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1. Corporate information
The consolidated financial statements of the Group for the year ended 31 December 2024 comprise the results of Tritax Big Box REIT plc
(the \u201cCompany\u201d) and its subsidiaries (together, the \u201cGroup\u201d) and were approved by the Board for issue on 27 February 2025. The Company
is a public limited company incorporated and domiciled in England and Wales. The Company\u2019s Ordinary Shares are admitted to the official list
of the UK Listing Authority, a division of the Financial Conduct Authority, and traded on the London Stock Exchange. The registered address
of the Company is disclosed in the Company information.
The nature of the Group\u2019s operations and its principal activities are set out in the Strategic Report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-6": { "value": "Tritax Big Box REIT plc ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-321": { "value": "Tritax Big Box REIT plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-7": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-8": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-320": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-338": { "value": "Accounting policies 2. Basis of preparation The consolidated financial statements have been prepared in accordance with UK-adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The comparative information disclosed relates to the year ended 31 December 2023. The Group\u2019s financial statements have been prepared on a historical cost basis, other than as explained in the accounting policies below. The consolidated financial statements are presented in Sterling, which is also the Company\u2019s functional currency, and all values are rounded to the nearest \u00a30.1 million, except where otherwise indicated. The Group has chosen to adopt European Public Real Estate Association (\u201cEPRA\u201d) best practice guidelines for calculating key metrics such as net asset value and earnings per share (www.epra.com/finance/financial-reporting/guidelines). 2.1. Going concern The Board has assessed the appropriateness of the going concern basis in preparing these financial statements. Any going concern assessment considers the Group\u2019s financial position, cash flows, liquidity and capital commitments including its continued access to its debt facilities and headroom under financial loan covenants. The Directors have considered the cash flow forecasts for the Group for a period of at least twelve months from the date of approval of these consolidated financial statements. These forecasts include the Directors\u2019 assessment of plausible downside scenarios. The Directors have reviewed the current and projected financial position of the Group, making reasonable assumptions about its future trading performance. Various forms of sensitivity analysis have been performed having particular regard to the financial performance of its clients\u2019 track record of rental receipts, whilst taking into account any discussions held with the client surrounding their future rental obligations. The analysis also included sensitising the impact of portfolio valuation movements through market volatility, rent collection and client default. These scenarios all paid regard to the current economic environment. The Group has a strong track record around rent collection with no history of significant levels of bad debt or arrears. Generally speaking, we have strong clients with robust balance sheets and strong cash flows. The Directors have also considered the arrears position in light of IFRS 9, expected credit loss model, see Note 22 for further details. As at 31 December 2024, the Group had an aggregate \u00a3519.0 million of undrawn commitments under its senior debt facilities as well as \u00a380.6m of cash held at bank, of which \u00a3101.2 million was committed under various development related contracts. In January and February 2025 the Group also acquired a logistical asset for \u00a374.3 million and sold or exchanged to sell \u00a386.8 million of non-strategic assets and \u00a379.0 million of logistics investment assets. At 31 December 2024 the Group\u2019s loan to value ratio stood at 28.8%, with the debt portfolio having an average maturity term of approximately 4.5 years. As at the date of approval of this report, the Group has substantial headroom within its financial loan covenants. As at 31 December 2024 property values would have to fall by more than 50% before loan covenants are breached. The Group\u2019s financial covenants have been complied with for all loans throughout the period and up to the date of approval of these financial statements. The Directors have assessed the ability of the Group and Company to continue as a going concern and are not aware of any material uncertainties that may cast significant doubt upon the ability of the Group and Company to continue as a going concern. Therefore the Directors are satisfied that the Group has the resources to continue in business until at least 28 February 2026. 3. Significant accounting judgements, estimates and assumptions The preparation of the Group\u2019s financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities at the reporting date. However, uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in future periods. 3.1. Judgements In the process of applying the Group\u2019s accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognised in the consolidated financial statements: Other operating income Other operating income is receivable from development management agreements (\u201cDMA\u201d) in place with third parties. Development management income is recognised in the accounting period in which the services are rendered and a significant reversal is not expected in future periods. Judgement is exercised in identifying performance obligations including the sale of land with planning consent, completing land and infrastructure works and managing the construction of an asset. The transaction price is allocated fairly between the different performance obligations (refer to notes 8 and 9). Certain performance obligations are recognised at a point in time (for example a land transaction) and others are recognised over time (such as services under a DMA) each contract outlines the scope, deliverables, milestones, and payment terms. Revenue is recognised based on the work completed to date using the percentage-of-completion method (input method), which is based on costs incurred relative to total expected costs. Acquisitions of property through corporate vehicles Some property transactions are large or complex and require management to make judgements when considering the appropriate accounting treatment. These include acquisitions of property through corporate vehicles, which could represent either asset acquisitions or business combinations under IFRS 3 (refer to note 4.9). During the period the Group acquired the entire issued share capital of UK Commercial Property REIT (\u2018UKCM\u2019). UKCM was a real estate investment trust with its operations managed by abrdn Fund Managers Limited (\u2018abrdn\u2019). The management contract with abrdn made them responsible for the operations required to manage the properties owned by the UKCM. Simultaneously upon acquisition, the management contract between abrdn and UKCM was immediately cancelled as the operations of the Group were taken over by Tritax Management LLP who remain the Investment Manager to the enlarged Group. As the Group did not acquire any of UKCM\u2019s critical processes which enabled them to create outputs, it was concluded that the transaction did not meet the definition of a business combination under IFRS 3, and therefore has been accounted for as an asset acquisition (refer to note 37). Land options Land options, and other non-financial assets, are initially capitalised at cost and considered for any impairment indication annually. The impairment review includes consideration of the resale value of the option, likelihood of achieving planning consent and current recoverable value as determined by an independent external valuer. In the calculation of the resale value or recoverable value of land options, several estimates are required which includes the expected size of the development, expected rental and capitalisation rates, estimated build costs, the time to complete the development and anticipated progress with achieving planning consent, as well as the associated risks of achieving the above. 3.2. Estimates Fair valuation of investment property The market value of investment property is determined by an independent property valuation expert (see note 17) to be the estimated amount for which a property should exchange on the date of the valuation in an arm\u2019s-length transaction. Properties have been valued on an individual basis. The valuation expert uses recognised valuation techniques and the principles of both IAS 40 and IFRS 13. The valuations have been prepared in accordance with the RICS Valuation \u2013 Global Standards January 2022 (the \u201cRed Book\u201d). Factors reflected comprise current market conditions including Net Initial Yield applied, annual rents and estimated rental values, lease lengths, location and building specification which would include climate-related considerations. The Net Initial Yield, being the most significant estimate, is subject to changes depending on the market conditions which are assessed on a periodic basis. The significant methods and assumptions used by the valuers in estimating the fair value of investment property, together with the sensitivity analysis on the most subjective inputs, are set out in note 17. 4. Material accounting policies 4.1. Segmental information The Directors are of the opinion that the Group is engaged in a single segment business, being the investment in UK logistics assets and land options with a view to developing logistics and holding these for investment purposes. The Directors consider that these properties have similar economic characteristics in nature and as a result they have been reported as a single reportable operating business. During the current year, the Group acquired non-logistics assets as part of the UKCM acquisition. These assets share similar economic characteristics to the existing portfolio and collectively they form an insignificant proportion of the Group\u2019s portfolio. In addition to this, the monitoring and strategic decision-making processes are no different from the existing logistics core portfolio. Therefore, the Directors consider there to be a single reportable segment. 4.2. Investment property and investment property under construction Investment property comprises completed property that is held to earn rentals or for capital appreciation, or both. Property held under a lease is classified as investment property when it is held to earn rentals or for capital appreciation or both, rather than for sale in the ordinary course of business or for use in production or administrative functions. The corresponding entry upon recognising lease incentives or fixed/minimum rental uplifts is made to investment property. For further details see accounting policy note 4.11. Investment property is recognised once practical completion is achieved and is measured initially at cost including transaction costs. Transaction costs include transfer taxes, professional fees for legal services and other costs incurred in order to bring the property to the condition necessary for it to be capable of operating. Subsequent to initial recognition, investment property is stated at fair value. Gains or losses arising from changes in the fair values are included in the Group profit or loss in the year in which they arise under IAS 40 \u201cInvestment Property\u201d. Long leaseholds are accounted for as investment property as they meet the criteria for right of use assets.
Investment properties under construction are financed by the Group through development contracts to build logistics assets, in the form of
pre-let development and with an allowance of up to 5% of GAV in speculative development (with no pre-let secured). Investment properties
under construction are initially measured at cost (including the transaction costs), which reflect the Group\u2019s investment in the assets.
Subsequently, the assets are remeasured to fair value at each reporting date. The fair value of investment properties under construction
is estimated as the fair value of the completed asset less any costs still payable in order to complete, which include an appropriate
developer\u2019s margin.
Additions to properties include costs of a capital nature only. Expenditure is classified as capital when it results in identifiable future economic
benefits, which are expected to accrue to the Group. Capitalised expenditure also includes finance costs incurred on qualifying assets under
construction. All other property expenditure is expensed in the Group profit or loss as incurred.
Investment properties cease to be recognised when they have been disposed of or withdrawn permanently from use and no future economic
benefit is expected from disposal. The difference between the net disposal proceeds and the carrying amount of the asset would result in
either gains or losses at the retirement or disposal of investment property. Any gains or losses are recognised in the Group profit or loss in
the year of retirement or disposal.
4.3. Financial instruments
Fair value hierarchy
Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.
Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.
For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group determines whether transfers have
occurred between levels in the hierarchy by reassessing categorisation at the end of each reporting period.
4.3.1. Financial assets
The Group classifies its financial assets into one of the categories discussed below. The Group\u2019s accounting policy for each category is
as follows:
Fair value through profit or loss
This category comprises in-the-money derivatives and out-of-money derivatives where the time value offsets the negative intrinsic value.
They are carried in the Group Statement of Financial Position at fair value with changes in fair value recognised in the Group profit or loss
in the finance income or expense line. It also comprises of non-controlling minority interest equity investments, the Group has voluntarily
classified these assets to be held at fair value through profit and loss.
Amortised cost
These assets arise principally from the provision of goods and services to clients (e.g. trade receivables), but also incorporate other types
of financial assets where the objective is to hold these assets in order to collect contractual cash flows and contractual cash flows are
solely payments of principal and interest. They are initially recognised at fair value plus transaction costs that are directly attributable to their
acquisition or issue and are subsequently carried at amortised cost, being the effective interest rate method, less provision for impairment.
Impairment provisions for current and non-current trade receivables are recognised based on the simplified approach within IFRS 9 using a
provision matrix in the determination of the lifetime expected credit losses. During this process the probability of the non-payment of the trade
receivables is assessed. This probability is then multiplied by the amount of the expected loss arising from client default (being the failure of a
client to timely pay rent due) to determine the lifetime expected credit loss for the trade receivables. On confirmation that the trade receivable
will not be collectable, the gross carrying value of the asset is written off against the associated provision.
The Group\u2019s financial assets measured at amortised cost comprise trade and other receivables and cash and cash equivalents in the Group
Statement of Financial Position.
Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term highly liquid investments with original
maturities of three months or less.
4.3.2. Financial liabilities
The Group classifies its financial liabilities into one of two categories, depending on the purpose for which the liability was acquired.
The Group\u2019s accounting policy for each category is as follows:
Fair value through profit or loss
This category comprises out-of-the-money derivatives where the time value does not offset the negative intrinsic value. They are carried in the
Group Statement of Financial Position at fair value with changes in fair value recognised in the Group Statement of Comprehensive Income.
Other than these derivative financial instruments, the Group does not have any liabilities held for trading nor has it designated any financial
liabilities as being at fair value through profit or loss.
Other financial liabilities
Other financial liabilities include the following items:
Bank borrowings and the Group\u2019s loan notes are initially recognised at fair value net of any transaction costs directly attributable to the issue
of the instrument. Such interest bearing liabilities are subsequently measured at amortised cost using the effective interest rate method,
which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the Group
Statement of Financial Position. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium
payable on redemption, as well as any interest or coupon payment while the liability is outstanding.
Debt modification
Debt modifications are subject to a qualitative and quantitative test to determine if a substantial modification has occurred. The outcome of
the tests will determine if the modification should be treated as a substantial modification under extinguishment accounting or an adjustment
to the existing liability under modification accounting.
4.4. Joint arrangements
The Group is a party to a joint arrangement when there is a contractual arrangement that confers joint control over the relevant activities of
the arrangement to the Group and at least one other party. Joint control is assessed under the same principles as control over subsidiaries.
The Group classifies its interests in joint arrangements as either:
\u2022 joint ventures: where the Group has rights to only the net assets of the joint arrangement; or
\u2022 joint operations: where the Group has both the rights to assets and obligations for the liabilities of the joint arrangement.
In assessing the classification of interests in joint arrangements, the Group considers:
\u2022 the structure of the joint arrangement;
\u2022 the legal form of joint arrangements structured through a separate vehicle;
\u2022 the contractual terms of the joint arrangement agreement; and
\u2022 any other facts and circumstances (including any other contractual arrangements).
The Group does not have any joint operations.
Joint ventures are initially recognised in the Group Statement of Financial Position at cost. Subsequently joint ventures are accounted for
using the equity method, where the Group\u2019s share of post-acquisition profits and losses and other comprehensive income is recognised
in the Group Statement of Comprehensive Income.
Profits and losses arising on transactions between the Group and its joint ventures are recognised only to the extent of unrelated investors\u2019
interests in the associate. The investor\u2019s share in the joint venture\u2019s profits and losses resulting from these transactions is eliminated against
the carrying value of the joint venture.
Any premium paid for an investment in a joint venture above the fair value of the Group\u2019s share of the identifiable assets, liabilities and
contingent liabilities acquired is capitalised and included in the carrying amount of the investment in joint venture. Provision for impairment
in value is made where there is objective evidence that the investment in a joint venture has been impaired.
4.5. Goodwill
Goodwill is capitalised as an intangible asset, with any impairment in carrying value being charged to the Group Statement of Comprehensive
Income. Where the fair value of identifiable assets, liabilities and contingent liabilities exceed the fair value of consideration paid, the excess is
credited in full to the Group Statement of Comprehensive Income on the acquisition date as a gain on bargain purchase or negative goodwill.
4.6. Intangible assets
As a result of the acquisition of Tritax Big Box Developments, the DMA between the Company and Tritax Big Box Developments Management
Limited is assessed as a favourable contract. It is recognised as an intangible asset on the Group Statement of Financial Position and is
amortised over the original eight year term of the DMA. The favourable element of the DMA was assessed with reference to a reasonable
mark-up that may be expected for these services if the agreement were set up at arm\u2019s length, discounted over the eight-year period.
4.7. Land options
Land options are classified as non-financial assets as they are non-liquid assets with no active market and they cannot be readily converted
into cash. The options are exercisable at a future date subject to receiving planning consent. They are initially carried at cost and are tested for
impairment annually and whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the
carrying value of an asset exceeds its recoverable amount, the higher of value in use and fair value less costs to sell, the option is written down
accordingly as a charge to the Group Statement of Comprehensive Income. Once the options are exercised and the land is drawn down, they
are transferred into investment property.
4.8. Impairment of assets
Impairment tests on goodwill and other intangible assets with indefinite useful economic lives are undertaken annually at the financial year
end. Other non-financial assets including intangible assets, investment in joint ventures and land options are subject to annual impairment
tests, or whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value
of an asset exceeds its recoverable amount (the higher of value in use and fair value less costs to sell), the asset is impaired accordingly.
Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group
of assets to which it belongs for which there are separately identifiable cash flows, its cash-generating units (\u201cCGUs\u201d). Goodwill is allocated
on initial recognition to each of the Group\u2019s CGUs that are expected to benefit from a business combination that gives rise to the goodwill.
Impairment charges are included in Group Statement of Comprehensive Income. An impairment loss recognised for goodwill is not reversed.
4.9. Business combination
The Group acquires subsidiaries that own investment properties. At the time of acquisition, the Group considers whether each acquisition
represents the acquisition of a business or the acquisition of an asset. Under the Definition of a Business (Amendments to IFRS 3 \u201cBusiness
Combinations\u201d), to be considered a business an acquired set of activities and assets must include, at a minimum, an input and a substantive
process that together significantly contribute to the ability to create outputs. The optional \u201cconcentration test\u201d is also applied; where
substantially all of the fair value of gross assets acquired is concentrated in a single asset (or a group of similar assets), the assets acquired
would not represent a business. Therefore the Group accounts for an acquisition as a business combination where an integrated set of
activities is acquired in addition to the property.
Where an acquisition is considered to be a business combination the consolidated financial statements incorporate the results of business
combinations using the acquisition method. In the Group Statement of Financial Position, the acquiree\u2019s identifiable assets, liabilities and
contingent liabilities are initially recognised at their fair values at the acquisition date. Any excess of the cost of a business combination over
the Group\u2019s interest in the fair value of identifiable assets, liabilities and contingent liabilities acquired is treated as goodwill. Where the fair
value of identifiable assets, liabilities and contingent liabilities acquired exceeds the fair value of the purchase consideration, the difference is
treated as gain on bargain purchase and credited to the Group Statement of Comprehensive Income. The results of acquired operations are
included in the Group Statement of Comprehensive Income from the date on which control is obtained until the date on which control ceases.
