REG - Tritax Big Box REIT - MOODY’S CREDIT RATING OUTLOOK UPGRADED TO POSITIVE

Tritax Big Box REITAnnouncement

03/07/2024 07:00

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RNS Number : 8773U  Tritax Big Box REIT plc  03 July 2024

MOODY'S UPGRADES TRITAX BIG BOX REIT PLC'S CREDIT RATING OUTLOOK TO POSITIVE

 

Tritax Big Box REIT plc (the Company) is pleased to report that Moody's
Ratings (Moody's) has today upgraded the Company's credit rating outlook to
Baa1 (positive) from Baa1 (stable) and reaffirmed the Company's long-term
corporate credit rating.

The ratings affirmation and change of outlook to positive from stable reflects
the Company's growing scale, increased portfolio diversification and continued
focus on high-quality logistics assets, which are supported by the recent
acquisition of UK Commercial Property REIT Limited (UKCM).

The positive outlook reflects Moody's expectation that the Company will
continue to generate growing cash flow and maintain good liquidity, with
continued high occupancy levels and a balanced growth strategy. The outlook
also reflects a solid operating environment for the UK logistics property
sector despite certain macro headwinds.

 

Frankie Whitehead, CFO, commented:

 

"This improvement in credit rating outlook to positive from Moody's has been
primarily triggered by our recent acquisition of UKCM. This transaction has
delivered further scale, portfolio diversification and a significant embedded
income growth opportunity within the current portfolio rental reversion. The
transaction also adds further available liquidity whilst enhancing loan to
value and net debt to EBITDA metrics, with no near-term refinancing needs. Our
development pipeline provides us with a unique opportunity to deliver
attractive growth and operational performance over the long-term, whilst
maintaining and operating with a financial policy which is proactive, prudent
and disciplined."

 

 

FOR FURTHER INFORMATION, PLEASE CONTACT:

 Tritax Group                                                     Tel: +44 (0) 20 8051 5060

 Colin Godfrey (CEO)

 Frankie Whitehead (CFO)

 Ian Brown (Head of Corporate Strategy & Investor Relations)

 Kekst CNC

 Tom Climie/Guy Bates                                             Tel: +44 (0) 7760 160 248

                                  tritax@kekstnc.com

 

Notes:

Tritax Big Box REIT plc (ticker: BBOX) is the largest listed investor in
high-quality logistics warehouse assets and controls the largest
logistics-focused land platform in the UK. BBOX is committed to delivering
attractive and sustainable returns for Shareholders by investing in and
actively managing existing built investments and land suitable for logistics
development. The Company focuses on well-located, modern logistics assets,
typically let to institutional-grade tenants on long-term leases with
upward-only rent reviews and geographic and tenant diversification throughout
the UK. The Company seeks to exploit the significant opportunity provided by
the imbalance between strong occupational demand and constrained supply of
modern logistics real estate in the UK. The Company is a real estate
investment trust to which Part 12 of the UK Corporation Tax Act 2010 applies,
is listed on the premium segment of the Official List of the UK Financial
Conduct Authority (Ticker: BBOX) 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 (http://www.tritaxbigbox.co.uk/) . The
Company's LEI is: 213800L6X88MIYPVR714

 

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