Tritax Big Box REIT (BBOX) H1 2025 earnings summary

Executive summary

• Net rental income rose 17.3% year-over-year to £149.2m, driven by UKCM acquisition and active asset management.

• Adjusted EPS increased 6.4% to 4.63p; dividend per share up 4.9% to 3.83p, with 89% cover.

• Portfolio value reached £6.82bn, up 4.2% from year-end 2024, with stable yields and development gains.

• Three growth drivers: capturing rental reversion, logistics development, and data centre expansion, targeting 50% adjusted earnings growth by 2030.

• Significant progress in data centre pipeline, with two major sites secured and strong occupational interest.

Financial highlights

• Operating profit before fair value changes up 16.4% to £144.1m.

• EPRA NTA per share increased 1.4% to 188.2p; total accounting return 3.6% (4.8% underlying, annualised 9.6%).

• Net rental income rose to £149.2m (+17.3%); dividend per share up 4.9% to 3.83p, payout ratio 89%.

• Portfolio value up 4.2% to £6.8bn, including £92m revaluation gain.

• Loan-to-value ratio increased to 30.9% from 28.8% at year-end 2024.

Outlook and guidance

• Logistics development CapEx guidance maintained at £200m–£250m, yield on cost 6%–8%.

• Data centre CapEx of £200m incurred in H1; future spend contingent on planning, targeting 9–11% yield on cost.

• DMA income guidance raised to ~£15m for FY25.

• Disposal guidance for FY25: £350m–£450m; long-term annual disposals £250m–£350m.

• Targeting 77% of £83.8m rental reversion capture within three years.