Where such acquisitions are not judged to be the acquisition of a business, they are not treated as business combinations. Rather, the cost
to acquire the corporate entity is allocated between the identifiable assets and liabilities of the entity based upon their relative fair values at
the acquisition date. Accordingly, no goodwill or additional deferred tax arises.
Where amounts payable for the acquisition of a business are subject to a contingent consideration arrangement in which the payments
are automatically forfeited if employment terminates, the amounts are treated as remuneration for post-combination services rather than
consideration for the acquisition of a business.
4.10. Share-based payments
The Company entered into an agreement with the Tritax Big Box Development Shareholders where future amounts payable are based on the
Adjusted NAV of Tritax Big Box Developments Limited and subject to certain provisions around continuing employment. 25% of the amounts
payable are to be settled in cash with the remaining 75% settled in cash or shares at the discretion of the Company. Where the Company had
a present obligation to settle the amounts in cash, either through its stated intention or past practice, the Company accounted for the amounts
as cash settled share-based payments. The fair value of the cash settled obligation was recognised over the vesting period and presented as
a liability in the Group Statement of Financial Position. The liability was remeasured at each reporting date with the charge to the profit or loss
updated over the vesting period.
4.11. Property income
4.11.1. Rental income
Rental income arising from operating leases on investment property is accounted for on a straight line basis over the lease term and is
included in gross rental income in the Group Statement of Comprehensive Income. A rental adjustment is recognised from the rent review date
in relation to unsettled rent reviews, where the Directors are reasonably certain that the rental uplift will be agreed. Initial direct costs incurred
in negotiating and arranging an operating lease are recognised as an expense over the lease term on the same basis as the lease income.
Rental income is invoiced, either monthly or quarterly in advance, and for all rental income that relates to a future period this is deferred and
appears within current liabilities on the Group Statement of Financial Position.
For leases, which contain fixed or minimum uplifts, the rental income arising from such uplifts is recognised on a straight-line basis over the
lease term.
Client lease incentives are recognised as a reduction of gross rental income on a straight-line basis over the term of the lease. The lease
term is the non-cancellable period of the lease together with any further term for which the client has the option to continue the lease where,
at the inception of the lease, the Directors are reasonably certain that the client will exercise that option.
When the Group enters into a pre-let development agreement no rental income is recognised under the agreement for lease until practical
completion has taken place, at which point rental income is recognised in the Group Statement of Comprehensive Income from the rent
commencement date.
4.11.2. Other operating income
The other operating income is generated through the Group providing development management services to third parties. It is recognised
on an accruals basis in the period in which the services have been rendered, performance obligations have been satisfied and a significant
reversal is not expected in future periods.
4.12. Taxation
Taxation on the profit or loss for the period not exempt under UK REIT regulations comprises current and deferred tax. Current tax is
expected tax payable on any profit not relating to the property rental business for the year, using tax rates enacted or substantively enacted
at the year-end date, including any adjustment to tax payable in respect of previous years. A deferred tax asset is recognised only to the extent
that it is probable that future taxable profits will be available against which the asset can be utilised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-340": { "value": "
2. Basis of preparation
The consolidated financial statements have been prepared in accordance with UK-adopted international accounting standards and with the
requirements of the Companies Act 2006 as applicable to companies reporting under those standards.
The comparative information disclosed relates to the year ended 31 December 2023.
The Group\u2019s financial statements have been prepared on a historical cost basis, other than as explained in the accounting policies below.
The consolidated financial statements are presented in Sterling, which is also the Company\u2019s functional currency, and all values are rounded
to the nearest \u00a30.1 million, except where otherwise indicated.
The Group has chosen to adopt European Public Real Estate Association (\u201cEPRA\u201d) best practice guidelines for calculating key metrics such
as net asset value and earnings per share (www.epra.com/finance/financial-reporting/guidelines).
2.1. Going concern
The Board has assessed the appropriateness of the going concern basis in preparing these financial statements. Any going concern
assessment considers the Group\u2019s financial position, cash flows, liquidity and capital commitments including its continued access to
its debt facilities and headroom under financial loan covenants.
The Directors have considered the cash flow forecasts for the Group for a period of at least twelve months from the date of approval of these
consolidated financial statements. These forecasts include the Directors\u2019 assessment of plausible downside scenarios. The Directors have reviewed
the current and projected financial position of the Group, making reasonable assumptions about its future trading performance. Various forms of
sensitivity analysis have been performed having particular regard to the financial performance of its clients\u2019 track record of rental receipts, whilst
taking into account any discussions held with the client surrounding their future rental obligations. The analysis also included sensitising the impact
of portfolio valuation movements through market volatility, rent collection and client default. These scenarios all paid regard to the current economic
environment.
The Group has a strong track record around rent collection with no history of significant levels of bad debt or arrears. Generally speaking, we have
strong clients with robust balance sheets and strong cash flows. The Directors have also considered the arrears position in light of IFRS 9, expected
credit loss model, see Note 22 for further details.
As at 31 December 2024, the Group had an aggregate \u00a3519.0 million of undrawn commitments under its senior debt facilities as well as \u00a380.6m of
cash held at bank, of which \u00a3101.2 million was committed under various development related contracts. In January and February 2025 the Group
also acquired a logistical asset for \u00a374.3 million and sold or exchanged to sell \u00a386.8 million of non-strategic assets and \u00a379.0 million of logistics
investment assets.
At 31 December 2024 the Group\u2019s loan to value ratio stood at 28.8%, with the debt portfolio having an average maturity term of approximately
4.5 years. As at the date of approval of this report, the Group has substantial headroom within its financial loan covenants. As at 31 December 2024
property values would have to fall by more than 50% before loan covenants are breached.
The Group\u2019s financial covenants have been complied with for all loans throughout the period and up to the date of approval of these financial statements.
The Directors have assessed the ability of the Group and Company to continue as a going concern and are not aware of any material uncertainties
that may cast significant doubt upon the ability of the Group and Company to continue as a going concern. Therefore the Directors are satisfied that
the Group has the resources to continue in business until at least 28 February 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-383": { "value": "The consolidated financial statements have been prepared in accordance with UK-adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-384": { "value": "The consolidated financial statements are presented in Sterling, which is also the Company\u2019s functional currency, and all values are rounded to the nearest \u00a30.1 million, except where otherwise indicated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-385": { "value": "2.1. Going concern The Board has assessed the appropriateness of the going concern basis in preparing these financial statements. Any going concern assessment considers the Group\u2019s financial position, cash flows, liquidity and capital commitments including its continued access to its debt facilities and headroom under financial loan covenants. The Directors have considered the cash flow forecasts for the Group for a period of at least twelve months from the date of approval of these consolidated financial statements. These forecasts include the Directors\u2019 assessment of plausible downside scenarios. The Directors have reviewed the current and projected financial position of the Group, making reasonable assumptions about its future trading performance. Various forms of sensitivity analysis have been performed having particular regard to the financial performance of its clients\u2019 track record of rental receipts, whilst taking into account any discussions held with the client surrounding their future rental obligations. The analysis also included sensitising the impact of portfolio valuation movements through market volatility, rent collection and client default. These scenarios all paid regard to the current economic environment. The Group has a strong track record around rent collection with no history of significant levels of bad debt or arrears. Generally speaking, we have strong clients with robust balance sheets and strong cash flows. The Directors have also considered the arrears position in light of IFRS 9, expected credit loss model, see Note 22 for further details. As at 31 December 2024, the Group had an aggregate \u00a3519.0 million of undrawn commitments under its senior debt facilities as well as \u00a380.6m of cash held at bank, of which \u00a3101.2 million was committed under various development related contracts. In January and February 2025 the Group also acquired a logistical asset for \u00a374.3 million and sold or exchanged to sell \u00a386.8 million of non-strategic assets and \u00a379.0 million of logistics investment assets. At 31 December 2024 the Group\u2019s loan to value ratio stood at 28.8%, with the debt portfolio having an average maturity term of approximately 4.5 years. As at the date of approval of this report, the Group has substantial headroom within its financial loan covenants. As at 31 December 2024 property values would have to fall by more than 50% before loan covenants are breached. The Group\u2019s financial covenants have been complied with for all loans throughout the period and up to the date of approval of these financial statements. The Directors have assessed the ability of the Group and Company to continue as a going concern and are not aware of any material uncertainties that may cast significant doubt upon the ability of the Group and Company to continue as a going concern. Therefore the Directors are satisfied that the Group has the resources to continue in business until at least 28 February 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-341": { "value": "
3. Significant accounting judgements, estimates and assumptions
The preparation of the Group\u2019s financial statements requires management to make judgements, estimates and assumptions that affect the
reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities at the reporting date. However,
uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount
of the asset or liability affected in future periods.
3.1. Judgements
In the process of applying the Group\u2019s accounting policies, management has made the following judgements, which have the most significant
effect on the amounts recognised in the consolidated financial statements:
Other operating income
Other operating income is receivable from development management agreements (\u201cDMA\u201d) in place with third parties. Development
management income is recognised in the accounting period in which the services are rendered and a significant reversal is not expected
in future periods.
Judgement is exercised in identifying performance obligations including the sale of land with planning consent, completing land and infrastructure
works and managing the construction of an asset. The transaction price is allocated fairly between the different performance obligations (refer
to notes 8 and 9). Certain performance obligations are recognised at a point in time (for example a land transaction) and others are recognised
over time (such as services under a DMA) each contract outlines the scope, deliverables, milestones, and payment terms. Revenue is recognised
based on the work completed to date using the percentage-of-completion method (input method), which is based on costs incurred relative to
total expected costs.
Acquisitions of property through corporate vehicles
Some property transactions are large or complex and require management to make judgements when considering the appropriate accounting
treatment. These include acquisitions of property through corporate vehicles, which could represent either asset acquisitions or business
combinations under IFRS 3 (refer to note 4.9).
During the period the Group acquired the entire issued share capital of UK Commercial Property REIT (\u2018UKCM\u2019). UKCM was a real estate
investment trust with its operations managed by abrdn Fund Managers Limited (\u2018abrdn\u2019). The management contract with abrdn made them
responsible for the operations required to manage the properties owned by the UKCM. Simultaneously upon acquisition, the management
contract between abrdn and UKCM was immediately cancelled as the operations of the Group were taken over by Tritax Management LLP
who remain the Investment Manager to the enlarged Group.
As the Group did not acquire any of UKCM\u2019s critical processes which enabled them to create outputs, it was concluded that the transaction
did not meet the definition of a business combination under IFRS 3, and therefore has been accounted for as an asset acquisition (refer
to note 37).
Land options
Land options, and other non-financial assets, are initially capitalised at cost and considered for any impairment indication annually.
The impairment review includes consideration of the resale value of the option, likelihood of achieving planning consent and current
recoverable value as determined by an independent external valuer. In the calculation of the resale value or recoverable value of land
options, several estimates are required which includes the expected size of the development, expected rental and capitalisation rates,
estimated build costs, the time to complete the development and anticipated progress with achieving planning consent, as well as the
associated risks of achieving the above.
3.2. Estimates
Fair valuation of investment property
The market value of investment property is determined by an independent property valuation expert (see note 17) to be the estimated amount
for which a property should exchange on the date of the valuation in an arm\u2019s-length transaction. Properties have been valued on an individual
basis. The valuation expert uses recognised valuation techniques and the principles of both IAS 40 and IFRS 13.
The valuations have been prepared in accordance with the RICS Valuation \u2013 Global Standards January 2022 (the \u201cRed Book\u201d). Factors
reflected comprise current market conditions including Net Initial Yield applied, annual rents and estimated rental values, lease lengths,
location and building specification which would include climate-related considerations. The Net Initial Yield, being the most significant
estimate, is subject to changes depending on the market conditions which are assessed on a periodic basis. The significant methods
and assumptions used by the valuers in estimating the fair value of investment property, together with the sensitivity analysis on the most
subjective inputs, are set out in note 17.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-342": { "value": "
4.1. Segmental information
The Directors are of the opinion that the Group is engaged in a single segment business, being the investment in UK logistics assets and
land options with a view to developing logistics and holding these for investment purposes. The Directors consider that these properties
have similar economic characteristics in nature and as a result they have been reported as a single reportable operating business. During the
current year, the Group acquired non-logistics assets as part of the UKCM acquisition. These assets share similar economic characteristics
to the existing portfolio and collectively they form an insignificant proportion of the Group\u2019s portfolio. In addition to this, the monitoring and
strategic decision-making processes are no different from the existing logistics core portfolio. Therefore, the Directors consider there to be
a single reportable segment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-343": { "value": "
4.2. Investment property and investment property under construction
Investment property comprises completed property that is held to earn rentals or for capital appreciation, or both. Property held under a lease
is classified as investment property when it is held to earn rentals or for capital appreciation or both, rather than for sale in the ordinary course
of business or for use in production or administrative functions.
The corresponding entry upon recognising lease incentives or fixed/minimum rental uplifts is made to investment property. For further details
see accounting policy note 4.11.
Investment property is recognised once practical completion is achieved and is measured initially at cost including transaction costs. Transaction
costs include transfer taxes, professional fees for legal services and other costs incurred in order to bring the property to the condition necessary
for it to be capable of operating. Subsequent to initial recognition, investment property is stated at fair value. Gains or losses arising from changes
in the fair values are included in the Group profit or loss in the year in which they arise under IAS 40 \u201cInvestment Property\u201d.
Long leaseholds are accounted for as investment property as they meet the criteria for right of use assets.
