Tritax Big Box REIT (BBOX) H2 2024 earnings summary

Executive summary

• 2024 was a transformational year marked by the successful integration of the £1.2bn UKCM portfolio, driving strategic and operational progress and expanding the asset base.

• Achieved strong earnings growth, record rental reversion, and robust development pipeline, supporting attractive dividend progression.

• Advanced a 'power-first' strategy and expanded into data center opportunities, positioning for exceptional future returns.

• Identified three multi-year growth drivers: record rental reversion, attractive logistics development pipeline, and exceptional returns from data centre development.

Financial highlights

• Adjusted EPS rose 15% to 8.91p; excluding DMA income, adjusted EPS increased 3.9% to 8.05p.

• Dividends increased 4.9% to 7.66p per share, with a payout ratio of 95%.

• EPRA NTA per share grew 4.7% to 185.6p; total accounting return reached 9%.

• Net rental income rose 24.3% year-over-year to £276.0m, driven mainly by the UKCM acquisition.

• Portfolio value increased 30.2% to £6.55bn; £222m deployed in development CapEx, £48m in asset purchase, and £1.2bn in UKCM acquisition.

Outlook and guidance

• Guidance for 2025 DMA income is £10m, reverting to £3m–£5m longer-term.

• Capital deployment expected at £200m–£250m for logistics development and up to £100m for data center development in 2025, targeting 7%–8% yield on cost for logistics and 9.3% for Manor Farm.

• Asset sales guidance for 2025 is £350m–£450m, with £166m already exchanged/completed; LTV to remain below 35%.

• Aims to capture 79%–80% of rental reversion by 2027.