-grade credit rating of Baa¥ (stable the most active development funders in the subsector. In ©ª¥§, outlook). With the potential for rising interest rates we Shareholders approved an amendment to the Investment Policy decided to refinance before the year end, which now seems to allow us
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