Investment properties under construction are financed by the Group through development contracts to build logistics assets, in the form of pre-let development and with an allowance of up to 5% of GAV in speculative development (with no pre-let secured). Investment properties under construction are initially measured at cost (including the transaction costs), which reflect the Group\u2019s investment in the assets. Subsequently, the assets are remeasured to fair value at each reporting date. The fair value of investment properties under construction is estimated as the fair value of the completed asset less any costs still payable in order to complete, which include an appropriate developer\u2019s margin. Additions to properties include costs of a capital nature only. Expenditure is classified as capital when it results in identifiable future economic benefits, which are expected to accrue to the Group. Capitalised expenditure also includes finance costs incurred on qualifying assets under construction. All other property expenditure is expensed in the Group profit or loss as incurred. Investment properties cease to be recognised when they have been disposed of or withdrawn permanently from use and no future economic benefit is expected from disposal. The difference between the net disposal proceeds and the carrying amount of the asset would result in either gains or losses at the retirement or disposal of investment property. Any gains or losses are recognised in the Group profit or loss in the year of retirement or disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-344": { "value": "4.3. Financial instruments Fair value hierarchy Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities. Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation at the end of each reporting period. 4.3.1. Financial assets The Group classifies its financial assets into one of the categories discussed below. The Group\u2019s accounting policy for each category is as follows: Fair value through profit or loss This category comprises in-the-money derivatives and out-of-money derivatives where the time value offsets the negative intrinsic value. They are carried in the Group Statement of Financial Position at fair value with changes in fair value recognised in the Group profit or loss in the finance income or expense line. It also comprises of non-controlling minority interest equity investments, the Group has voluntarily classified these assets to be held at fair value through profit and loss. Amortised cost These assets arise principally from the provision of goods and services to clients (e.g. trade receivables), but also incorporate other types of financial assets where the objective is to hold these assets in order to collect contractual cash flows and contractual cash flows are solely payments of principal and interest. They are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue and are subsequently carried at amortised cost, being the effective interest rate method, less provision for impairment. Impairment provisions for current and non-current trade receivables are recognised based on the simplified approach within IFRS 9 using a provision matrix in the determination of the lifetime expected credit losses. During this process the probability of the non-payment of the trade receivables is assessed. This probability is then multiplied by the amount of the expected loss arising from client default (being the failure of a client to timely pay rent due) to determine the lifetime expected credit loss for the trade receivables. On confirmation that the trade receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision. The Group\u2019s financial assets measured at amortised cost comprise trade and other receivables and cash and cash equivalents in the Group Statement of Financial Position. Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less. 4.3.2. Financial liabilities The Group classifies its financial liabilities into one of two categories, depending on the purpose for which the liability was acquired. The Group\u2019s accounting policy for each category is as follows: Fair value through profit or loss This category comprises out-of-the-money derivatives where the time value does not offset the negative intrinsic value. They are carried in the Group Statement of Financial Position at fair value with changes in fair value recognised in the Group Statement of Comprehensive Income. Other than these derivative financial instruments, the Group does not have any liabilities held for trading nor has it designated any financial liabilities as being at fair value through profit or loss. Other financial liabilities Other financial liabilities include the following items: Bank borrowings and the Group\u2019s loan notes are initially recognised at fair value net of any transaction costs directly attributable to the issue of the instrument. Such interest bearing liabilities are subsequently measured at amortised cost using the effective interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the Group Statement of Financial Position. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payment while the liability is outstanding. Debt modification Debt modifications are subject to a qualitative and quantitative test to determine if a substantial modification has occurred. The outcome of the tests will determine if the modification should be treated as a substantial modification under extinguishment accounting or an adjustment to the existing liability under modification accounting.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-386": { "value": "Fair value hierarchy Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities. Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation at the end of each reporting period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-387": { "value": "4.3.1. Financial assets The Group classifies its financial assets into one of the categories discussed below. The Group\u2019s accounting policy for each category is as follows: Fair value through profit or loss This category comprises in-the-money derivatives and out-of-money derivatives where the time value offsets the negative intrinsic value. They are carried in the Group Statement of Financial Position at fair value with changes in fair value recognised in the Group profit or loss in the finance income or expense line. It also comprises of non-controlling minority interest equity investments, the Group has voluntarily classified these assets to be held at fair value through profit and loss. Amortised cost These assets arise principally from the provision of goods and services to clients (e.g. trade receivables), but also incorporate other types of financial assets where the objective is to hold these assets in order to collect contractual cash flows and contractual cash flows are solely payments of principal and interest. They are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue and are subsequently carried at amortised cost, being the effective interest rate method, less provision for impairment. Impairment provisions for current and non-current trade receivables are recognised based on the simplified approach within IFRS 9 using a provision matrix in the determination of the lifetime expected credit losses. During this process the probability of the non-payment of the trade receivables is assessed. This probability is then multiplied by the amount of the expected loss arising from client default (being the failure of a client to timely pay rent due) to determine the lifetime expected credit loss for the trade receivables. On confirmation that the trade receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision. The Group\u2019s financial assets measured at amortised cost comprise trade and other receivables and cash and cash equivalents in the Group Statement of Financial Position. Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-413": { "value": "Fair value through profit or loss This category comprises in-the-money derivatives and out-of-money derivatives where the time value offsets the negative intrinsic value. They are carried in the Group Statement of Financial Position at fair value with changes in fair value recognised in the Group profit or loss in the finance income or expense line. It also comprises of non-controlling minority interest equity investments, the Group has voluntarily classified these assets to be held at fair value through profit and loss. Fair value through profit or loss This category comprises out-of-the-money derivatives where the time value does not offset the negative intrinsic value. They are carried in the Group Statement of Financial Position at fair value with changes in fair value recognised in the Group Statement of Comprehensive Income. Other than these derivative financial instruments, the Group does not have any liabilities held for trading nor has it designated any financial liabilities as being at fair value through profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-388": { "value": "4.3.2. Financial liabilities The Group classifies its financial liabilities into one of two categories, depending on the purpose for which the liability was acquired. The Group\u2019s accounting policy for each category is as follows: Fair value through profit or loss This category comprises out-of-the-money derivatives where the time value does not offset the negative intrinsic value. They are carried in the Group Statement of Financial Position at fair value with changes in fair value recognised in the Group Statement of Comprehensive Income. Other than these derivative financial instruments, the Group does not have any liabilities held for trading nor has it designated any financial liabilities as being at fair value through profit or loss. Other financial liabilities Other financial liabilities include the following items: Bank borrowings and the Group\u2019s loan notes are initially recognised at fair value net of any transaction costs directly attributable to the issue of the instrument. Such interest bearing liabilities are subsequently measured at amortised cost using the effective interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the Group Statement of Financial Position. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payment while the liability is outstanding. Debt modification Debt modifications are subject to a qualitative and quantitative test to determine if a substantial modification has occurred. The outcome of the tests will determine if the modification should be treated as a substantial modification under extinguishment accounting or an adjustment to the existing liability under modification accounting.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-390": { "value": "4.4. Joint arrangements The Group is a party to a joint arrangement when there is a contractual arrangement that confers joint control over the relevant activities of the arrangement to the Group and at least one other party. Joint control is assessed under the same principles as control over subsidiaries. The Group classifies its interests in joint arrangements as either: \u2022 joint ventures: where the Group has rights to only the net assets of the joint arrangement; or \u2022 joint operations: where the Group has both the rights to assets and obligations for the liabilities of the joint arrangement. In assessing the classification of interests in joint arrangements, the Group considers: \u2022 the structure of the joint arrangement; \u2022 the legal form of joint arrangements structured through a separate vehicle; \u2022 the contractual terms of the joint arrangement agreement; and \u2022 any other facts and circumstances (including any other contractual arrangements). The Group does not have any joint operations. Joint ventures are initially recognised in the Group Statement of Financial Position at cost. Subsequently joint ventures are accounted for using the equity method, where the Group\u2019s share of post-acquisition profits and losses and other comprehensive income is recognised in the Group Statement of Comprehensive Income. Profits and losses arising on transactions between the Group and its joint ventures are recognised only to the extent of unrelated investors\u2019 interests in the associate. The investor\u2019s share in the joint venture\u2019s profits and losses resulting from these transactions is eliminated against the carrying value of the joint venture. Any premium paid for an investment in a joint venture above the fair value of the Group\u2019s share of the identifiable assets, liabilities and contingent liabilities acquired is capitalised and included in the carrying amount of the investment in joint venture. Provision for impairment in value is made where there is objective evidence that the investment in a joint venture has been impaired. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-348": { "value": "4.4. Joint arrangements The Group is a party to a joint arrangement when there is a contractual arrangement that confers joint control over the relevant activities of the arrangement to the Group and at least one other party. Joint control is assessed under the same principles as control over subsidiaries. The Group classifies its interests in joint arrangements as either: \u2022 joint ventures: where the Group has rights to only the net assets of the joint arrangement; or \u2022 joint operations: where the Group has both the rights to assets and obligations for the liabilities of the joint arrangement. In assessing the classification of interests in joint arrangements, the Group considers: \u2022 the structure of the joint arrangement; \u2022 the legal form of joint arrangements structured through a separate vehicle; \u2022 the contractual terms of the joint arrangement agreement; and \u2022 any other facts and circumstances (including any other contractual arrangements). The Group does not have any joint operations. Joint ventures are initially recognised in the Group Statement of Financial Position at cost. Subsequently joint ventures are accounted for using the equity method, where the Group\u2019s share of post-acquisition profits and losses and other comprehensive income is recognised in the Group Statement of Comprehensive Income. Profits and losses arising on transactions between the Group and its joint ventures are recognised only to the extent of unrelated investors\u2019 interests in the associate. The investor\u2019s share in the joint venture\u2019s profits and losses resulting from these transactions is eliminated against the carrying value of the joint venture. Any premium paid for an investment in a joint venture above the fair value of the Group\u2019s share of the identifiable assets, liabilities and contingent liabilities acquired is capitalised and included in the carrying amount of the investment in joint venture. Provision for impairment in value is made where there is objective evidence that the investment in a joint venture has been impaired. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-389": { "value": "4.5. Goodwill Goodwill is capitalised as an intangible asset, with any impairment in carrying value being charged to the Group Statement of Comprehensive Income. Where the fair value of identifiable assets, liabilities and contingent liabilities exceed the fair value of consideration paid, the excess is credited in full to the Group Statement of Comprehensive Income on the acquisition date as a gain on bargain purchase or negative goodwill. 4.6. Intangible assets As a result of the acquisition of Tritax Big Box Developments, the DMA between the Company and Tritax Big Box Developments Management Limited is assessed as a favourable contract. It is recognised as an intangible asset on the Group Statement of Financial Position and is amortised over the original eight year term of the DMA. The favourable element of the DMA was assessed with reference to a reasonable mark-up that may be expected for these services if the agreement were set up at arm\u2019s length, discounted over the eight-year period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-345": { "value": "4.5. Goodwill Goodwill is capitalised as an intangible asset, with any impairment in carrying value being charged to the Group Statement of Comprehensive Income. Where the fair value of identifiable assets, liabilities and contingent liabilities exceed the fair value of consideration paid, the excess is credited in full to the Group Statement of Comprehensive Income on the acquisition date as a gain on bargain purchase or negative goodwill. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-346": { "value": "4.6. Intangible assets As a result of the acquisition of Tritax Big Box Developments, the DMA between the Company and Tritax Big Box Developments Management Limited is assessed as a favourable contract. It is recognised as an intangible asset on the Group Statement of Financial Position and is amortised over the original eight year term of the DMA. The favourable element of the DMA was assessed with reference to a reasonable mark-up that may be expected for these services if the agreement were set up at arm\u2019s length, discounted over the eight-year period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-347": { "value": "4.7. Land options Land options are classified as non-financial assets as they are non-liquid assets with no active market and they cannot be readily converted into cash. The options are exercisable at a future date subject to receiving planning consent. They are initially carried at cost and are tested for impairment annually and whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount, the higher of value in use and fair value less costs to sell, the option is written down accordingly as a charge to the Group Statement of Comprehensive Income. Once the options are exercised and the land is drawn down, they are transferred into investment property. ", "dimensions": { "concept": "tritaxbigboxreitplc:DescriptionOfAccountingPolicyForLandOptions", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-351": { "value": "4.8. Impairment of assets Impairment tests on goodwill and other intangible assets with indefinite useful economic lives are undertaken annually at the financial year end. Other non-financial assets including intangible assets, investment in joint ventures and land options are subject to annual impairment tests, or whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (the higher of value in use and fair value less costs to sell), the asset is impaired accordingly. Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately identifiable cash flows, its cash-generating units (\u201cCGUs\u201d). Goodwill is allocated on initial recognition to each of the Group\u2019s CGUs that are expected to benefit from a business combination that gives rise to the goodwill. Impairment charges are included in Group Statement of Comprehensive Income. An impairment loss recognised for goodwill is not reversed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-391": { "value": "4.9. Business combination The Group acquires subsidiaries that own investment properties. At the time of acquisition, the Group considers whether each acquisition represents the acquisition of a business or the acquisition of an asset. Under the Definition of a Business (Amendments to IFRS 3 \u201cBusiness Combinations\u201d), to be considered a business an acquired set of activities and assets must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. The optional \u201cconcentration test\u201d is also applied; where substantially all of the fair value of gross assets acquired is concentrated in a single asset (or a group of similar assets), the assets acquired would not represent a business. Therefore the Group accounts for an acquisition as a business combination where an integrated set of activities is acquired in addition to the property. Where an acquisition is considered to be a business combination the consolidated financial statements incorporate the results of business combinations using the acquisition method. In the Group Statement of Financial Position, the acquiree\u2019s identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. Any excess of the cost of a business combination over the Group\u2019s interest in the fair value of identifiable assets, liabilities and contingent liabilities acquired is treated as goodwill. Where the fair value of identifiable assets, liabilities and contingent liabilities acquired exceeds the fair value of the purchase consideration, the difference is treated as gain on bargain purchase and credited to the Group Statement of Comprehensive Income. The results of acquired operations are included in the Group Statement of Comprehensive Income from the date on which control is obtained until the date on which control ceases. Where such acquisitions are not judged to be the acquisition of a business, they are not treated as business combinations. Rather, the cost to acquire the corporate entity is allocated between the identifiable assets and liabilities of the entity based upon their relative fair values at the acquisition date. Accordingly, no goodwill or additional deferred tax arises. Where amounts payable for the acquisition of a business are subject to a contingent consideration arrangement in which the payments are automatically forfeited if employment terminates, the amounts are treated as remuneration for post-combination services rather than consideration for the acquisition of a business. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-352": { "value": "4.9. Business combination The Group acquires subsidiaries that own investment properties. At the time of acquisition, the Group considers whether each acquisition represents the acquisition of a business or the acquisition of an asset. Under the Definition of a Business (Amendments to IFRS 3 \u201cBusiness Combinations\u201d), to be considered a business an acquired set of activities and assets must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. The optional \u201cconcentration test\u201d is also applied; where substantially all of the fair value of gross assets acquired is concentrated in a single asset (or a group of similar assets), the assets acquired would not represent a business. Therefore the Group accounts for an acquisition as a business combination where an integrated set of activities is acquired in addition to the property. Where an acquisition is considered to be a business combination the consolidated financial statements incorporate the results of business combinations using the acquisition method. In the Group Statement of Financial Position, the acquiree\u2019s identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. Any excess of the cost of a business combination over the Group\u2019s interest in the fair value of identifiable assets, liabilities and contingent liabilities acquired is treated as goodwill. Where the fair value of identifiable assets, liabilities and contingent liabilities acquired exceeds the fair value of the purchase consideration, the difference is treated as gain on bargain purchase and credited to the Group Statement of Comprehensive Income. The results of acquired operations are included in the Group Statement of Comprehensive Income from the date on which control is obtained until the date on which control ceases. Where such acquisitions are not judged to be the acquisition of a business, they are not treated as business combinations. Rather, the cost to acquire the corporate entity is allocated between the identifiable assets and liabilities of the entity based upon their relative fair values at the acquisition date. Accordingly, no goodwill or additional deferred tax arises. Where amounts payable for the acquisition of a business are subject to a contingent consideration arrangement in which the payments are automatically forfeited if employment terminates, the amounts are treated as remuneration for post-combination services rather than consideration for the acquisition of a business. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-349": { "value": "4.10. Share-based payments The Company entered into an agreement with the Tritax Big Box Development Shareholders where future amounts payable are based on the Adjusted NAV of Tritax Big Box Developments Limited and subject to certain provisions around continuing employment. 25% of the amounts payable are to be settled in cash with the remaining 75% settled in cash or shares at the discretion of the Company. Where the Company had a present obligation to settle the amounts in cash, either through its stated intention or past practice, the Company accounted for the amounts as cash settled share-based payments. The fair value of the cash settled obligation was recognised over the vesting period and presented as a liability in the Group Statement of Financial Position. The liability was remeasured at each reporting date with the charge to the profit or loss updated over the vesting period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-350": { "value": "4.11. Property income 4.11.1. Rental income Rental income arising from operating leases on investment property is accounted for on a straight line basis over the lease term and is included in gross rental income in the Group Statement of Comprehensive Income. A rental adjustment is recognised from the rent review date in relation to unsettled rent reviews, where the Directors are reasonably certain that the rental uplift will be agreed. Initial direct costs incurred in negotiating and arranging an operating lease are recognised as an expense over the lease term on the same basis as the lease income. Rental income is invoiced, either monthly or quarterly in advance, and for all rental income that relates to a future period this is deferred and appears within current liabilities on the Group Statement of Financial Position. For leases, which contain fixed or minimum uplifts, the rental income arising from such uplifts is recognised on a straight-line basis over the lease term. Client lease incentives are recognised as a reduction of gross rental income on a straight-line basis over the term of the lease. The lease term is the non-cancellable period of the lease together with any further term for which the client has the option to continue the lease where, at the inception of the lease, the Directors are reasonably certain that the client will exercise that option. When the Group enters into a pre-let development agreement no rental income is recognised under the agreement for lease until practical completion has taken place, at which point rental income is recognised in the Group Statement of Comprehensive Income from the rent commencement date. 4.11.2. Other operating income The other operating income is generated through the Group providing development management services to third parties. It is recognised on an accruals basis in the period in which the services have been rendered, performance obligations have been satisfied and a significant reversal is not expected in future periods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-392": { "value": "4.12. Taxation Taxation on the profit or loss for the period not exempt under UK REIT regulations comprises current and deferred tax. Current tax is expected tax payable on any profit not relating to the property rental business for the year, using tax rates enacted or substantively enacted at the year-end date, including any adjustment to tax payable in respect of previous years. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-353": { "value": "4.12. Taxation Taxation on the profit or loss for the period not exempt under UK REIT regulations comprises current and deferred tax. Current tax is expected tax payable on any profit not relating to the property rental business for the year, using tax rates enacted or substantively enacted at the year-end date, including any adjustment to tax payable in respect of previous years. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-354": { "value": "
5. New standards issued
5.1. New standard issued and effective from 1 January 2024
The following standard and amendment to existing standards has been applied in preparing the financial statements.
The following amendments are effective for the period beginning 1 January 2024:
\u2022 Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants \u2013 Amendments to IAS 1.
\u2022 Lease Liability in a Sale and Leaseback \u2013 Amendments to IFRS 16.
\u2022 Disclosures: Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 7.
There was no material effect from the adoption of the above-mentioned amendments to IFRS effective in the period. They have no significant
impact to the Group as they are either not relevant to the Group\u2019s activities or require accounting which is already consistent with the Group\u2019s
current accounting policies.
5.2. New standards issued but not yet effective
The following standards and amendments are effective for the annual reporting period beginning 1 January 2027:
\u2022 IFRS 18 \u201cPresentation and Disclosure in Financial Statements\u201d and;
\u2022 IFRS 19 \u201cSubsidiaries without Public Accountability: Disclosures\u201d.
The Group is assessing the impact of IFRS 18, issued by the IASB in April 2024, which replaces IAS 1 and introduces major amendments
to IFRS Standards, including IAS 8. While IFRS 18 does not affect recognition or measurement, it will significantly impact presentation
and disclosure, including, but not limited to profit or loss categorisation, aggregation/disaggregation, labelling, and management-defined
performance measures. The Group does not expect to be eligible to apply IFRS 19.
