Tritax Big Box Reit PLC
LSE:BBOX

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Tritax Big Box Reit PLC Logo
Tritax Big Box Reit PLC
LSE:BBOX
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Price: 143.7 GBX Market Closed
Market Cap: 3.9B GBX

Tritax Big Box Reit PLC
Investor Relations

In the heart of the UK’s rapidly evolving logistics industry, Tritax Big Box REIT PLC stands tall as an orchestrator of critical infrastructure for modern commerce. Born from the rising tide of e-commerce and complex supply chains, this real estate investment trust focuses on acquiring and managing large-scale warehouses, the vital nodes that enable quick and efficient product deliveries from manufacturers to doorstep. With strategic foresight, Tritax aligns its property portfolio closely with high-quality tenants such as Amazon and Tesco, ensuring a steady stream of rental income. This symbiotic relationship not only positions Tritax as a critical player in the logistics landscape but also ensures stability and growth prospects in an era where online shopping is pervasive.

Tritax's business model thrives by identifying prime logistics locales near major transportation hubs, capitalizing on the UK’s need for connectivity and speed in freight movements. By investing in state-of-the-art facilities that cater to the specific logistical needs of their tenants, Tritax increases the value of its holdings, enhancing rental yields and long-term property appreciation. These investments in indispensable logistics hubs are coupled with scale efficiencies and a disciplined financial management approach, enabling Tritax to generate consistent income streams for its investors. Through keen asset management and strategic expansions, Tritax Big Box continues to solidify its role as the infrastructural backbone of the digital economy, turning logistical efficiency into financial prowess.

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Last Earnings Call
Fiscal Period
Q2 2023
Call Date
Aug 3, 2023
AI Summary
Q2 2023

Earnings Growth: Adjusted earnings per share rose by 5.6% to 3.94p, driven by development completions and rental growth.

Dividend Increase: The interim dividend was raised 4.5% to 3.5p per share, maintaining an 89% payout ratio.

Asset Values & NAV: Asset valuations stabilized with EPRA NTA up 1.5% to 183p, reflecting a return to growth.

Strong Balance Sheet: The company has over £0.5 billion in liquidity, a stable 2.6% average cost of debt, and Moody’s reaffirmed its Baa1 positive credit rating.

Operational Performance: Net rental income increased by 7.7% to £109.3 million, with significant embedded income growth in the portfolio.

Disposals & Capital Recycling: £235 million of assets were sold at or above book value, with £100–200 million of further disposals targeted for H2.

Development Pipeline: The company expects to deploy £200–250 million into development in 2023, focusing on organic income growth from its large land portfolio.

Market Backdrop: Leasing demand and inquiry levels remain high, but decision-making is slower amid macroeconomic uncertainty. Rental growth is healthy, especially outside London.

Key Financials
Adjusted Earnings Per Share
3.94p
Dividend
3.5p per share
Dividend Payout Ratio
89%
EPRA NTA
183p
Net Rental Income
£109.3 million
Contracted Annual Rent
£224 million
EPRA Cost Ratio
12.6%
Portfolio Equivalent Yield
5.3%
ERV Growth
3.9%
Portfolio Reversion
21.3%
Portfolio Valuation Surplus
1%
Net Debt to EBITDA
8.3x
Liquidity
over £0.5 billion
Average Cost of Debt
2.6%
Disposals
£235 million
Development Capex Deployment
£109 million
Yield on Cost (Development)
around 6.5%
Earnings Call Recording
Other Earnings Calls
2023
2021

Management

Mr. Colin Richard Godfrey B.Sc., MRICS
Partner & CEO of Tritax Big Box
No Bio Available
Mr. Frankie Whitehead ACA
Chief Financial Officer
No Bio Available
Mr. Henry Bell Franklin B.A.
Partner & COO of Tritax Management LLP
No Bio Available
Mr. James Angus Dunlop B.Sc., MRICS
Partner & CEO of Investment of Tritax Management LLP
No Bio Available
Mr. Ian Brown
Head of Corporate Strategy & Investor Relations of Tritax Big Box
No Bio Available
Ms. Catherine Fry
Head of Compliance of Tritax Management LLP
No Bio Available
Ms. Anisha D. Cruz
Legal Counsel of Tritax Management LLP
No Bio Available
Ms. Nicola Krafft
Director of Marketing & Communications- Tritax Management LLP
No Bio Available
Ms. Sophie Castle
Head of People Development of Tritax Management LLP
No Bio Available
Ms. Petrina Austin B.Sc., MRICS
Head of Asset Management of Tritax Management LLP
No Bio Available

Contacts

Address
London
3rd Floor, 6 Duke Street St James's
Contacts
+442072901616.0
tritaxbigbox.co.uk