Tritax Big Box REIT plc (LON:BBOX) has announced its results for the year ended 31 December 2025
Entering 2026 with strong momentum across our growth drivers
Record rental reversion – growing logistics development momentum – data centres primed for launch
| Financial Summary | 31 December 2025 | 31 December 2024 | Change |
| Net rental income | £305.3m | £276.0m | 10.6% |
| Operating profit1 | £281.6m | £265.3m | 6.1% |
| Adjusted earnings2 | £223.8m | £201.7m | 11.0% |
| Adjusted earnings per share (ex. additional DMA income) 3, 6 | 8.38p | 8.05p | 4.1% |
| IFRS earnings per share | 14.39p | 19.67p | -26.8% |
| Dividend per share | 8.00p | 7.66p | 4.4% |
| Dividend payout ratio (ex. additional DMA income) 3, 6 | 95% | 95% | 0.0pts |
| Total Accounting Return | 5.5% | 9.0% | -3.5pts |
| EPRA cost ratio (excluding vacancy cost) 6 | 12.4% | 12.6% | -0.2pts |
| Contracted annual rent roll | £360.9m | £313.5m | 15.1% |
| EPRA Net Tangible Assets per share6 | 187.76p | 185.56p | 1.2% |
| IFRS net asset value per share | 187.22p | 184.12p | 1.7% |
| Portfolio value4, 6 | £7.89bn | £6.55bn | 20.5% |
| Loan to value (LTV)6 | 33.2% | 28.8% | +4.4pts |
Commenting, Aubrey Adams, Chair of Tritax Big Box REIT, said:
“Over the past year, Tritax Big Box has taken important strategic steps that reinforce both the capabilities of our platform and our growth drivers. The successful integration of the UKCM logistics assets, together with the portfolio acquisition from Blackstone, has created a meaningful c.20% exposure to urban logistics, strengthening our end-to-end offer and further cementing our leadership position across the UK supply-chain spectrum.
“In parallel, we have launched our data centre programme, pioneering an innovative ‘power-first’ approach that unlocks opportunities in digital infrastructure. In just 12 months, we have assembled a high-quality pipeline and made significant progress, positioning the company to generate exceptional returns for Big Box shareholders from the most compelling structural growth opportunity in real estate.
“Taken together, these initiatives demonstrate the pace at which the Company is evolving, while remaining disciplined in our capital allocation and focused on long-term value creation for shareholders. Underpinned by a high-quality, resilient logistics portfolio, a well-positioned development pipeline, strong foundations in data centres, delivered efficiently through our externally managed structure, we look ahead with confidence in delivering our ambition of 50% growth in adjusted earnings by the end of 2030.”
Attractive earnings growth from increasing rental income and cost-efficient structure
· 10.6% increase in net rental income to £305.3 million (2024: £276.0 million) driven by full contribution from UKCM acquisition, attractive levels of asset management and development related rental growth offset by asset disposals in support of future growth opportunities.
· 4.1% increase in Adjusted EPS excluding additional DMA income, which is the Board’s primary measure of recurring earnings, to 8.38 pence (2024: 8.05 pence).
· Improving EPRA cost ratio excluding vacancy costs of 12.4% (2024: 12.6%) reflecting cost-efficient external management structure.
· 5.5% Total Accounting Return (2024: 9.0%), 8.5% Underlying Total Accounting Return when excluding items considered non-recurring.
Capital growth through growing rents, stable yields and development activity
· Increase in total portfolio value to £7.89 billion (31 December 2024: £6.55 billion), with equivalent yield remaining stable at 5.7% (31 December 2024: 5.7%).
· 2.4% capital increase value (2024: 2.8%) across total portfolio (net of capex), driven by income growth and asset management alongside development gains.
Growth driver 1: Capturing record rental reversion to drive earnings growth
· 4.0% like-for-like Estimated Rental Value (ERV) growth across the investment portfolio (2024: 5.4%).
· 4.2% EPRA like-for-like rental growth delivered over the year (2024: 3.9%).
· Vacancy stable at 5.6% (2024: 5.7%) – underlying vacancy decline offset by that inherited as part of the Blackstone asset acquisition.
· 28.0% portfolio rental reversion (2024: 27.9% reported for the logistics portfolio; 26.1% when including non-strategic assets), inclusive of vacancy, provides potential to capture £101.1 million of additional rent, of which 73.1% is capturable within the next 3 years, supporting future earnings growth.
· £14.2 million added to contracted rent through rent reviews, asset management initiatives and lettings, including:
o 35.5% increase in passing rent across open market linked rent reviews settled in period.
o 18% growth in contracted rent for UKCM logistics portfolio since acquisition in May 2024.
