Tritax Big Box REIT plc

Good morning. Welcome to Tritax Big Box's full year results presentation. I'm Ian Brown, Head of Corporate Strategy and Investor Relations. Before I pass you over to our Chairman, Aubrey Adams, I wanted to mention two things. Firstly, today's presentation is being recorded and a replay and transcript will be available on our website afterwards. Secondly, there will be an opportunity for investors and analysts to ask questions at the end of the presentation. there are two ways you can put questions to us, either directly into the webcast window, or if you prefer to speak directly, please use the conference call dial-in, the details of which are in this morning's results announcement. In the interest of time, we will try and aggregate similar questions from the webcast. And finally, the team and I are always available to answer any subsequent questions you may have. You can find our contact details on our website to get in touch. Thank you.

Good morning everyone and welcome to Tritac's Big Box REITs annual results presentation for the year ended 31 December 2022. 2022 has provided us with an opportunity to demonstrate the quality of our portfolio and the strength of our operational performance set against a rapidly changing macroeconomic backdrop. Whilst we have not been immune to the weakening of the investment market, which is evidenced through the decrease in our asset value in the second half of the year, we have continued to generate income growth and maintained a strong balance sheet. This reflects our strategy of focusing on portfolio quality, sustainability and operational excellence, which underpins the delivery of resilient and growing income to our shareholders. Turning to the Board, we were pleased to appoint Karen Whitworth as Senior Independent Director. She replaces Alastair Hughes, who continues in his role as a non-executive director. I would like to thank them both, alongside our fellow Board members, for their continued contribution over the last 12 months. I would also like to take a moment to thank everybody at Tritax for their support throughout the year. Our ability to deliver consistently against our strategy is testament not only to the quality of our portfolio, but also to the hard work of our team. I will now hand over to Colin and Frankie for the formal part of the results presentation.

Good morning everyone. I'm pleased to be presenting the 2022 full year results for Tritax Big Box and to provide you with an update on the further excellent progress that we're making. My name is Colin Godfrey and I'm CEO to Tritax Big Box. I'm joined, as usual, by Frankie Whitehead, our Chief Financial Officer, and Ian Brown, Head of Corporate Strategy and Investor Relations. I'll start by setting the scene. Frankie will then walk you through our financial results, and I'll return with a strategic and operational update. Ian will then coordinate Q&A. But before we start, I want to echo Aubrey's thanks to the team at Tritax who have been critical to delivering the operational performance that we present today. And on behalf of the management team, I would also like to thank Aubrey and the board for their support and input over the course of the last year. 2022 was a year in which we delivered strong operational performance. Despite macroeconomics impacting adversely on our NAV in the second half and therefore total returns, our strong operational performance captured record earnings growth and we reached new development milestones. Alongside this, we've prudently managed the balance sheet to support our strategy and this is delivering, as you will see from today's results. The investment market weakened in the second half, but is now showing signs of stabilisation. And this contrasts with the occupational market, which has remained strong throughout the year, supported by long term structural drivers. This has underpinned attractive income growth for us in the period. And we're well positioned to capitalise on the long-term growth opportunities offered by our market and which are already baked into our business. You can see here that despite challenging macroeconomic influences, our business is delivering. We're doing what we said we would do. Looking across the top row, we said that we would accelerate development starts to three to four million square feet, grow rents, improve our leading ESG credentials, and deliver attractive performance. Turning to the middle row, in 2022 we delivered 2.9 million square feet of development starts, despite purposely reducing activity later in the year, increased our income at a faster rate, achieved improved ESG ratings and grew our dividend by 4.5% to 7 pence per share. And on the bottom row, looking forwards, we see more opportunity to enhance sustainability, continue development and increase rental income to support attractive dividend growth. This all stems from our strategy and how this positions us to maximise the opportunities inherent within our business and our market. More on our strategic delivery later. For now, I'll hand over to Frankie to run you through the financial results. Over to you, Frankie.