Tritax Big Box REIT PLC

BBOX

Equity

ISIN GB00BG49KP99 / Valor 22933126

LSE London Stock Exchange, SETS (2025-12-24)

GBP 1.49-0.07%

Tritax Big Box REIT PLC
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About company

Tritax Big Box REIT PLC is a prominent player in the UK logistics real estate sector, specializing in the development, ownership, and management of large-scale, high-quality logistics spaces. The company strategically focuses on key distribution networks across the UK, leveraging its extensive land platform to cater to the growing demand in the logistics and supply chain industry. Tritax Big Box partners with established and renowned brands, providing them with bespoke property solutions that are critical to their supply chain operations. The firm's deep expertise in the sector, combined with its significant scale and comprehensive market intelligence, positions it to effectively address the evolving needs of its clients. Through its focus on strategic locations and commitment to delivering state-of-the-art logistics facilities, Tritax Big Box plays a vital role in supporting the infrastructure of the UK's retail and industrial sectors.

Summarized from source with an LLMView SourceSector: Finance

Key financials

Net rental income £149.2m (+17.3% vs H1 2024); operating profit £144.1m (+16.4%); adjusted EPS 4.63p (+6.4%); IFRS EPS 6.72p (‑26.5%).

Dividend and payout

Dividend per share 3.83p (+4.9%); dividend pay‑out ratio (ex. additional DMA income) 89.4% (virtually unchanged).

Portfolio and NAV

Portfolio value £6.82bn (+4.1% v 31 Dec 2024); EPRA net tangible assets 188.17p (+1.4% vs 31 Dec 2024); IFRS NAV 186.74p (+1.4%).

Adjusted EPS drivers and DMA

Adjusted EPS benefits from higher net rental income and development management agreement (DMA) income — £13.3m of DMA income included in H1 adjusted EPS; company expects DMA to contribute ~£15m to FY25 operating profit.

Growth driver 1 — rental reversion

Like‑for‑like ERV in logistics +3% (H1 2025); logistics reversion ~9% with potential to capture £83.8m additional rent (77% within 3 years). £5.6m added to annual contracted rent in the period from rent reviews/asset management.

Growth driver 2 — logistics development

1.0m sq ft of development starts in H1 (33% pre‑let/pre‑sold); 5.0m sq ft under construction (54% pre‑let/pre‑sold) with potential to add £23.1m pa to rent (£11.1m secured). Development letting activity expected to be H2 weighted.

Growth driver 3 — power‑first data centres

Two large schemes: Manor Farm Phase 1 (107MW) targeting £34m pa rent at ~9.3% yield‑on‑cost; Project 2 (125MW) targeting £23–25m pa at 10–11% yield‑on‑cost. Additional c.1GW UK pipeline identified.

Disposals and balance sheet

£204.8m disposals completed in period (plus further post‑period disposals), supporting self‑funding of growth; guidance raised for longer‑term disposals £250–350m pa. LTV 30.9% (31 Dec 2024: 28.8%); pro‑forma LTV 2% including disposals exchanged/completed; weighted average cost of debt 2%; available liquidity >£470m.

Summarized from source with an LLMView Source

Key figures

14.5%1Y

8.10%3Y

-8.85%5Y

Performance

22.7%1Y

26.3%3Y

26.7%5Y

Volatility