There are no standards that are not yet effective that would be expected to have a material impact on the Group in the current or future
reporting periods and on the foreseeable future transactions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-393": { "value": "5.1. New standard issued and effective from 1 January 2024 The following standard and amendment to existing standards has been applied in preparing the financial statements. The following amendments are effective for the period beginning 1 January 2024: \u2022 Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants \u2013 Amendments to IAS 1. \u2022 Lease Liability in a Sale and Leaseback \u2013 Amendments to IFRS 16. \u2022 Disclosures: Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 7. There was no material effect from the adoption of the above-mentioned amendments to IFRS effective in the period. They have no significant impact to the Group as they are either not relevant to the Group\u2019s activities or require accounting which is already consistent with the Group\u2019s current accounting policies. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-394": { "value": "5.2. New standards issued but not yet effective The following standards and amendments are effective for the annual reporting period beginning 1 January 2027: \u2022 IFRS 18 \u201cPresentation and Disclosure in Financial Statements\u201d and; \u2022 IFRS 19 \u201cSubsidiaries without Public Accountability: Disclosures\u201d. The Group is assessing the impact of IFRS 18, issued by the IASB in April 2024, which replaces IAS 1 and introduces major amendments to IFRS Standards, including IAS 8. While IFRS 18 does not affect recognition or measurement, it will significantly impact presentation and disclosure, including, but not limited to profit or loss categorisation, aggregation/disaggregation, labelling, and management-defined performance measures. The Group does not expect to be eligible to apply IFRS 19. There are no standards that are not yet effective that would be expected to have a material impact on the Group in the current or future reporting periods and on the foreseeable future transactions.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-355": { "value": "
6. Total property income
Year ended Year ended
31 December 31 December
2024 2023
\u00a3m \u00a3m
Rental income \u2013 freehold property
225.5
175.3
Rental income \u2013 long leasehold property
33.8
30.5
Spreading of client incentives and guaranteed rental uplifts
21.4
16.2
Other income
0.4
0.2
Gross rental income
281.1
222.2
Property insurance recoverable
4.9
4.5
Service charges recoverable
8.2
1.7
Total property insurance and service charge income
13.1
6.2
Total property income
294.2
228.4
There was one individual client representing more than 10% of gross rental income, constituting \u00a337.3 million of rental income in 2024
(2023: \u00a332.6 million).
", "dimensions": { "concept": "tritaxbigboxreitplc:DisclosureOfPropertyIncome", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-356": { "value": "
7. Service charge expenses
Year ended Year ended
31 December 31 December
2024 2023
\u00a3m \u00a3m
Property insurance expense
5.2
4.6
Service charge expense
10.4
1.7
Total property expenses
15.6
6.3
10. Administrative and other expenses
Year ended Year ended
31 December 31 December
2024 2023
\u00a3m \u00a3m
Investment management fees
24.6
22.0
Directors\u2019 remuneration (note 11)
0.5
0.5
Auditor\u2019s fees:
Fees payable for the audit of the Company\u2019s annual accounts
0.8
0.4
Fees payable for the review of the Company\u2019s interim accounts
0.1
0.1
Fees payable for the audit of the Company\u2019s subsidiaries
0.1
0.1
Total Auditor\u2019s fee
1.0
0.6
Development management fees
1.0
1.0
Corporate administration fees
0.8
0.6
Regulatory fees
0.2
0.2
Legal and professional fees
1.8
1.6
Marketing and promotional fees
1.6
0.6
Other costs
2.2
1.8
Total administrative and other expenses
33.7
28.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-358": { "value": "
8. Other operating income
Year ended Year ended
31 December 31 December
2024 2023
\u00a3m \u00a3m
DMA income
67.4
\u2014
Sale of land
18.9
\u2014
Total other operating income
86.3
\u2014
9. Other operating costs
Year ended Year ended
31 December 31 December
2024 2023
\u00a3m \u00a3m
DMA expense
47.2
\u2014
Cost of land
16.1
\u2014
Total other operating costs
63.3
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-397": { "value": "8. Other operating income
Year ended Year ended
31 December 31 December
2024 2023
\u00a3m \u00a3m
DMA income
67.4
\u2014
Sale of land
18.9
\u2014
Total other operating income
86.3
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-398": { "value": "9. Other operating costs
Year ended Year ended
31 December 31 December
2024 2023
\u00a3m \u00a3m
DMA expense
47.2
\u2014
Cost of land
16.1
\u2014
Total other operating costs
63.3
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-414": { "value": "10. Administrative and other expenses
Year ended Year ended
31 December 31 December
2024 2023
\u00a3m \u00a3m
Investment management fees
24.6
22.0
Directors\u2019 remuneration (note 11)
0.5
0.5
Auditor\u2019s fees:
Fees payable for the audit of the Company\u2019s annual accounts
0.8
0.4
Fees payable for the review of the Company\u2019s interim accounts
0.1
0.1
Fees payable for the audit of the Company\u2019s subsidiaries
0.1
0.1
Total Auditor\u2019s fee
1.0
0.6
Development management fees
1.0
1.0
Corporate administration fees
0.8
0.6
Regulatory fees
0.2
0.2
Legal and professional fees
1.8
1.6
Marketing and promotional fees
1.6
0.6
Other costs
2.2
1.8
Total administrative and other expenses
33.7
28.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-396": { "value": "
Year ended Year ended
31 December 31 December
2024 2023
\u00a3m \u00a3m
Investment management fees
24.6
22.0
Directors\u2019 remuneration (note 11)
0.5
0.5
Auditor\u2019s fees:
Fees payable for the audit of the Company\u2019s annual accounts
0.8
0.4
Fees payable for the review of the Company\u2019s interim accounts
0.1
0.1
Fees payable for the audit of the Company\u2019s subsidiaries
0.1
0.1
Total Auditor\u2019s fee
1.0
0.6
Development management fees
1.0
1.0
Corporate administration fees
0.8
0.6
Regulatory fees
0.2
0.2
Legal and professional fees
1.8
1.6
Marketing and promotional fees
1.6
0.6
Other costs
2.2
1.8
Total administrative and other expenses
33.7
28.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-357": { "value": "
11. Directors\u2019 remuneration
Year ended Year ended
31 December 31 December
2024 2023
\u00a3m \u00a3m
Directors\u2019 fees
0.4
0.4
Employer\u2019s National Insurance
0.1
0.1
0.5
0.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-359": { "value": "
12. Finance income
Year ended Year ended
31 December 31 December
2024 2023
\u00a3m \u00a3m
Interest received on bank deposits
0.7
0.2
Interest received on swaps and other derivatives
7.7
10.2
8.4
10.4
13. Finance expense
Year ended Year ended
31 December 31 December
2024 2023
\u00a3m \u00a3m
Interest payable on bank borrowings
36.9
23.7
Interest payable on loan notes
29.8
29.7
Commitment fees payable on bank borrowings
2.7
2.0
Unwinding of deferred consideration
0.4
0.1
Amortisation of loan arrangement fees
4.3
4.4
Unwinding of discount on fixed rate debt
3.8
\u2014
77.9
59.9
Borrowing costs capitalised against development properties
(6.0)
(4.6)
Total finance expense
71.9
55.3
The rate at which interest is capitalised is the Group\u2019s weighted average cost of debt as detailed in note 26.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-415": { "value": "12. Finance income
Year ended Year ended
31 December 31 December
2024 2023
\u00a3m \u00a3m
Interest received on bank deposits
0.7
0.2
Interest received on swaps and other derivatives
7.7
10.2
8.4
10.4
13. Finance expense
Year ended Year ended
31 December 31 December
2024 2023
\u00a3m \u00a3m
Interest payable on bank borrowings
36.9
23.7
Interest payable on loan notes
29.8
29.7
Commitment fees payable on bank borrowings
2.7
2.0
Unwinding of deferred consideration
0.4
0.1
Amortisation of loan arrangement fees
4.3
4.4
Unwinding of discount on fixed rate debt
3.8
\u2014
77.9
59.9
Borrowing costs capitalised against development properties
(6.0)
(4.6)
Total finance expense
71.9
55.3
The rate at which interest is capitalised is the Group\u2019s weighted average cost of debt as detailed in note 26.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-421": { "value": "12. Finance income
Year ended Year ended
31 December 31 December
2024 2023
\u00a3m \u00a3m
Interest received on bank deposits
0.7
0.2
Interest received on swaps and other derivatives
7.7
10.2
8.4
10.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-395": { "value": "12. Finance income
Year ended Year ended
31 December 31 December
2024 2023
\u00a3m \u00a3m
Interest received on bank deposits
0.7
0.2
Interest received on swaps and other derivatives
7.7
10.2
8.4
10.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-399": { "value": "
Tritax Big Box REIT plc Annual Report 2022
135
Tritax Big Box REIT plc Annual Report 2024
135
FINANCIAL STATEMENTS
13. Finance expense
Year ended Year ended
31 December 31 December
2024 2023
\u00a3m \u00a3m
Interest payable on bank borrowings
36.9
23.7
Interest payable on loan notes
29.8
29.7
Commitment fees payable on bank borrowings
2.7
2.0
Unwinding of deferred consideration
0.4
0.1
Amortisation of loan arrangement fees
4.3
4.4
Unwinding of discount on fixed rate debt
3.8
\u2014
77.9
59.9
Borrowing costs capitalised against development properties
(6.0)
(4.6)
Total finance expense
71.9
55.3
The rate at which interest is capitalised is the Group\u2019s weighted average cost of debt as detailed in note 26.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-422": { "value": "Tritax Big Box REIT plc Annual Report 2022 135 Tritax Big Box REIT plc Annual Report 2024 135 FINANCIAL STATEMENTS 13. Finance expense
Year ended Year ended
31 December 31 December
2024 2023
\u00a3m \u00a3m
Interest payable on bank borrowings
36.9
23.7
Interest payable on loan notes
29.8
29.7
Commitment fees payable on bank borrowings
2.7
2.0
Unwinding of deferred consideration
0.4
0.1
Amortisation of loan arrangement fees
4.3
4.4
Unwinding of discount on fixed rate debt
3.8
\u2014
77.9
59.9
Borrowing costs capitalised against development properties
(6.0)
(4.6)
Total finance expense
71.9
55.3
The rate at which interest is capitalised is the Group\u2019s weighted average cost of debt as detailed in note 26.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-360": { "value": "
14. Taxation
Year ended Year ended
31 December 31 December
2024 2023
\u00a3m \u00a3m
Tax charge
0.3
0.6
The UK corporation tax rate for the financial year is 25%. Accordingly, this rate has been applied in the measurement of the Group\u2019s tax liability
at 31 December 2024.
Year ended Year ended
31 December 31 December
2024 2023
\u00a3m \u00a3m
Profit/(loss) on ordinary activities before taxation
445.8
70.6
Theoretical tax at UK corporation tax rate of 25% (31 December 2023: 23.52%)
111.5
16.6
REIT exempt income
(50.2)
(37.3)
Non-taxable items
(62.3)
15.6
Residual losses
1.3
5.7
Total tax charge
0.3
0.6
Non taxable items include income and gains that are derived from the property rental business and are therefore exempt from UK corporation
tax in accordance with Part 12 of CTA 2010.
REIT exempt income includes property rental income that is exempt from UK corporation tax in accordance with Part 12 of CTA 2010.
The current year tax asset of \u00a32.0 million relates to tax over paid on anticipated non-property profits arising in the year. The prior year there
was a current liability of \u00a30.3 million.
A deferred tax liability is recognised for appropriation tax charges of \u00a31.9 million (2023: \u00a31.9 million) in relation to the business combination
which occurred in 2019.
A deferred tax asset is not recognised for UK revenue losses or capital losses where their future utilisation is uncertain. At 31 December 2024,
the total of such losses was \u00a352.5 million (2023: \u00a341.0 million) and the potential tax effect of these was \u00a313.1 million (2023: \u00a310.3 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-361": { "value": "
15. Earnings per share
Earnings per share \u201cEPS\u201d are calculated by dividing profit for the period attributable to ordinary equity holders of the Company by the
weighted average number of Ordinary Shares in issue during the period.
The calculation of basic earnings per share is based on the following:
Weighted
Net profit average
attributable to number of
Ordinary Ordinary Earnings
Shareholders
Shares
1
per share
For the year ended 31 December 2024 \u00a3m \u2019000 pence
Basic EPS \u2013 basic and diluted
445.5
2,264,719
19.67p
Adjustments to remove:
Changes in fair value of investment property
(243.7)
Changes in fair value of interest rate derivatives
5.3
Share of profit from joint ventures
(0.1)
Gain or disposal of investment properties
(8.4)
Amortisation of other property assets
0.6
Changes in fair value of financial asset
(0.9)
Impairment of intangible contract and other property assets
4.0
EPRA EPS
1
\u2013 basic and diluted
202.3
2,264,719
8.93p
Adjustments to include:
Fixed rental uplift adjustments
(8.9)
Amortisation of loan arrangement fees and intangibles
4.1
Unwinding of discount on fixed rate debt and deferred consideration
4.2
Adjusted EPS
1
\u2013 basic and diluted
201.7
2,264,719
8.91p
1. Based on the weighted average number of Ordinary Shares in issue throughout the year.
Weighted
Net profit average
attributable to number of
Ordinary Ordinary Earnings
Shareholders
Shares
1
per share
For the year ended 31 December 2023 (restated, due to change in EPRA guidance) \u00a3m \u2019000 pence
Basic EPS \u2013 basic and diluted
70.0
1,881,931
3.72p
Adjustments to remove:
Changes in fair value of investment property
38.1
Changes in fair value of interest rate derivatives
11.2
Share of profit from joint ventures
(0.4)
Loss on disposal of investment properties
1.6
Share of profit from joint ventures
2.30
Changes in fair value of financial asset
0.1
Impairment of intangible contract and other property assets
0.4
EPRA EPS
2 \u2013
basic and diluted (restated)
123.3
1,881,931
6.55p
Adjustments to include:
Share-based payment charge
2.9
Fair value movement in contingent consideration
0.4
Extinguishment of B & C share liabilities
4
21.1
Fixed rental uplift adjustments
(6.2)
Amortisation of loan arrangement fees and intangibles
4.4
Adjusted EPS
2
\u2013 basic and diluted (restated)
145.9
1,881,931
7.75p
Weighted
Net profit average
attributable to number of
Ordinary Ordinary Earnings
Shareholders
Shares
1
per share
For the year ended 31 December 2023 (reported) \u00a3m \u2019000 pence
Basic EPS \u2013 basic and diluted
70.0
1,881,931
3.72p
Adjustments to remove:
Changes in fair value of investment property
38.1
Changes in fair value of interest rate derivatives
11.2
Finance income received on interest rate derivatives
3
(10.2)
Share of profit from joint ventures
(0.4)
Loss on disposal of investment properties
1.6
Share of profit from joint ventures
2.30
Changes in fair value of financial asset
0.1
Impairment of intangible contract and other property assets
0.4
EPRA EPS
2
\u2013 basic and diluted (reported)
113.1
1,881,931
6.01p
Adjustments to include:
Share-based payment charge
2.9
Fair value movement in contingent consideration
0.4
Extinguishment of B & C share liabilities
4
21.1
Fixed rental uplift adjustments
(6.2)
Amortisation of loan arrangement fees and intangibles
4.4
Finance income received on interest rate derivatives
3
10.2
Adjusted EPS
2
\u2013 basic and diluted (reported)
145.9
1,881,931
7.75p
1. Based on the weighted average number of Ordinary Shares in issue throughout the year.
2. Based on the weighted average number of Ordinary Shares in issue throughout the year, plus potentially issuable dilutive shares.
3. In accordance with the EPRA guidance the finance income received on interest rate derivatives was taken out of EPRA Earnings and was added back into
Adjusted Earnings as it gave a better reflection of the Group\u2019s net interest expense which was supported by cash flows. During 2024 this guidance has since
changed and it is no longer required to be excluded from the EPRA EPS and the prior year has been restated to reflect this change.
4. This is a one-off charge in the prior year relating to the B&C settlement (please refer to note 25 for further details).
Adjusted earnings is a performance measure used by the Board to assess the Group\u2019s dividend payments. The metric reduces EPRA earnings
by other non-cash items credited or charged to the Group Statement of Comprehensive Income, such as fixed rental uplift adjustments and
amortisation of loan arrangement fees.
Fixed rental uplift adjustments relate to adjustments to net rental income on leases with fixed or minimum uplifts embedded within their review
profiles. The total minimum income recognised over the lease term is recognised on a straight-line basis and therefore not fully supported by
cash flows during the early term of the lease, but this reverses towards the end of the lease.
