Tritax Big Box REIT plc Rent Collection Update (3208S)
July 08 2020 - 1:00AM
UK Regulatory
TIDMBBOX
RNS Number : 3208S
Tritax Big Box REIT plc
08 July 2020
8 July 2020
STRONG RENT COLLECTION CONTINUES
97% OF Q3 RENT EXPECTED TO BE COLLECTED BY END OF AUGUST
2020
Tritax Big Box REIT plc (Tritax Big Box or the Company) today
provides an update on its rent collection and strong financial
position.
High quality portfolio and robust tenants continuing to support
strong rent collection
With a diversified tenant base and a weighting towards defensive
sectors, the Company's resilient portfolio has been reflected in
our strong rent collection since the start of the Covid-19
pandemic.
We expect that 97% of Q3 2020 rents will be collected by the end
of August 2020 comprised of the following:
-- 84% of rents have been paid to date
-- 13% is scheduled to be collected on a monthly basis over the remainder of the quarter
-- For 3% of rents, we are in discussions with a small number of
tenants over deferral of rental payments in support of their
short-term cash flows during the Covid-19 pandemic
In line with our expectations outlined in our April 2020 trading
update, 96% of Q2 2020 rent was paid within the respective quarter.
Of the 4% of Q2 2020 rent not paid within the period, we expect 1%
to be paid imminently and the remaining 3% to be collected over
2020/21.
To date, no rent-free periods or rent reductions have been
agreed across the portfolio.
Maintaining a strong financial position
In addition to resilient cash flows from rent collection, the
Company has access to a range of significant financing facilities
that form part of its overall strong financial position. In June
2020, the termination date in respect of GBP190 million of its
GBP200 million unsecured revolving credit facility (the Facility),
was extended from June 2024 to June 2025. The maturity date of the
residual GBP10 million that was not covered as part of this
extension will remain June 2024.
The Facility, which is with a syndicate of lenders, retains its
uncommitted GBP100 million accordion option and the margin payable
under the Facility of 1.10% per annum over three-month LIBOR
remains unchanged. The Facility was entered into in June 2019 for
an initial period of five years and this extension is the first of
two, one-year extension options that are available to the Company
under the original terms.
The agreement in respect of the Facility extends the Company's
weighted average debt maturity to 7.1 years.
Colin Godfrey, CEO, Fund Management, commented:
"We expect 97% of our Q3 rent to be paid by the end of August
2020 highlighting the strength and critical nature of our Big Box
logistics portfolio and underpinning our resilient income
generating model. Our Big Box logistics assets, all of which have
remained operational during the pandemic, have enabled our
customers to continue working safely and meet significant surges in
demand as more consumers than ever shop online.
"We entered this period of uncertainty in a robust position, and
while our rent collection performance and financing structure is
strong, we believe it remains appropriate to maintain a cautious
approach. Throughout this crisis we have continued to make good
strategic progress, managing our assets effectively and progressing
our development pipeline in our customers' and shareholders'
interests."
H1 2020 results announcement and dividend declaration
The Group will announce its results for the six months to 30
June 2020 and declare its interim dividend for the quarter ended 30
June 2020 on 6 August 2020.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Tritax Group Tel: +44 (0) 20 8051 5057
Colin Godfrey (CEO, Fund Management)
Frankie Whitehead (Finance Director)
Ian Brown / Jo Blackshaw (Investor
Relations)
Tel: +44 (0) 20 7379 5151
Maitland/AMO (Media enquiries) tritax-maitland@maitland.co.uk
James Benjamin
The Company's LEI is: 213800L6X88MIYPVR714
NOTES:
Tritax Big Box REIT plc (ticker: BBOX) is the only listed
vehicle dedicated to investing in very large logistics warehouse
assets (Big Boxes) in the UK and is committed to delivering
attractive and sustainable returns for Shareholders. Investing in
and actively managing existing built investments, land suitable for
Big Box development and developments predominantly delivered
through pre-let forward funded basis, the Company focuses on large,
well-located, modern Big Box logistics assets, let to
institutional-grade tenants on long-term leases (typically at least
12 years in length) with upward-only rent reviews and geographic
and tenant diversification throughout the UK. The Company seeks to
exploit the significant opportunity in this sub-sector of the UK
logistics market owing to strong tenant demand and limited supply
of Big Boxes.
The Company is a real estate investment trust to which Part 12
of the UK Corporation Tax Act 2010 applies (REIT), is listed on the
premium segment of the Official List of the UK Financial Conduct
Authority and is a constituent of the FTSE 250, FTSE EPRA/NAREIT
and MSCI indices.
Further information on Tritax Big Box REIT is available at
www.tritaxbigbox.co.uk
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END
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