Tritax Big Box REIT (BBOX) Investor Update summary

Strategic growth drivers and market positioning

• Targeting 50% adjusted earnings growth by 2030 through asset management, logistics development, and data centre opportunities, leveraging a power-first strategy and a joint venture with EDF Renewables.

• UK logistics remains the core, complemented by urban/last-mile assets, a large land pipeline, and a significant push into data centres.

• Strong track record of rent collection, dividend growth, and sector-leading shareholder returns, with over £71 million annualised rent added since 2019.

• Integration of UKCM assets has added £4.2 million to contracted rent and accelerated non-strategic disposals.

• Ongoing investment in a skilled team, sector expertise, and efficient platform supports cost-effective delivery and performance.

Logistics development and land strategy

• Largest logistics-focused land portfolio in the UK, with 25 sites and 38.6 million sq ft potential developable space, assembled through long-term, capital-efficient land options.

• Development pipeline targets 6-8% yield on cost and may contribute over £320 million in rental income.

• Emphasis on build-to-suit and speculative development, with 90% of spec units let within 12 months and phased project delivery.

• Land options structure reduces risk, ensures capital efficiency, and secures discounts to market value, supporting an evergreen pipeline.

• Selective freehold sales and Development Management Agreements provide incremental funding and enhance returns, with DMA income guidance for FY25 at £10 million.

Market fundamentals and rental growth

• UK logistics market benefits from resilient demand, limited supply, high barriers to entry, and supportive long-term trends like e-commerce and digitalisation.

• Demand is diverse, driven by e-commerce, manufacturing, and 3PLs, with two-thirds absorbed by new buildings and vacancy stabilising.

• Prime headline rents continue to rise, with spreads between prime and secondary rents at record levels.

• Vacancy for new buildings remains low; supply and demand are broadly balanced.

• Prime logistics yields are stable at 5-5.25%, with strong investor interest and capital market activity.