Share-based payment charges related to the B and C Shareholders. Whilst impacting on earnings in the prior year, this value was considered
capital in nature from the perspective it relates to a B&C Share equity holding in Tritax Big Box Developments Limited. It was therefore
removed from Adjusted earnings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-362": { "value": "
16. Dividends paid
Year ended Year ended
31 December 31 December
2024 2023
\u00a3m \u00a3m
Fourth interim dividend in respect of period ended 31 December 2023 at 2.050 pence per Ordinary Share
(fourth interim for 31 December 2022 at 1.975 pence per Ordinary Share)
39.0
36.9
First interim dividend in respect of year ended 31 December 2024 at 1.825 pence per Ordinary Share
(31\ue01fDecember 2023: 1.750 pence)
45.3
32.7
Second interim dividend in respect of year ended 31 December 2024 at 1.825 pence per Ordinary Share
(31\ue01fDecember 2023: 1.750 pence)
45.3
32.7
Third interim dividend in respect of year ended 31 December 2024 at 1.825 pence per Ordinary Share
(31\ue01fDecember 2023: 1.750 pence)
45.3
33.3
Total dividends paid
174.9
135.6
Total dividends paid for the year (per share)
5.475
5.250
Total dividends unpaid but declared for the year (per share)
2.185
2.050
Total dividends declared for the year (per share)
7.660
7.300
On 27 February 2025, the Company approved the fourth interim dividend for declaration in respect of the year ended 31 December 2024 of 2.185
pence per share payable on 28 March 2025. The total dividends declared for the year of 7.66 pence are all property income distribution (\u201cPID\u201d).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-12": { "value": "0.02185", "decimals": 5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-11": { "value": "0.0205", "decimals": 5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-10": { "value": "0.0766", "decimals": 5, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-9": { "value": "0.073", "decimals": 5, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-363": { "value": "
17. Investment property
In accordance with IAS 40, investment property is stated at fair value as at 31 December 2024. The investment property has been
independently valued by CBRE Limited (\u201cCBRE\u201d), Jones Lang LaSalle Limited (\u201cJLL\u201d) and Colliers International Valuation UK LLP (\u201cColliers\u201d),
they are accredited independent valuers with recognised and relevant professional qualifications and with recent experience in the locations
and categories of the investment properties being valued. CBRE and JLL value all investment property with leases attached or assets under
construction. Colliers values all land holdings and land options. The valuations have been prepared in accordance with the RICS Valuation \u2013
Global Standards July 2017 (the \u201cRed Book\u201d) and incorporate the recommendations of the International Valuation Standards and the RICS
Valuation \u2013 Professional Standards UK January 2014 (revised April 2015) which are consistent with the principles set out in IFRS 13.
The valuers, in forming their opinion, make a series of assumptions, which are market related, such as Net Initial Yields and expected
rental values, and are based on the valuer\u2019s professional judgement. The valuers have sufficient current local and national knowledge of
the particular property markets involved and has the skills and understanding to undertake the valuations competently. There have been
no changes to the assumptions made in the year as a result of a range of factors including the macro-economic environment, availability
of debt finance and physical and transition risks relating to climate change.
The valuers of the Group\u2019s property portfolio have a working knowledge of the various ways that sustainability and environmental, social
and governance factors can impact value and have considered these, and how market participants are reflecting these in their pricing, in
arriving at their Opinion of Value and resulting valuations as at the balance sheet date. Currently, assets with the highest standards of ESG
are commanding higher rental levels, have lower future capital expenditure requirements, and are transacting at lower yields.
The valuations are the ultimate responsibility of the Directors. Accordingly, the critical assumptions used in establishing the independent
valuation are reviewed by the Board.
All corporate acquisitions during the year and prior year have been treated as asset purchases rather than business combinations because
they are considered to be acquisitions of properties rather than businesses.
Investment Investment Investment
property property property under
freehold long leasehold construction Total
\u00a3m \u00a3m \u00a3m \u00a3m
As at 1 January 2024
4,004.3
580.9
258.4
4,843.6
Property additions
1
1,090.5
93.8
210.7
1,395.0
Fixed rental uplift and client lease incentives
2
20.5
1.9
\u2014
22.4
Disposals
(134.6)
\u2014
(22.2)
(156.8)
Transfer of completed property to investment property
188.4
\u2014
(188.4)
\u2014
Transfer from land options
\u2014
\u2014
21.9
21.9
Transfer to assets held for sale
(326.1)
(34.0)
(80.3)
(440.4)
Change in fair value during the year
158.5
19.5
65.7
243.7
As at 31 December 2024
5,001.5
662.1
265.8
5,929.4
Investment Investment Investment
property property property under
freehold long leasehold construction Total
\u00a3m \u00a3m \u00a3m \u00a3m
As at 1 January 2023
3,811.2
637.2
398.9
4,847.3
Property additions
109.1
0.1
195.8
305.0
Fixed rental uplift and client lease incentives
2
20.3
0.7
\u2014
21.0
Disposals
(256.2)
(52.2)
\u2014
(308.4)
Transfer of completed property to investment property
357.2
\u2014
(357.2)
\u2014
Transfer from land options
\u2014
\u2014
16.8
16.8
Change in fair value during the year
(37.3)
(4.9)
4.1
(38.1)
As at 31 December 2023
4,004.3
580.9
258.4
4,843.6
1. Acquisitions include UKCM assets at a valuation of \u00a31,216.9 million less a price discount on acquisition of \u00a367.8 million and other acquisitions of \u00a3245.9 million
(refer to note 37).
2. Included within the carrying value of investment property is \u00a3114.0 million (31 December 2023: \u00a391.6 million) in respect of accrued contracted rental uplift
income. This balance arises as a result of the IFRS treatment of leases with fixed or minimum rental uplifts and rent-free periods, which requires the recognition
of rental income on a straight-line basis over the lease term. The difference between this and cash receipts changes the carrying value of the property against
which revaluations are measured.
31 December 31 December
2024 2023
\u00a3m \u00a3m
Investment property at fair value per Group Statement of Financial Position
5,929.4
4,843.6
Assets held for sale at fair value
440.4
\u2014
Total investment property valuation
6,369.8
4,843.6
The Group has other capital commitments which represent financial commitments made in respect of direct construction, asset management
initiatives and development land. The Group had also agreed to exchange on the purchase of investment asset at the year end (refer to note 35).
Fees payable under the DMA totalling \u00a32.5 million (2023: \u00a3nil ) have been capitalised in the year, being directly attributable to completed
development projects during the year.
Fair value hierarchy
The Group considers that all of its investment properties fall within Level 3 of the fair value hierarchy as defined by IFRS 13. There have been
no transfers between Level 1 and Level 2 during any of the periods, nor have there been any transfers between Level 2 and Level 3 during
any of the periods.
The valuations have been prepared on the basis of market value (\u201cMV\u201d), which is defined in the RICS Valuation Standards, as:
\u201cThe estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an
arm\u2019s-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.\u201d
Market value as defined in the RICS Valuation Standards is the equivalent of fair value under IFRS.
The following descriptions and definitions relating to valuation techniques and key unobservable inputs made in determining fair values are as follows:
Valuation techniques
The yield methodology approach is used when valuing the Group\u2019s properties which uses market rental values capitalised with a market
capitalisation rate. This is sense-checked against the market comparable method (or market comparable approach) where a property\u2019s fair
value is estimated based on comparable transactions in the market.
For investment property under construction and the land held for development, the properties are valued using both the residual method
approach and comparable method approach. Under the residual approach, the valuer initially assesses the investment value (using the above
methodology for completed properties). Then, the total estimated costs to complete (including notional finance costs and developer\u2019s profit)
are deducted from the value to take into account the hypothetical purchaser\u2019s management of the remaining development process and
their perception of risk with regard to construction and the property market (such as the potential cost overruns and letting risks). Under the
comparable approach, the value of the land is considered in the context of market transactions and what a hypothetical purchaser may pay
for the land, typically on a per acre basis. It is common for the valuer to consider both approaches when formulating their opinion of value,
where appropriate. Land values are sense-checked against the rate per acre derived from actual market transactions.
The key unobservable inputs made in determining fair values are as follows:
Unobservable input: estimated rental value (\u201cERV\u201d)
The rent per square foot at which space could be let in the market conditions prevailing at the date of valuation.
Passing rents are dependent upon a number of variables in relation to the Group\u2019s property. These include: size, location, client covenant
strength and terms of the lease.
Unobservable input: Net Initial Yield
The Net Initial Yield is defined as the initial gross income as a percentage of the market value (or purchase price as appropriate) plus standard
costs of purchase.
Unobservable Inputs
Net Initial Net Initial
31 December 2024 ERV range ERV average Yield range Yield average
Industrials \u00a3 psf \u00a3 psf % %
South East
6.25 \u2013 19.00
11.52
3.99 \u2013 5.94
4.51
South West
7.00 \u2013 12.07
8.34
3.99 \u2013 4.92
4.57
East Midlands
3.18 \u2013 9.00
7.80
3.55 \u2013 5.46
4.55
West Midlands
7.32 \u2013 10.74
8.80
3.87 \u2013 6.44
4.78
North East
4.90 \u2013 8.00
6.42
4.39 \u2013 5.74
4.93
North West
5.01 \u2013 11.50
8.73
4.10 \u2013 5.72
4.95
Scotland
5.03 \u2013 7.15
6.14
5.50 \u2013 7.53
6.10
Unobservable Inputs
Net Initial Net Initial
31 December 2024 ERV range ERV average Yield range Yield average
Non strategic \u00a3 psf \u00a3 psf % %
Office
22.31 \u2013 39.19
30.13
6.72 \u2013 12.85
8.86
Retail
16.59 \u2013 30.88
23.69
5.69 \u2013 7.40
6.51
Alternative
13.63 \u2013 44.20
23.96
4.88 \u2013 14.40
6.66
Unobservable Inputs
Net Initial Net Initial
ERV range ERV average Yield range Yield average
31 December 2023 \u00a3 psf \u00a3 psf % %
South East
5.46 \u2013 16.81
10.20
3.86 \u2013 5.82
4.77
South West
6.50 \u2013 6.50
6.50
4.75 \u2013 4.75
4.75
East Midlands
6.39 \u2013 11.25
7.88
3.75 \u2013 5.82
4.72
West Midlands
6.82 \u2013 9.96
8.10
3.27 \u2013 6.00
4.54
Yorkshire and the Humber
6.20 \u2013 8.00
6.99
4.32 \u2013 6.00
4.96
North East
3.91 \u2013 4.25
4.08
4.75 \u2013 4.83
4.79
North West
5.00 \u2013 11.25
7.95
4.23 \u2013 5.75
4.90
Sensitivities of measurement of significant unobservable inputs
As set out within significant accounting estimates and judgements above, the Group\u2019s property portfolio valuation is open to judgements
and is inherently subjective by nature.
As a result the following sensitivity analysis has been prepared:
-5% in +5% in +0.25% Net -0.25% Net
passing rent passing rent Initial Yield Initial Yield
\u00a3m \u00a3m \u00a3m \u00a3m
(Decrease)/increase in the fair value of investment properties as at
31 December 2024
(283.2)
283.2
(282.6)
313.9
(Decrease)/increase in the fair value of investment properties as at
31 December 2023
(229.3)
229.3
(238.2)
265.9
The above includes data from the standing portfolio and does not include data from investment properties under construction. No reasonable
change in unobservable input in relation to investment properties under construction would have a material impact on the carrying value of
investment properties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-364": { "value": "
18. Investment in land options
Year ended Year ended
31 December 31 December
2024 2023
\u00a3m \u00a3m
Opening balance
157.4
157.4
Costs capitalised in the year
16.9
16.8
Transferred to investment property
(21.9)
(16.8)
Impairment
(3.6)
\u2014
Closing balance
148.8
157.4
The average maturity date across land options held is approximately 7.4 years (2023: 8.0 years) term remaining.
Fees payable under the DMA totalling \u00a32.2 million (2023: \u00a35.9 million) have been capitalised in the year, being directly attributable to the
ongoing development projects.
", "dimensions": { "concept": "tritaxbigboxreitplc:InvestmentsInLandOptions", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-365": { "value": "
19. Investment in joint ventures
As at 31 December 2024 the Group has two joint ventures which have been equity accounted for.
The Group has the following joint ventures as at 31 December 2024:
Country of
Principal activity
incorporation
Ownership
Joint venture partner
HBB (J16) LLP
Property development
UK
50%
HB Midway Limited
Magnitude Land LLP
Property investment
UK
50%
Pochin Midpoint Limited
The registered office for the above joint ventures is: Unit B, Grange Park Court, Roman Way, Northampton, England NN4 5EA.
31 December 2024
31 December 2023
Total 100% Group\u2019s share Total 100% Group\u2019s share
Net investment \u00a3m \u00a3m \u00a3m \u00a3m
At beginning of year
49.6
24.8
54.4
27.2
Total comprehensive income
0.2
0.1
0.8
0.4
Impairment of JV asset
(0.2)
(0.1)
(4.6)
(2.3)
Capital repaid
(0.8)
(0.4)
(1.6)
(0.8)
Cash contributed
\u2014
\u2014
0.6
0.3
As at 31 December 2024
48.8
24.4
49.6
24.8
As at 31 December 2024 the Group has two joint ventures which have been equity accounted for.
The Group has the following joint ventures as at 31 December 2024:
Comprehensive Income Statement
31 December 2024
31 December 2023
Total 100% Group\u2019s share Total 100% Group\u2019s share
Year ended 31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Net income
0.6
0.3
0.8
0.4
Administrative expenses
\u2014
\u2014
\u2014
\u2014
Profit before taxation
0.6
0.3
0.8
0.4
Taxation
\u2014
\u2014
\u2014
\u2014
Total comprehensive Profit
0.6
0.3
0.8
0.4
Statement of Financial Position
31 December 2024
31 December 2023
Total 100% Group\u2019s share Total 100% Group\u2019s share
As at 31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Investment property
5.4
2.7
4.8
2.4
Options to acquire land
43.2
21.6
43.2
21.6
Non-current assets
48.6
24.3
48.0
24.0
Other receivables
\u2014
\u2014
\u2014
\u2014
Cash
0.6
0.3
1.9
1.0
Current assets
0.6
0.3
1.9
1.0
Trade and other payables
(0.4)
(0.2)
(0.3)
(0.2)
Current liabilities
(0.4)
(0.2)
(0.3)
(0.2)
Net assets
48.8
24.4
49.6
24.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-367": { "value": "
20. Assets held for sale
Year ended Year ended
31 December 31 December
2024 2023
\u00a3m \u00a3m
Industrial
79.0
\u2014
Land
29.4
\u2014
Non-strategic
332.0
\u2014
Assets held for sale
440.4
\u2014
As shown above, assets held for sale relate to one industrial asset which completed on 11 February 2025, one piece of land which forms
part of a DMA contract which completed on 6 January 2025 and 10 non-strategic assets acquired a part of the UKCM acquisition which
management has committed to a plan to dispose of these assets, with disposal expected to occur within a 12 month period.
Please refer to note 17 details into the inputs and assumptions used in determining the fair value of these assets as at 31 December 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-401": { "value": "20. Assets held for sale
Year ended Year ended
31 December 31 December
2024 2023
\u00a3m \u00a3m
Industrial
79.0
\u2014
Land
29.4
\u2014
Non-strategic
332.0
\u2014
Assets held for sale
440.4
\u2014
As shown above, assets held for sale relate to one industrial asset which completed on 11 February 2025, one piece of land which forms part of a DMA contract which completed on 6 January 2025 and 10 non-strategic assets acquired a part of the UKCM acquisition which management has committed to a plan to dispose of these assets, with disposal expected to occur within a 12 month period. Please refer to note 17 details into the inputs and assumptions used in determining the fair value of these assets as at 31 December 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-366": { "value": "
21. Investments
The Group comprises a number of Special Purpose Vehicle (SPV) subsidiaries. All SPV subsidiaries that form these financial statements are
noted within the Company financial statements in note 5.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-400": { "value": "
22. Trade and other receivables
Year ended Year ended
31 December 31 December
2024 2023
Non-current trade and other receivables \u00a3m \u00a3m
Cash in public institutions
3.9
1.0
The cash in public institutions is a deposit of \u00a33.9 million paid by certain clients to the Company, as part of their lease agreements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-368": { "value": "22. Trade and other receivables
Year ended Year ended
31 December 31 December
2024 2023
Non-current trade and other receivables \u00a3m \u00a3m
Cash in public institutions
3.9
1.0
The cash in public institutions is a deposit of \u00a33.9 million paid by certain clients to the Company, as part of their lease agreements.
Year ended Year ended
31 December 31 December
2024 2023
\u00a3m \u00a3m
Trade receivables
26.5
9.4
Prepayments, accrued income and other receivables
29.5
7.4
VAT
\u2014
5.2
Total trade and other receivables
56.0
22.0
The carrying value of trade and other receivables classified at amortised cost approximates fair value. The increase in trade receivables in
the period was due to an increase in receivables relating to DMA projects and from the acquisition of UKCM.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss provision for trade
receivables. To measure expected credit losses on a collective basis, trade receivables are grouped based on similar credit risk and ageing.
The expected loss rates are based on the Group\u2019s historical credit losses experienced over the three-year period prior to the year end.
The historical loss rates are then adjusted for current and forward-looking information on macroeconomic factors affecting the Group\u2019s clients.
The expected credit loss provision as at 31 December 2024 was \u00a30.6 million (31 December 2023: \u00a30.3 million). No reasonably possible
changes in the assumptions underpinning the expected credit loss provision would give rise to a material expected credit loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-416": { "value": "
Year ended Year ended
31 December 31 December
2024 2023
\u00a3m \u00a3m
Trade receivables
26.5
9.4
Prepayments, accrued income and other receivables
29.5
7.4
VAT
\u2014
5.2
Total trade and other receivables
56.0
22.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-369": { "value": "
23. Cash held at bank
Year ended Year ended
31 December 31 December
2024 2023
\u00a3m \u00a3m
Cash and cash equivalents to agree with cash flow
80.6
36.2
Restricted cash
\u2014
0.2
Total cash and cash equivalents
80.6
36.4
Restricted cash is cash where there is a legal restriction to specify its type of use, i.e. this may be where there is a joint arrangement with
a client under an asset management initiative.
