Tritax Big Box REIT PLC

Latest Results (17.05.2026):

Tritax Big Box REIT PLC — Q4 2025 (year ended 31 December 2025): The company reported strong full‑year results with net rental income up 10.6% to £305.3m and adjusted earnings up 11.0% to £223.8m. Adjusted EPS excluding additional DMA income rose to 8.38p (up 4.1%), dividends were increased to 8.00p (up 4.4%), and portfolio value grew 20.5% to £7.89bn. The business highlighted successful integration of UKCM and the Blackstone urban logistics portfolio, a new power‑first data centre programme, and an ambition to grow adjusted earnings by 50% by end 2030.

Key financials

Net rental income £305.3m (+10.6%); operating profit £281.6m (+6.1%); adjusted earnings £223.8m (+11.0%). Adjusted EPS (ex additional DMA income) 8.38p (+4.1%). IFRS EPS fell to 14.39p (-26.8%) reflecting non‑recurring items and valuation movements. Dividend per share 8.00p (+4.4%).

Portfolio and valuation

Portfolio value £7.89bn (31 Dec 2025) up 20.5% year‑on‑year with an equivalent yield stable at 5.7%. EPRA NTA per share 187.76p (+1.2%); IFRS NAV per share 187.22p (+1.7%). Vacancy stable at 5.6% and portfolio rental reversion c.28.0, implying ~£101.1m of potential additional rent.

Growth drivers — rental reversion & leasing

Like‑for‑like ERV +4.0% and EPRA like‑for‑like rental growth +4.2%. £14.2m added to contracted rent from reviews/lettings; 73% of reversion potential capturable within 3 years. Integration of acquired urban logistics assets contributing to rental momentum.

Growth drivers — development pipeline

1.8m sq ft under construction (rental potential £19.6m; 53% pre‑let). 1.4m sq ft of starts in 2025, yields on cost for completed developments around top of 7–8% range, and let developments showing c.8.0% yield on cost. Development management agreement (DMA) income ~£15m recognised in 2025, with anticipated run‑rate £3–5m p.a.

Growth drivers — data centres

Launched a power‑first data centre programme: Manor Farm (Heathrow) 107 MW targeting a 9.3% yield on cost and negotiating a powered‑shell pre‑let; planning decision expected by 17 Mar 2026. First refusal over Tritax Management’s pipeline could provide c.1GW further opportunity.

Capital recycling and transactions

£415.5m of disposals completed/exchanged in the period (including UKCM non‑strategic disposals of £204.3m). Since UKCM acquisition, c.80% (£361.0m) of non‑strategic UKCM assets exchanged/sold, targeting exit within two years and recycling capital into higher‑return opportunities.

Balance sheet & funding

LTV 33.2% (31 Dec 2025) and Net Debt/EBITDA 8.6x (pro‑forma); weighted average cost of debt 3.6% with 72.7% fixed/hedged. Moody’s upgraded rating to A3 (stable). Completed refinancing including a £400m 5‑yr RCF and a £300m 7‑yr public bond (coupon 4.75%). FTSE 100 inclusion effective 2 Mar 2026.

Outlook

Company sees attractive earnings growth driven by rental uplifts, development returns and data centre roll‑out, targeting 50% growth in adjusted earnings by end 2030 and expects the Blackstone portfolio to be mid‑single‑digit EPS accretive in 2026.