Tritax Big Box REIT (BBOX) Investor Update summary

Strategic and operational highlights

• Achieved significant strategic progress, including successful integration of acquisitions and strong delivery across logistics and data center platforms.

• Elevated to the FTSE 100, reflecting business momentum and platform strength.

• Entering 2026 with high confidence, aiming for 50% adjusted earnings growth by 2030.

• Expanded logistics development and advanced data center pipeline, including the launch of a power-first model.

• Fully integrated UKCM and Blackstone portfolios, enhancing urban exposure and capital recycling.

Financial performance and guidance

• Net rental income grew by 10.6%, adjusted EPS up 4.1%, and dividend increased by 4.4%.

• Portfolio value rose over 20% to £7.9bn, with EPRA NTA per share up 1.2% to £1.878.

• Underlying total accounting return was 8.5%, with reported return at 5.5% after non-recurring items.

• Maintained a strong balance sheet with a year-end LTV of 33.2%, reducing to 32.7% post-year-end disposals.

• 2026 CapEx guidance: £200m–£250m for logistics, £100m–£200m for data centers, targeting 7–8% and 9–11% yields respectively.

Growth drivers and market outlook

• Three growth drivers: rental reversion, logistics development, and data centers.

• Rental reversion and vacancy offer over £100m near-term rental income upside, 73% deliverable in three years.

• Logistics development pipeline can nearly double current passing rent, with strong pre-let activity and high occupier engagement.

• Data center strategy progressing, with advanced negotiations at Manor Farm and a second site in planning; pipeline exceeds 1 GW.

• UK logistics market shows strengthening demand, tightening supply, and rental growth ahead of inflation.