Cash and cash equivalents reported in the Consolidated Statement of Cash Flows totalled \u00a380.6 million (2023: \u00a336.2 million) as at the year
end, which excludes long-term restricted and ring-fenced cash deposits totalling \u00a3nil million (2023: \u00a30.2 million). Total cash held at bank as
reported in the Group Statement of Financial Position is \u00a380.6 million (2023: \u00a336.4 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-402": { "value": "
24. Trade and other payables
Year ended Year ended
31 December 31 December
2024 2023
Non-current trade and other payables \u00a3m \u00a3m
Other payables
3.9
1.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-370": { "value": "24. Trade and other payables
Year ended Year ended
31 December 31 December
2024 2023
Non-current trade and other payables \u00a3m \u00a3m
Other payables
3.9
1.0
Year ended Year ended
31 December 31 December
2024 2023
\u00a3m \u00a3m
Trade and other payables
72.5
57.4
Bank loan interest payable
12.1
9.3
Deferred consideration
4.3
4.8
VAT
5.2
\u2014
Accruals
18.4
35.4
Total trade and other payables
112.5
106.9
The carrying value of trade and other payables classified as financial liabilities measured at amortised cost approximates fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-417": { "value": "
Year ended Year ended
31 December 31 December
2024 2023
\u00a3m \u00a3m
Trade and other payables
72.5
57.4
Bank loan interest payable
12.1
9.3
Deferred consideration
4.3
4.8
VAT
5.2
\u2014
Accruals
18.4
35.4
Total trade and other payables
112.5
106.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-371": { "value": "
25. Amounts that were due to B and C Shareholders
Amounts that were due to B and C Shareholders comprised the fair value of the contingent consideration element of B and C Shares along
with the fair value of the obligation under the cash settled share-based payment element of B and C Shares.
Amounts that were due to B and C Shareholders are detailed in the table below:
Contingent Share-based
consideration payment Extinguishment Fair value
31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m
Opening balance
25.6
16.6
\u2014
42.2
Fair value movement recognised
0.4
\u2014
\u2014
0.4
Share-based payment charge
\u2014
2.9
\u2014
2.9
Extinguishment of B and C share liabilities
\u2014
\u2014
21.1
21.1
Settlement of liabilities
(26.0)
(19.5)
(21.1)
(66.6)
Closing balance
\u2014
\u2014
\u2014
\u2014
The Group considered that the amounts due to the B and C Shareholders fall within Level 3 of the fair value hierarchy as defined by IFRS 13.
There have been no transfers between Level 1 and Level 2 during any of the periods, nor have there been any transfers between Level 2
and Level 3 during any of the periods.
", "dimensions": { "concept": "tritaxbigboxreitplc:DisclosureOfAmountsDueToBAndCSharesholders", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-403": { "value": "25. Amounts that were due to B and C Shareholders Amounts that were due to B and C Shareholders comprised the fair value of the contingent consideration element of B and C Shares along with the fair value of the obligation under the cash settled share-based payment element of B and C Shares. Amounts that were due to B and C Shareholders are detailed in the table below:
Contingent Share-based
consideration payment Extinguishment Fair value
31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m
Opening balance
25.6
16.6
\u2014
42.2
Fair value movement recognised
0.4
\u2014
\u2014
0.4
Share-based payment charge
\u2014
2.9
\u2014
2.9
Extinguishment of B and C share liabilities
\u2014
\u2014
21.1
21.1
Settlement of liabilities
(26.0)
(19.5)
(21.1)
(66.6)
Closing balance
\u2014
\u2014
\u2014
\u2014
The Group considered that the amounts due to the B and C Shareholders fall within Level 3 of the fair value hierarchy as defined by IFRS 13.
There have been no transfers between Level 1 and Level 2 during any of the periods, nor have there been any transfers between Level 2 and Level 3 during any of the periods.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-372": { "value": "
26. Borrowings
The Group has a \u00a3300 million and \u00a3500 million sustainably linked unsecured revolving credit facility (RCF), providing significant operational
flexibility. Both facilities are provided by a syndicate of large multi-national banks.
During the period, the Group acquired an undrawn RCF of \u00a3150 million through the acquisition of UKCM on 16 May 2024. This facility was
extinguished on 24 July 2024, and the Group entered into a new \u00a3150 million RCF agreement on the same date. This RCF includes a fixed
element of \u00a375 million, drawn at inception, with the remaining \u00a375 million being variable. The loan matures on 24 July 2026, although the
facility benefits from two one year extension periods.
The Group also extended the term of the \u00a3500 million RCF by one year, from 12 October 2028 to 12 October 2029. This extension was
not considered a substantial modification as there were no significant changes to the loan\u2019s terms and conditions.
As of 31 December 2024, 63% (December 2023: 61%) of the Group\u2019s drawn debt is fixed term, with 37% floating term (December 2023:
39%). Including interest rate hedging, the Group has fixed term or hedged facilities totalling 93.4% of drawn debt as of 31 December 2024
(December 2023: 96%).
The weighted average cost of debt was 3.05% as of 31 December 2024 (December 2023: 2.93%). On the same date, the Group had
undrawn debt commitments of \u00a3519.0 million (31 December 2023: \u00a3531.0 million).
To remain compliant with its tightest financial covenants, the Group must maintain an interest cover above 1.5x, a loan-to-value ratio below
60%, and a gearing ratio below 150%. As at 31 December 2024, the Group had an interest cover of 4.4x, a loan-to-value ratio of 28.8%,
and a gearing ratio of 42.8%. Consequently, the Group has adhered to all these covenants throughout the year and is also expected to
comfortably meet these targets over the next twelve months.
A large part of the Group\u2019s borrowings are unsecured financing arrangements. Below is a summary of the drawn and undrawn bank
borrowings for the period:
Bank borrowings Bank borrowings
drawn undrawn Total
\u00a3m \u00a3m \u00a3m
As at 1 January 2024
481.9
531.0
1,012.9
Bank borrowings drawn in the year under existing facilities
265.0
(265.0)
\u2014
Bank borrowings repaid in the year under existing facilities
(178.0)
178.0
\u2014
Book value of UKCM borrowings
200.0
\u2014
200.0
New bank borrowing facility
75.0
75.0
150.0
As at 31 December 2024
843.9
519.0
1,362.9
Bank borrowings Bank borrowings
drawn undrawn Total
\u00a3m \u00a3m \u00a3m
As at 1 January 2023
479.9
483.0
962.9
Bank borrowings drawn in the year under existing facilities
215.0
(215.0)
\u2014
Bank borrowings repaid in the year under existing facilities
(260.0)
260.0
\u2014
Cancellation of bank borrowing facility
(147.0)
(303.0)
(450.0)
New bank borrowing facility
194.0
306.0
500.0
As at 31 December 2023
481.9
531.0
1,012.9
31 December 31 December
2024 2023
\u00a3m \u00a3m
Bank borrowings drawn: due in more than one year
843.9
481.9
Less: unamortised costs on bank borrowings
(6.7)
(7.2)
Fair value gain on UKCM borrowings on acquisition
(25.5)
\u2014
811.7
474.7
31 December 31 December
2024 2023
Bonds \u00a3m \u00a3m
2.625% Bonds 2026
249.8
249.7
3.125% Bonds 2031
248.3
248.0
2.860% USPP 2028
250.0
250.0
2.980% USPP 2030
150.0
150.0
1.500% Green Bonds 2033
247.4
247.1
Less: unamortised costs on loan notes
(3.7)
(4.3)
1,141.8
1,140.5
The weighted average term to maturity of the Group\u2019s debt as at the year end is 4.5 years (31 December 2023: 5.2 years).
Maturity of borrowings
31 December 31 December
2024 2023
\u00a3m \u00a3m
Repayable between one and two years
424.0
\u2014
Repayable between two and five years
819.9
909.9
Repayable in over five years
750.0
722.0
1,993.9
1,631.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-404": { "value": "26. Borrowings The Group has a \u00a3300 million and \u00a3500 million sustainably linked unsecured revolving credit facility (RCF), providing significant operational flexibility. Both facilities are provided by a syndicate of large multi-national banks. During the period, the Group acquired an undrawn RCF of \u00a3150 million through the acquisition of UKCM on 16 May 2024. This facility was extinguished on 24 July 2024, and the Group entered into a new \u00a3150 million RCF agreement on the same date. This RCF includes a fixed element of \u00a375 million, drawn at inception, with the remaining \u00a375 million being variable. The loan matures on 24 July 2026, although the facility benefits from two one year extension periods. The Group also extended the term of the \u00a3500 million RCF by one year, from 12 October 2028 to 12 October 2029. This extension was not considered a substantial modification as there were no significant changes to the loan\u2019s terms and conditions. As of 31 December 2024, 63% (December 2023: 61%) of the Group\u2019s drawn debt is fixed term, with 37% floating term (December 2023: 39%). Including interest rate hedging, the Group has fixed term or hedged facilities totalling 93.4% of drawn debt as of 31 December 2024 (December 2023: 96%). The weighted average cost of debt was 3.05% as of 31 December 2024 (December 2023: 2.93%). On the same date, the Group had undrawn debt commitments of \u00a3519.0 million (31 December 2023: \u00a3531.0 million). To remain compliant with its tightest financial covenants, the Group must maintain an interest cover above 1.5x, a loan-to-value ratio below 60%, and a gearing ratio below 150%. As at 31 December 2024, the Group had an interest cover of 4.4x, a loan-to-value ratio of 28.8%, and a gearing ratio of 42.8%. Consequently, the Group has adhered to all these covenants throughout the year and is also expected to comfortably meet these targets over the next twelve months. A large part of the Group\u2019s borrowings are unsecured financing arrangements. Below is a summary of the drawn and undrawn bank borrowings for the period:
Bank borrowings Bank borrowings
drawn undrawn Total
\u00a3m \u00a3m \u00a3m
As at 1 January 2024
481.9
531.0
1,012.9
Bank borrowings drawn in the year under existing facilities
265.0
(265.0)
\u2014
Bank borrowings repaid in the year under existing facilities
(178.0)
178.0
\u2014
Book value of UKCM borrowings
200.0
\u2014
200.0
New bank borrowing facility
75.0
75.0
150.0
As at 31 December 2024
843.9
519.0
1,362.9
Bank borrowings Bank borrowings
drawn undrawn Total
\u00a3m \u00a3m \u00a3m
As at 1 January 2023
479.9
483.0
962.9
Bank borrowings drawn in the year under existing facilities
215.0
(215.0)
\u2014
Bank borrowings repaid in the year under existing facilities
(260.0)
260.0
\u2014
Cancellation of bank borrowing facility
(147.0)
(303.0)
(450.0)
New bank borrowing facility
194.0
306.0
500.0
As at 31 December 2023
481.9
531.0
1,012.9
31 December 31 December
2024 2023
\u00a3m \u00a3m
Bank borrowings drawn: due in more than one year
843.9
481.9
Less: unamortised costs on bank borrowings
(6.7)
(7.2)
Fair value gain on UKCM borrowings on acquisition
(25.5)
\u2014
811.7
474.7
31 December 31 December
2024 2023
Bonds \u00a3m \u00a3m
2.625% Bonds 2026
249.8
249.7
3.125% Bonds 2031
248.3
248.0
2.860% USPP 2028
250.0
250.0
2.980% USPP 2030
150.0
150.0
1.500% Green Bonds 2033
247.4
247.1
Less: unamortised costs on loan notes
(3.7)
(4.3)
1,141.8
1,140.5
The weighted average term to maturity of the Group\u2019s debt as at the year end is 4.5 years (31 December 2023: 5.2 years). Maturity of borrowings
31 December 31 December
2024 2023
\u00a3m \u00a3m
Repayable between one and two years
424.0
\u2014
Repayable between two and five years
819.9
909.9
Repayable in over five years
750.0
722.0
1,993.9
1,631.9
27. Financial instruments and fair values 27.1. Financial assets
31 December 31 December
2024 2023
\u00a3m \u00a3m
Non-current assets: financial asset
3.2
2.3
On 31 March 2023, the Group retained a 4% interest after the disposal of certain investment properties. The asset is valued using Level 2 observable inputs.
31 December 31 December
2024 2023
\u00a3m \u00a3m
Financial asset valuation brought forward
2.3
\u2014
Additions
\u2014
2.4
Changes in fair value of financial asset
0.9
(0.1)
3.2
2.3
27.2. Interest rate derivatives To manage the interest rate risk from variable rate loans, the Group has entered into several interest rate derivatives. These include interest rate caps and one interest rate swap, which fix or cap the rate to which compounded SONIA can rise. These derivatives match the initial term of the respective loans. As of the year end, the weighted average capped rate, excluding any margin payable, was 2.59% (2023: 2.43%). This effectively caps the level to which SONIA can rise on \u00a3349.3 million (2023: \u00a3249.3 million) of notional hedged debt, limiting the impact of an interest rate rise on this amount. The interest rate derivatives ensure that 93.4% of the Group\u2019s drawn borrowings at the year end have a fixed or hedged interest rate. The Group\u2019s weighted average cost of debt at year end was 3.05% (2023: 2.93%). The total premium paid during the year to secure the interest rate caps was \u00a31.8 million (2023: \u00a32.4 million). The Group aims to hedge at least 90% of its total drawn debt portfolio using interest rate derivatives or fixed-rate loan arrangements. As of the year end, the total proportion of drawn debt either hedged via interest rate derivatives or subject to fixed-rate loan agreements was 93.4%, as shown below:
31 December 31 December
2024 2023
\u00a3m \u00a3m
Non-current assets: interest rate derivatives
7.6
11.1
The interest rate derivatives are valued by the relevant counterparty banks on a quarterly basis in accordance with IFRS 9. Any movement in the mark-to-market values of the derivatives are taken to the Group profit or loss.
31 December 31 December
2024 2023
\u00a3m \u00a3m
Interest rate derivative valuation brought forward
11.1
19.9
Premium paid
1.8
2.4
Changes in fair value of interest rate derivatives
(5.3)
(11.2)
Total interest rate derivatives
7.6
11.1
31 December 31 December
2024 2023
Drawn \u00a3m Drawn \u00a3m
Total borrowings drawn (note 26)
1,993.9
1,631.9
Notional value of effective interest rate derivatives and fixed-rate loans
1,862.3
1,561.4
Proportion of hedged debt
93.4%
95.7%
Financial instruments The Group\u2019s principal financial assets and liabilities are those that arise directly from its operations: trade and other receivables, trade and other payables and cash held at bank. The Group\u2019s other principal financial assets and liabilities are bank borrowings and interest rate derivatives. The main purpose of bank borrowings and derivatives is to finance the acquisition and development of the Group\u2019s investment property portfolio and hedge against the interest rate risk arising. Set out below is a comparison by class of the carrying amounts and fair value of the Group\u2019s financial instruments that are carried in the financial statements:
Book value Fair value Book value Fair value
31 December 31 December 31 December 31 December
2024 2024 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Interest rate derivatives
7.6
7.6
2.3
2.3
Trade and other receivables
1
26.5
26.5
9.4
9.4
Cash held at bank
80.6
80.6
36.4
36.4
Financial liabilities
Trade and other payables
2
107.3
107.3
90.1
90.1
Borrowings
1,989.4
1,797.0
1,626.7
1,485.3
1. Excludes certain VAT, prepayments and other debtors. 2. Excludes tax and VAT liabilities. Financial assets, interest rate derivatives are the only financial instruments measured at fair value through profit and loss. All other financial assets and all financial liabilities are measured at amortised cost. All financial instruments were designated in their current categories upon initial recognition. The following table sets out the fair value of those financial liabilities measured at amortised cost where there is a difference between book value and fair value.
Quoted prices in Significant Significant
active markets observable inputs unobservable
Total (Level 1) (Level 2) inputs (Level 3)
Date of valuation \u00a3m \u00a3m \u00a3m \u00a3m
Borrowings
31 December 2024
1,315.1
992.5
322.6
\u2014
Borrowings
31 December 2023
1,165.4
1,012.1
153.3
\u2014
The Group has four fixed-rate loans totalling \u00a3362.0 million, provided by PGIM (\u00a390.0 million), Canada Life (\u00a372.0 million) and Barings (\u00a3200.0 million). The fair value is determined by discounting the delta between contractual and market cash flows at a weighted average cost of capital discount rate. Market cash flows were built using the 12-year UK Gilt of 4.74% with an implied margin of 1.99% for the 2027 loan and 1.90% for the 2031 loan. The loans are considered to be a Level 2 fair value measurement. For all other bank loans there is considered no other difference between fair value and carrying value. The fair value of financial liabilities traded on active liquid markets, including the 2.625% Bonds 2026, 3.125% Bonds 2031, 1.5% Bonds 2033, 2.860% USPP 2028 and 2.980% USPP 2030, is determined with reference to the quoted market prices. These financial liabilities are considered to be a Level 1 fair value measure. The fair value of the financial liabilities at Level 1 fair value measure were \u00a3992.5 million (2023: \u00a31,012.1 million) and the financial liabilities at Level 2 fair value measure were \u00a3322.6 million (2023: \u00a3153.3 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-418": { "value": "
27.1. Financial assets
31 December 31 December
2024 2023
\u00a3m \u00a3m
Non-current assets: financial asset
3.2
2.3
On 31 March 2023, the Group retained a 4% interest after the disposal of certain investment properties. The asset is valued using Level 2
observable inputs.