· Successful integration of 28% reversionary £1.04 billion urban logistics weighted portfolio acquired below replacement cost from Blackstone.
o Expected to generate mid-single-digit EPS accretion in 2026 and enhanced returns well above cost of capital
Growth driver 2: Developing best-in-class logistics assets to drive earnings growth
· 1.8 million sq ft under construction at the year end with rental income potential of £19.6 million of which 53% has been pre-let.
· £3.9 million of rental income added from new lettings, near-term lettings pipeline gathering momentum with:
o 8.0% yield on cost achieved for let developments
o £8.9 million of potential rent from development lettings currently in solicitors’ hands.
o £5.2 million of potential rent from development lettings in advanced negotiations.
o 55% increase in pre-let discussions compared to 12 months ago.
· Approximately £15 million of DMA income recognised in 2025 across two development management agreements.
· 1.4 million sq ft of development starts in 2025 with anticipated yield on cost at the top of 7-8% range once stabilised.
· 1.2 million sq ft of new logistics planning consents secured in period and a further 6.1 million sq ft submitted awaiting determination.
Growth driver 3: Power-first data centres targeting exceptional risk adjusted returns
· 107 MW data centre at Manor Farm, Heathrow targeting strong returns with a 9.3% yield on cost (net of all costs and contingent payments) to shareholders.
o Negotiating terms with leading operator tenant on powered shell pre-let.
o Planning determination now with the Secretary of State with a decision expected on or before 17 March 2026.
· The data centre pipeline has the potential to deliver significant incremental capital value at each key stage – planning, pre‑letting and practical completion – prior to delivering highly attractive long term income upon completion.
· First right of refusal over Tritax Management originated pipeline across the UK, which could provide c.1 GW of further data centre opportunities.
Recycling capital accretively into higher returning organic growth opportunities
· £415.5 million of disposals completed or exchanged in the period, or shortly thereafter, comprising:
o £204.3 million of UKCM non-strategic disposals
o £148.9 million of additional disposals from logistics portfolio.
o £62.3 million of disposals exchanged in period
· Since completion of the UKCM acquisition in May 2024, £361.0 million (c.80%) of UKCM non-strategic assets exchanged or sold and expect to fully exit in line with implied acquisition price and within two years from purchase.
Strong balance sheet supporting our strategy
· Upgraded credit rating from Moody’s to A3 (stable) from Baa1 (positive).
· With effect from 2 March 2026, the Company will be included in the FTSE 100 index.
· 33.2% LTV at 31 December 2025 (31 December 2024: 28.8%) in line with <35% LTV guidance, and Net Debt/EBITDA5 of 8.6x (31 December 2024: 7.3x)
o 32.7% LTV on pro-forma basis when including assets exchanged, but completing post year end.
· 3.6% weighted average cost of debt (31 December 2024: 3.1%), with 72.7% of drawn debt either fixed or hedged.
· Completed refinancing of £400 million, 5-year RCF and £300 million, 7-year public bond with an attractive coupon of 4.75%.
Retail investor webcast and Q&A
The Company will also host a live interactive presentation aimed at retail investors on the Engage Investor platform, at 1.00pm (UK time) today.
Colin Godfrey (CEO) and Frankie Whitehead (CFO), who will host the event, welcome current shareholders and interested investors to join. Questions can be submitted prior to the webcast via the Engage Investor platform, or at any time during the live presentation. Investors can sign up to Engage Investor at no cost and follow Tritax Big Box REIT plc from their personalised investor hub.
Register interest and access this event here: https://engageinvestor.news/BBOX_IP25
Notes
1. Operating profit before fair value movements and other adjustments.
2. See Note 15 to the financial statements for reconciliation.
3. The anticipated run rate for Development Management Agreement (DMA) income is £3.0-5.0 million per annum over the medium term. We classify income above this as ‘additional’ development management income, which can be highly variable over time. We therefore present a calculation of Adjusted EPS that excludes additional development management income. £15.5 million of DMA income is included in the 8.87p Adjusted earnings per share in 2025 (2024: £23.0 million included in 8.91p Adjusted earnings per share).
4. The Portfolio Value includes the Group’s investment assets and development assets, land assets held at cost, the Group’s share of joint venture assets and other property assets.
5. Calculated based on pro-forma EBITDA inclusive of full 12 months contribution of portfolio acquired from Blackstone in 2025 and UKCM in 2024.
6. An alternative performance measure. The Group uses a number of financial measures to assess and explain its performance, some of which are considered to be alternative performance measures as they are not defined under IFRS. For further details, see the Financial Review and Notes to the EPRA and other key performance indicators section, as well as definitions in the Glossary.
