Tritax Big Box REIT PLC (LSE:BBOX)

Half Year 2026 Tritax Big Box Reit PLC Earnings Call Transcript

Aug 6, 2026 / 07:30 AM GMT

Release Date Price: £1.65 (-4.19%)

Transcript

Key Points

Positve

Strong income growth with 5.1% EPRA like-for-like rental growth, more than double the prior period.
Adjusted EPS (excluding DMA income) increased 7% to 4.41p, with a 4.4% dividend increase.
Data center pipeline expanded significantly, securing an additional 235MW of power, nearly doubling secured capacity to 507MW.
Upgraded EPS growth ambition to 65% by 2031 (from 50% by 2030), driven by data center opportunities.
Successful capital recycling with over £1 billion in disposals since January 2023, averaging above book values.
Low EPRA cost ratio of 12.2%, among the lowest in the European real estate sector.
Strong balance sheet with LTV reduced to 32.9% (32.1% post-period), and average cost of debt at 3.6%.
High embedded rental reversion of 29% (over £100 million), with over 70% capturable within three years.
Blackstone portfolio integration performing well, with contracted rent up 4.4% and strong asset management results.
Logistics development pipeline remains robust with 1.2 million sq ft under construction, 78% pre-let.

Negative

EPRA NTA per share declined 1% to 185.9p due to modest valuation movements and yield softening.
Logistics development CapEx was lower than anticipated in H1 due to planning delays at Manor Farm and a logistics site.
Portfolio vacancy increased to 6.5% (from 5.6%) due to unlet speculative completions, though underlying vacancy stable at 3.1%.
Land option impairment and Blackstone completion statement true-up negatively impacted reported total accounting return.
Investment market activity suppressed by geopolitical events, leading to modest yield expansion and slower disposal pace in H2.
Data center development profits are not yet fully reflected in earnings, with significant value creation still ahead.
Planning delays at Manor Farm and Chelmsford pose risks to project timelines, though management expects faster approvals for new schemes.
The equity raise (350 million pounds) dilutes existing shareholders, though it funds high-return data center projects.
Average time to let speculative buildings is not disclosed, but management builds in a 12-month void period, indicating potential leasing risk.
Data center yield on cost targets (9-11%) are subject to variability based on location and building type, with some schemes expected to be below double-digit.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

BBOXT.L - Tritax Big Box Reit PLC
Half Year 2026 Tritax Big Box Reit PLC Earnings Call
Aug 06, 2026 / 07:30AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning and welcome to our results presentation for the 1st 6 months of 2026.

I'm Colin Godfrey, CEO of Tria's Big Box.

As usual, I will kick off with our key messages before Frankie, our CFO, provides an update on our financial and operational performance.

I'll then outline the substantial strategic progress that we've made in the period before opening the lines for Q&A.

The key message that I want to deliver this morning is that we're exceptionally well positioned to take advantage of the significant opportunities inherent within our business and the broader market.

We continue to deliver against our key growth milestones, and with a near doubling of secure power

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