31 December 31 December
2024 2023
\u00a3m \u00a3m
Financial asset valuation brought forward
2.3
\u2014
Additions
\u2014
2.4
Changes in fair value of financial asset
0.9
(0.1)
3.2
2.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-373": { "value": "27.2. Interest rate derivatives To manage the interest rate risk from variable rate loans, the Group has entered into several interest rate derivatives. These include interest rate caps and one interest rate swap, which fix or cap the rate to which compounded SONIA can rise. These derivatives match the initial term of the respective loans. As of the year end, the weighted average capped rate, excluding any margin payable, was 2.59% (2023: 2.43%). This effectively caps the level to which SONIA can rise on \u00a3349.3 million (2023: \u00a3249.3 million) of notional hedged debt, limiting the impact of an interest rate rise on this amount. The interest rate derivatives ensure that 93.4% of the Group\u2019s drawn borrowings at the year end have a fixed or hedged interest rate. The Group\u2019s weighted average cost of debt at year end was 3.05% (2023: 2.93%). The total premium paid during the year to secure the interest rate caps was \u00a31.8 million (2023: \u00a32.4 million). The Group aims to hedge at least 90% of its total drawn debt portfolio using interest rate derivatives or fixed-rate loan arrangements. As of the year end, the total proportion of drawn debt either hedged via interest rate derivatives or subject to fixed-rate loan agreements was 93.4%, as shown below:
31 December 31 December
2024 2023
\u00a3m \u00a3m
Non-current assets: interest rate derivatives
7.6
11.1
The interest rate derivatives are valued by the relevant counterparty banks on a quarterly basis in accordance with IFRS 9. Any movement in the mark-to-market values of the derivatives are taken to the Group profit or loss.
31 December 31 December
2024 2023
\u00a3m \u00a3m
Interest rate derivative valuation brought forward
11.1
19.9
Premium paid
1.8
2.4
Changes in fair value of interest rate derivatives
(5.3)
(11.2)
Total interest rate derivatives
7.6
11.1
31 December 31 December
2024 2023
Drawn \u00a3m Drawn \u00a3m
Total borrowings drawn (note 26)
1,993.9
1,631.9
Notional value of effective interest rate derivatives and fixed-rate loans
1,862.3
1,561.4
Proportion of hedged debt
93.4%
95.7%
Fair value hierarchy The fair value of Group\u2019s interest rate derivatives is recorded in the Group Statement of Financial Position and is determined by forming an expectation that interest rates will exceed strike rates and discounting these future cash flows at the prevailing market rates as at the year end. This valuation technique falls within Level 2 of the fair value hierarchy as defined by IFRS 13. There have been no transfers between Level 1 and Level 2 during any of the years, nor have there been any transfers between Level 2 and Level 3 during any of the years.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-419": { "value": "
Fair value hierarchy
The fair value of Group\u2019s interest rate derivatives is recorded in the Group Statement of Financial Position and is determined by forming an
expectation that interest rates will exceed strike rates and discounting these future cash flows at the prevailing market rates as at the year end.
This valuation technique falls within Level 2 of the fair value hierarchy as defined by IFRS 13. There have been no transfers between Level 1
and Level 2 during any of the years, nor have there been any transfers between Level 2 and Level 3 during any of the years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-423": { "value": "Fair value hierarchy The fair value of Group\u2019s interest rate derivatives is recorded in the Group Statement of Financial Position and is determined by forming an expectation that interest rates will exceed strike rates and discounting these future cash flows at the prevailing market rates as at the year end. This valuation technique falls within Level 2 of the fair value hierarchy as defined by IFRS 13. There have been no transfers between Level 1 and Level 2 during any of the years, nor have there been any transfers between Level 2 and Level 3 during any of the years.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-374": { "value": "
28. Financial risk management
Financial instruments
The Group\u2019s principal financial assets and liabilities are those that arise directly from its operations: trade and other receivables, trade and
other payables and cash held at bank. The Group\u2019s other principal financial assets and liabilities are bank borrowings and interest rate
derivatives. The main purpose of bank borrowings and derivatives is to finance the acquisition and development of the Group\u2019s investment
property portfolio and hedge against the interest rate risk arising.
Set out below is a comparison by class of the carrying amounts and fair value of the Group\u2019s financial instruments that are carried in the
financial statements:
Book value Fair value Book value Fair value
31 December 31 December 31 December 31 December
2024 2024 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Interest rate derivatives
7.6
7.6
2.3
2.3
Trade and other receivables
1
26.5
26.5
9.4
9.4
Cash held at bank
80.6
80.6
36.4
36.4
Financial liabilities
Trade and other payables
2
107.3
107.3
90.1
90.1
Borrowings
1,989.4
1,797.0
1,626.7
1,485.3
1. Excludes certain VAT, prepayments and other debtors.
2. Excludes tax and VAT liabilities.
Financial assets, interest rate derivatives are the only financial instruments measured at fair value through profit and loss. All other financial
assets and all financial liabilities are measured at amortised cost. All financial instruments were designated in their current categories upon
initial recognition.
The following table sets out the fair value of those financial liabilities measured at amortised cost where there is a difference between book
value and fair value.
Quoted prices in Significant Significant
active markets observable inputs unobservable
Total (Level 1) (Level 2) inputs (Level 3)
Date of valuation \u00a3m \u00a3m \u00a3m \u00a3m
Borrowings
31 December 2024
1,315.1
992.5
322.6
\u2014
Borrowings
31 December 2023
1,165.4
1,012.1
153.3
\u2014
The Group has four fixed-rate loans totalling \u00a3362.0 million, provided by PGIM (\u00a390.0 million), Canada Life (\u00a372.0 million) and Barings
(\u00a3200.0 million). The fair value is determined by discounting the delta between contractual and market cash flows at a weighted average
cost of capital discount rate. Market cash flows were built using the 12-year UK Gilt of 4.74% with an implied margin of 1.99% for the
2027 loan and 1.90% for the 2031 loan. The loans are considered to be a Level 2 fair value measurement. For all other bank loans there
is considered no other difference between fair value and carrying value.
The fair value of financial liabilities traded on active liquid markets, including the 2.625% Bonds 2026, 3.125% Bonds 2031, 1.5% Bonds
2033, 2.860% USPP 2028 and 2.980% USPP 2030, is determined with reference to the quoted market prices. These financial liabilities
are considered to be a Level 1 fair value measure.
The fair value of the financial liabilities at Level 1 fair value measure were \u00a3992.5 million (2023: \u00a31,012.1 million) and the financial liabilities
at Level 2 fair value measure were \u00a3322.6 million (2023: \u00a3153.3 million).
Risk management
The Group is exposed to market risk (including interest rate risk), credit risk and liquidity risk. The Board of Directors oversees the
management of these risks. The Board of Directors reviews and agrees policies for managing each of these risks that are summarised below.
Market risk
Market risk is the risk that the fair values of financial instruments will fluctuate because of changes in market prices. The financial instruments
held by the Group that are affected by market risk are principally the Group\u2019s cash balances and bank borrowings along with a number of
interest rate derivatives entered into to mitigate interest rate risk.
The Group monitors its interest rate exposure on a regular basis. A sensitivity analysis performed to ascertain the impact on the Group
Statement of Comprehensive Income and net assets of a 100 basis point shift in interest rates would result in an increase of \u00a34.8 million (2023:
\u00a33.2 million) or a decrease of \u00a34.8 million (2023: \u00a33.2 million).
Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or client contract, leading to a financial loss. The Group is exposed to credit risks from both its leasing activities and financing activities, including deposits with banks and financial institutions. Credit risk is mitigated by clients being required to pay rentals in advance under their lease obligations. The credit quality of the client is assessed based on an extensive credit rating scorecard at the time of entering into a lease agreement. Outstanding trade receivables are regularly monitored. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial asset. We conduct ongoing covenant analysis of our clients and strengthened our team to support this work during the period. The analysis combines publicly available financial and trading information with our own observations and client conversations as well as the opinions of third-party professionals to form a view over the credit risk of counter-parties under our leases. Trade receivables Trade receivables, primarily client rentals, are presented in the Group Statement of Financial Position net of allowances for doubtful receivables and are monitored on a case by case basis. Credit risk is primarily managed by requiring clients to pay rentals in advance and performing tests around strength of covenant prior to acquisition and on an ongoing annual basis. Credit risk related to financial instruments and cash deposits One of the principal credit risks of the Group arises with the banks and financial institutions. The Board of Directors believes that the credit risk on short-term deposits and current account cash balances is limited because the counterparties are banks, who are committed lenders to the Group, with high credit ratings assigned by international credit-rating agencies. Liquidity risk Liquidity risk arises from the Group\u2019s management of working capital, the finance charges, principal repayments on its borrowings and its commitments under forward funded development arrangements. It is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due, as the majority of the Group\u2019s assets are property investments and are therefore not readily realisable. The Group\u2019s objective is to ensure it has sufficient available funds for its operations and to fund its capital expenditure. This is achieved by continuous monitoring of forecast and actual cash flows by management, ensuring it has appropriate levels of cash and available drawings to meet liabilities as they fall due. The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments:
Less than Between Between More than
1 Year 1 and 2 years 2 and 5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
31 December 2024
Borrowings
67.9
486.6
937.9
783.7
2,276.1
Trade and other payables
112.5
\u2014
\u2014
3.9
116.4
180.4
486.6
937.9
787.6
2,392.5
31 December 2023
Borrowings
54.8
54.6
1,033.8
832.1
1,975.2
Trade and other payables
106.9
\u2014
\u2014
1.0
107.9
161.7
54.6
1,033.8
833.1
2,083.1
Included within the contracted payments is \u00a3282.3 million (2023: \u00a3343.2 million) of loan interest payable up to the point of maturity across the facilities. 29. Capital management The Board, with the assistance of the Investment Manager, monitors and reviews the Group\u2019s capital so as to promote the long-term success of the business, facilitate expansion and to maintain sustainable returns for Shareholders. The Group considers proceeds from share issuances, bank borrowings and retained earnings as capital. The Group\u2019s policy on borrowings is as set out below: The level of borrowing will be on a prudent basis for the asset class, and will seek to achieve a low cost of funds, while maintaining flexibility in the underlying security requirements, and the structure of both the portfolio and the REIT Group. The Directors intend that the Group will maintain a conservative level of aggregate borrowings with a medium-term target of 30%\u201335% of the Group\u2019s gross assets. The Group has complied with all covenants on its borrowings up to the date of this report (see note 26). All of the targets mentioned above sit comfortably within the Group\u2019s covenant levels, which include loan to value (\u201cLTV\u201d), interest cover ratio and loan to projected project cost ratio. The Group LTV at the year end was 28.8% (2023: 31.6%) and there is substantial headroom within existing covenants. Debt is drawn at the asset and corporate level, subject to the assessment of the optimal financing structure for the Group and having consideration to key metrics including lender diversity, debt type and maturity profiles.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-405": { "value": "Market risk Market risk is the risk that the fair values of financial instruments will fluctuate because of changes in market prices. The financial instruments held by the Group that are affected by market risk are principally the Group\u2019s cash balances and bank borrowings along with a number of interest rate derivatives entered into to mitigate interest rate risk. The Group monitors its interest rate exposure on a regular basis. A sensitivity analysis performed to ascertain the impact on the Group Statement of Comprehensive Income and net assets of a 100 basis point shift in interest rates would result in an increase of \u00a34.8 million (2023: \u00a33.2 million) or a decrease of \u00a34.8 million (2023: \u00a33.2 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-408": { "value": "
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or client contract, leading to a financial
loss. The Group is exposed to credit risks from both its leasing activities and financing activities, including deposits with banks and financial
institutions. Credit risk is mitigated by clients being required to pay rentals in advance under their lease obligations. The credit quality of the
client is assessed based on an extensive credit rating scorecard at the time of entering into a lease agreement.
Outstanding trade receivables are regularly monitored. The maximum exposure to credit risk at the reporting date is the carrying value of
each class of financial asset. We conduct ongoing covenant analysis of our clients and strengthened our team to support this work during the
period. The analysis combines publicly available financial and trading information with our own observations and client conversations as well
as the opinions of third-party professionals to form a view over the credit risk of counter-parties under our leases.
Trade receivables
Trade receivables, primarily client rentals, are presented in the Group Statement of Financial Position net of allowances for doubtful receivables
and are monitored on a case by case basis. Credit risk is primarily managed by requiring clients to pay rentals in advance and performing tests
around strength of covenant prior to acquisition and on an ongoing annual basis.
Credit risk related to financial instruments and cash deposits
One of the principal credit risks of the Group arises with the banks and financial institutions. The Board of Directors believes that the credit
risk on short-term deposits and current account cash balances is limited because the counterparties are banks, who are committed lenders
to the Group, with high credit ratings assigned by international credit-rating agencies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-406": { "value": "
Liquidity risk
Liquidity risk arises from the Group\u2019s management of working capital, the finance charges, principal repayments on its borrowings and its
commitments under forward funded development arrangements. It is the risk that the Group will encounter difficulty in meeting its financial
obligations as they fall due, as the majority of the Group\u2019s assets are property investments and are therefore not readily realisable. The Group\u2019s
objective is to ensure it has sufficient available funds for its operations and to fund its capital expenditure. This is achieved by continuous
monitoring of forecast and actual cash flows by management, ensuring it has appropriate levels of cash and available drawings to meet
liabilities as they fall due.
The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments:
Less than Between Between More than
1 Year 1 and 2 years 2 and 5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
31 December 2024
Borrowings
67.9
486.6
937.9
783.7
2,276.1
Trade and other payables
112.5
\u2014
\u2014
3.9
116.4
180.4
486.6
937.9
787.6
2,392.5
31 December 2023
Borrowings
54.8
54.6
1,033.8
832.1
1,975.2
Trade and other payables
106.9
\u2014
\u2014
1.0
107.9
161.7
54.6
1,033.8
833.1
2,083.1
Included within the contracted payments is \u00a3282.3 million (2023: \u00a3343.2 million) of loan interest payable up to the point of maturity across
the facilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-407": { "value": "
29. Capital management
The Board, with the assistance of the Investment Manager, monitors and reviews the Group\u2019s capital so as to promote the long-term
success of the business, facilitate expansion and to maintain sustainable returns for Shareholders. The Group considers proceeds from
share issuances, bank borrowings and retained earnings as capital. The Group\u2019s policy on borrowings is as set out below:
The level of borrowing will be on a prudent basis for the asset class, and will seek to achieve a low cost of funds, while maintaining flexibility
in the underlying security requirements, and the structure of both the portfolio and the REIT Group.
The Directors intend that the Group will maintain a conservative level of aggregate borrowings with a medium-term target of 30%\u201335%
of the Group\u2019s gross assets.
The Group has complied with all covenants on its borrowings up to the date of this report (see note 26). All of the targets mentioned above sit
comfortably within the Group\u2019s covenant levels, which include loan to value (\u201cLTV\u201d), interest cover ratio and loan to projected project cost ratio.
The Group LTV at the year end was 28.8% (2023: 31.6%) and there is substantial headroom within existing covenants.
Debt is drawn at the asset and corporate level, subject to the assessment of the optimal financing structure for the Group and having
consideration to key metrics including lender diversity, debt type and maturity profiles.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-375": { "value": "
30. Equity reserves
Share capital
The share capital relates to amounts subscribed for share capital at its nominal value:
31 December 31 December 31 December 31 December
2024 2024 2023 2023
Issued and fully paid at 1 pence each Number \u00a3m Number \u00a3m
Balance at beginning of year \u2013 \u00a30.01 Ordinary Shares
1,903,738,325
19.0
1,868,826,992
18.7
Extinguishment of share based payment
\u2014
\u2014
34,911,333
0.3
Shares issued in relation to the acquisition of UKCM
576,939,134
5.8
\u2014
\u2014
Balance at end of year
2,480,677,459
24.8
1,903,738,325
19.0
On 17 May 2024, the Company issued 576.9 million Ordinary Shares at 166.9p per share (1p nominal value and a premium of 165.9p).
These shares were issued as consideration for acquiring 100% of the issued share capital of UK Commercial Property REIT. Shareholders
of UK Commercial Property REIT were entitled to receive 0.444 shares for each UK Commercial Property REIT share they held.
Share premium
The share premium relates to amounts subscribed for share capital in excess of its nominal value.
Merger reserve
Movements in the current period relate to the shares issued in relation the UKCM merger as described above (refer to note 17).
Capital reduction reserve
In 2015, 2018 and 2023, the Company by way of Special Resolution cancelled the then value of its share premium account, by an Order of the
High Court of Justice, Chancery Division. As a result of these cancellations, \u00a3422.6 million, \u00a3932.4 million and \u00a3764.4 million respectively were
transferred from the share premium account into the capital reduction reserve account. The capital reduction reserve account is classed as a
distributable reserve. Movements in the current year relate to dividends paid.
Retained earnings
Retained earnings relates to all net gains and losses not recognised elsewhere.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-409": { "value": "30. Equity reserves Share capital The share capital relates to amounts subscribed for share capital at its nominal value:
31 December 31 December 31 December 31 December
2024 2024 2023 2023
Issued and fully paid at 1 pence each Number \u00a3m Number \u00a3m
Balance at beginning of year \u2013 \u00a30.01 Ordinary Shares
1,903,738,325
19.0
1,868,826,992
18.7
Extinguishment of share based payment
\u2014
\u2014
34,911,333
0.3
Shares issued in relation to the acquisition of UKCM
576,939,134
5.8
\u2014
\u2014
Balance at end of year
2,480,677,459
24.8
1,903,738,325
19.0
On 17 May 2024, the Company issued 576.9 million Ordinary Shares at 166.9p per share (1p nominal value and a premium of 165.9p). These shares were issued as consideration for acquiring 100% of the issued share capital of UK Commercial Property REIT. Shareholders of UK Commercial Property REIT were entitled to receive 0.444 shares for each UK Commercial Property REIT share they held. Share premium The share premium relates to amounts subscribed for share capital in excess of its nominal value. Merger reserve Movements in the current period relate to the shares issued in relation the UKCM merger as described above (refer to note 17). Capital reduction reserve In 2015, 2018 and 2023, the Company by way of Special Resolution cancelled the then value of its share premium account, by an Order of the High Court of Justice, Chancery Division. As a result of these cancellations, \u00a3422.6 million, \u00a3932.4 million and \u00a3764.4 million respectively were transferred from the share premium account into the capital reduction reserve account. The capital reduction reserve account is classed as a distributable reserve. Movements in the current year relate to dividends paid. Retained earnings Retained earnings relates to all net gains and losses not recognised elsewhere.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-420": { "value": "Share capital The share capital relates to amounts subscribed for share capital at its nominal value:
31 December 31 December 31 December 31 December
2024 2024 2023 2023
Issued and fully paid at 1 pence each Number \u00a3m Number \u00a3m
Balance at beginning of year \u2013 \u00a30.01 Ordinary Shares
1,903,738,325
19.0
1,868,826,992
18.7
Extinguishment of share based payment
\u2014
\u2014
34,911,333
0.3
Shares issued in relation to the acquisition of UKCM
576,939,134
5.8
\u2014
\u2014
Balance at end of year
2,480,677,459
24.8
1,903,738,325
19.0
On 17 May 2024, the Company issued 576.9 million Ordinary Shares at 166.9p per share (1p nominal value and a premium of 165.9p). These shares were issued as consideration for acquiring 100% of the issued share capital of UK Commercial Property REIT. Shareholders of UK Commercial Property REIT were entitled to receive 0.444 shares for each UK Commercial Property REIT share they held. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-376": { "value": "
31. Net asset value (\u201cNAV\u201d) per share
Basic NAV per share is calculated by dividing net assets in the Group Statement of Financial Position attributable to ordinary equity holders of
the Parent by the number of Ordinary Shares outstanding at the end of the year. As there are dilutive instruments outstanding, both basic and
diluted NAV per share are shown below.
31 December 31 December
2024 2023
\u00a3m \u00a3m
Net assets per Group Statement of Financial Position
4,567.4
3,334.0
EPRA NTA
4,603.2
3,372.5
Ordinary Shares:
Issued share capital (number)
2,480,677,459
1,903,738,325
Net asset value per share
184.12p
175.13p
31 December 2024
31 December 2023
EPRA NTA EPRA NRV EPRA NDV EPRA NTA EPRA NRV EPRA NDV
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
NAV attributable to shareholders
4,567.4
4,567.4
4,567.4
3,334.0
3,334.0
3,334.0
Revaluation of land options
18.0
18.0
18.0
26.5
26.5
26.5
Mark-to-market adjustments of
derivatives
18.5
18.5
\u2014
13.1
13.1
\u2014
Intangibles
(0.7)
\u2014
\u2014
(1.1)
\u2014
\u2014
Fair value of debt
\u2014
\u2014
192.4
\u2014
\u2014
141.4
Real estate transfer tax
1
\u2014
444.6
\u2014
\u2014
342.3
\u2014
NAV
4,603.2
5,048.5
4,777.8
3,372.5
3,715.9
3,501.9
NAV per share
185.56p
203.51p
192.60p
177.15p
195.19p
183.95p
1. See notes to the EPRA NAV calculations for further details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-377": { "value": "
32. Operating leases
The future minimum lease payments under non-cancellable operating leases receivable by the Group are as follows:
Less than Between Between Between Between More than
1 year 1 and 2 years 2 and 3 years 3 and 4 years 4 and 5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
31 December 2024
295.3
284.1
274.8
247.4
232.8
1,952.1
3,286.5
31 December 2023
201.9
204.5
199.3
195.1
179.6
1,808.5
2,788.9
The majority of the Group\u2019s investment properties are leased to single clients, some of which have guarantees attached, under the terms
of a commercial property lease. Each has upward-only rent reviews that are linked to either RPI/CPI, open market or with fixed uplifts.
The weighted average unexpired lease term is 10.3 years (2023: 11.4 years).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-410": { "value": "33. Transactions with related parties For the year ended 31 December 2024, all Directors and some of the Members of the Manager are considered key management personnel. The terms and conditions of the Investment Management Agreement are described in the Management Engagement Committee Report. Details of the amount paid for services provided by Tritax Management LLP (\u201cthe Manager\u201d) are provided in note 11. The total amount payable in the period relating to the Investment Management Agreement was \u00a324.6 million (31 December 2023: \u00a322.0 million), with the total amount outstanding at the period end was \u00a36.6 million (31 December 2023: \u00a35.6 million). The Manager receives a net fee relating to asset management services provided to three properties which are 4% owned by the Group, amounting to \u00a30.05 million for the period ended 31 December 2024 (31 December 2023: \u00a30.05 million). The total expense recognised in the Group Statement of Comprehensive Income relating to share-based payments under the Investment Management Agreement was \u00a35.0 million (2023: \u00a34.5 million), of which \u00a32.7 million (2023: \u00a32.3 million) was outstanding at the year end. Details of amounts paid to Directors for their services can be found within the Directors\u2019 Remuneration Report. During the year the six Members of the Manager included Colin Godfrey, James Dunlop, Henry Franklin, Petrina Austin, Bjorn Hobart and Frankie Whitehead. During the year the Directors who served during the year received the following dividends Aubrey Adams: \u00a321,345 (2023: \u00a317,340), Alastair Hughes: \u00a35,157 (2023: \u00a33,358), Richard Laing: \u00a35,329 (2023: \u00a33,613), Karen Whitworth \u00a33,942 (2023: \u00a32,218) Wu Gang \u00a3524 (2023: \u00a3188) and Elizabeth Brown \u00a31,534 (2023: \u00a31,255). See note 11 and Directors\u2019 Remuneration Report for further details. During the year the Members of the Manager received the following dividends: Colin Godfrey: \u00a3225,247 (2022: \u00a3196,830), James Dunlop: \u00a3220,554 (2023: \u00a3194.074), Henry Franklin: \u00a3163,645 (2023: \u00a3144,283), Petrina Austin: \u00a329,564 (2023: \u00a325,334), Bjorn Hobart: \u00a333,672 (2023: \u00a329,188) and Frankie Whitehead \u00a317,174 (2023: \u00a313,766). In January 2025, the Company entered into a", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-378": { "value": "33. Transactions with related parties For the year ended 31 December 2024, all Directors and some of the Members of the Manager are considered key management personnel. The terms and conditions of the Investment Management Agreement are described in the Management Engagement Committee Report. Details of the amount paid for services provided by Tritax Management LLP (\u201cthe Manager\u201d) are provided in note 11. The total amount payable in the period relating to the Investment Management Agreement was \u00a324.6 million (31 December 2023: \u00a322.0 million), with the total amount outstanding at the period end was \u00a36.6 million (31 December 2023: \u00a35.6 million). The Manager receives a net fee relating to asset management services provided to three properties which are 4% owned by the Group, amounting to \u00a30.05 million for the period ended 31 December 2024 (31 December 2023: \u00a30.05 million). The total expense recognised in the Group Statement of Comprehensive Income relating to share-based payments under the Investment Management Agreement was \u00a35.0 million (2023: \u00a34.5 million), of which \u00a32.7 million (2023: \u00a32.3 million) was outstanding at the year end. Details of amounts paid to Directors for their services can be found within the Directors\u2019 Remuneration Report. During the year the six Members of the Manager included Colin Godfrey, James Dunlop, Henry Franklin, Petrina Austin, Bjorn Hobart and Frankie Whitehead. During the year the Directors who served during the year received the following dividends Aubrey Adams: \u00a321,345 (2023: \u00a317,340), Alastair Hughes: \u00a35,157 (2023: \u00a33,358), Richard Laing: \u00a35,329 (2023: \u00a33,613), Karen Whitworth \u00a33,942 (2023: \u00a32,218) Wu Gang \u00a3524 (2023: \u00a3188) and Elizabeth Brown \u00a31,534 (2023: \u00a31,255). See note 11 and Directors\u2019 Remuneration Report for further details. During the year the Members of the Manager received the following dividends: Colin Godfrey: \u00a3225,247 (2022: \u00a3196,830), James Dunlop: \u00a3220,554 (2023: \u00a3194.074), Henry Franklin: \u00a3163,645 (2023: \u00a3144,283), Petrina Austin: \u00a329,564 (2023: \u00a325,334), Bjorn Hobart: \u00a333,672 (2023: \u00a329,188) and Frankie Whitehead \u00a317,174 (2023: \u00a313,766). In January 2025, the Company entered into a development management agreement with Tritax Management. For full details please see the Management Engagement Committee Report.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-379": { "value": "
34. Reconciliation of liabilities to cash flows from financing activities
Derivative
financial
Borrowings instruments Loan notes Total
\u00a3m \u00a3m \u00a3m \u00a3m
Balance on 1 January 2024
474.7
(11.1)
1,140.5
1,604.1
Cash flows from financing activities:
Bank borrowings advanced
340.0
\u2014
\u2014
340.0
Bank borrowings repaid
(178.0)
\u2014
\u2014
(178.0)
Interest rate cap premium paid
\u2014
(1.8)
\u2014
(1.8)
Loan arrangement fees paid
(1.0)
\u2014
(0.2)
(1.2)
Non-cash movements:
Book value of UKCM borrowings
174.5
\u2014
\u2014
174.5
Amortisation of loan arrangement fees
1.4
\u2014
1.5
2.9
Fair value movement
\u2014
5.4
\u2014
5.4
Balance on 31 December 2024
811.6
(7.5)
1,141.8
1,945.9
In addition to the above cash flow movements in borrowings, interest was also paid of \u00a360.6 million (2023: \u00a347.9 million); this is included in the
movement in accruals.
Derivative
financial
Borrowings instruments Loan notes Total
\u00a3m \u00a3m \u00a3m \u00a3m
Balance on 1 January 2023
474.8
(19.9)
1,139.1
1,594.0
Cash flows from financing activities:
Bank borrowings advanced
409.0
\u2014
\u2014
409.0
Bank borrowings repaid
(407.0)
\u2014
\u2014
(407.0)
Interest rate cap premium paid
\u2014
(2.4)
\u2014
(2.4)
Loan arrangement fees paid
(5.1)
\u2014
\u2014
(5.1)
Non-cash movements:
Change in creditors for loan arrangement fees payable
0.1
\u2014
\u2014
0.1
Amortisation of loan arrangement fees
2.9
\u2014
1.4
4.3
Fair value movement
\u2014
11.2
\u2014
11.2
Balance on 31 December 2023
474.7
(11.1)
1,140.5
1,604.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-411": { "value": "34. Reconciliation of liabilities to cash flows from financing activities
Derivative
financial
Borrowings instruments Loan notes Total
\u00a3m \u00a3m \u00a3m \u00a3m
Balance on 1 January 2024
474.7
(11.1)
1,140.5
1,604.1
Cash flows from financing activities:
Bank borrowings advanced
340.0
\u2014
\u2014
340.0
Bank borrowings repaid
(178.0)
\u2014
\u2014
(178.0)
Interest rate cap premium paid
\u2014
(1.8)
\u2014
(1.8)
Loan arrangement fees paid
(1.0)
\u2014
(0.2)
(1.2)
Non-cash movements:
Book value of UKCM borrowings
174.5
\u2014
\u2014
174.5
Amortisation of loan arrangement fees
1.4
\u2014
1.5
2.9
Fair value movement
\u2014
5.4
\u2014
5.4
Balance on 31 December 2024
811.6
(7.5)
1,141.8
1,945.9
In addition to the above cash flow movements in borrowings, interest was also paid of \u00a360.6 million (2023: \u00a347.9 million); this is included in the movement in accruals.
Derivative
financial
Borrowings instruments Loan notes Total
\u00a3m \u00a3m \u00a3m \u00a3m
Balance on 1 January 2023
474.8
(19.9)
1,139.1
1,594.0
Cash flows from financing activities:
Bank borrowings advanced
409.0
\u2014
\u2014
409.0
Bank borrowings repaid
(407.0)
\u2014
\u2014
(407.0)
Interest rate cap premium paid
\u2014
(2.4)
\u2014
(2.4)
Loan arrangement fees paid
(5.1)
\u2014
\u2014
(5.1)
Non-cash movements:
Change in creditors for loan arrangement fees payable
0.1
\u2014
\u2014
0.1
Amortisation of loan arrangement fees
2.9
\u2014
1.4
4.3
Fair value movement
\u2014
11.2
\u2014
11.2
Balance on 31 December 2023
474.7
(11.1)
1,140.5
1,604.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-380": { "value": "
35. Capital commitments
The Group had capital commitments of \u00a3101.2 million in relation to its development activity, asset management initiatives and commitments
under development land, outstanding as at 31 December 2024 (31 December 2023: \u00a3128.1 million). All commitments fall due within one year
from the date of this report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-412": { "value": "35. Capital commitments The Group had capital commitments of \u00a3101.2 million in relation to its development activity, asset management initiatives and commitments under development land, outstanding as at 31 December 2024 (31 December 2023: \u00a3128.1 million). All commitments fall due within one year from the date of this report.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-381": { "value": "
36. Subsequent events
In January 2025, the Company announced it had purchased a 74-acre site at Heathrow, London within the Slough Availability Zone, a key
FLAP-D prime EMEA data centre location (the \u201cManor Farm site\u201d), for \u00a370.0 million.
Simultaneously, the Company acquired a 50% share in a joint venture with a leading European renewable and low carbon energy power
generator. The JV enables accelerated power delivery to the Manor Farm site using pre-existing grid connection agreements.
In connection with these arrangements, the Company has entered into a development management agreement with Tritax Management
pursuant to which Tritax Management has been appointed to provide development management and technical services, including pursuing
planning, overseeing construction, pre-letting services, technical electricity expertise and overseeing the technical aspects of the Company\u2019s
role in the JV and all power related elements.
Tritax Management is a related party of the Company pursuant to UKLR 11.5.3R. The development management fee and profit share
payments outlined above to Tritax Management are deemed to be relevant related party transactions under UKLR 11.5.4R.
In January 2025, the Company acquired a 627k sq ft asset in Haydock, a core North West location, for \u00a374.3 million.
In January and February 2025, the Company sold or exchanged to sell \u00a386.8 million of non-strategic assets and \u00a379.0 million of logistics
investment assets.
There were no other significant events occurring after the reporting period, but before the financial statements were authorised for issue.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-382": { "value": "
37. Asset acquisition
The Group acquired all the shares of UKCM in exchange for shares in the Group. The shares issued in consideration for the acquisition qualify
for merger relief and as a result no share premium has been recognised and merger reserve has been established. The target operations were
solely the ownership of investment properties complete with extant client operating leases along with related cash, leverage, other associated
assets and working capital balances.
The consideration paid in shares of the company has been allocated across the net assets acquired by fair valuing the debt acquired, fair valuing
working capital acquired (given the short term nature of the amounts these values have been taken to represent cost), fair valuing cash acquired
(being the principal amount) with the remaining consideration being allocated across the investment properties acquired (refer to note 17 and 26).
16 May 2024
Assets and liabilities acquired: \u00a3m
Investment property fair value
1,216.9
Discount to cost on acquisition (67.8)
Investment property recognised at cost
1,149.1
Cash\ue01f
26.7
Third party debt\ue01f
(169.6)
Other net assets
(26.4)
Acquisition costs\ue01f (16.9)
Consideration paid \u2013 shares\ue01f
962.9
", "dimensions": { "concept": "tritaxbigboxreitplc:DisclousreOfAssetAcquisition", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-13": { "value": "72 Broadwick Street London W1F 9QZ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }