REG - Tritax Big Box REIT - AGM Statement

Tritax Big Box REITAnnouncement

Today 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260507:nRSG3237Da&default-theme=true

RNS Number : 3237D  Tritax Big Box REIT plc  07 May 2026

 

£10.8 million of annual income added by asset management and development

Strong rental reversion capture, with good progress from the portfolio
acquired from Blackstone

Well positioned development platform benefitting from healthy occupier
sentiment

Continuing to advance our data centre pipeline

07 May 2026, Tritax Big Box REIT plc ("Tritax Big Box" or "the Company";
ticker: BBOX), in conjunction with its Annual General Meeting today, provides
an update on its progress for the year to date.

Colin Godfrey, CEO for Tritax Big Box, commented:

"We entered the year with strong operational momentum, and we continue to make
excellent progress across each of our three growth drivers. We are capturing
rental reversion and driving income growth across our high-quality portfolio
through our active and hands-on approach, particularly within the assets
acquired from Blackstone. Our logistics development platform is well
positioned and capturing positive occupier sentiment, while we are advancing
data centre opportunities across our c.1GW pipeline. This includes the Manor
Farm site at Heathrow, which is primed for launch, and our second site in the
broader London availability zone.

"Occupier demand for UK logistics remains healthy, supporting positive
engagement and leasing activity across both our investment and development
portfolios. To date, we have not seen any impact from the conflict in the
Middle East but continue to monitor the situation closely.

"The quality of our portfolio, disciplined capital allocation and focused
strategy continues to underpin resilient income growth. Looking ahead, with a
greater proportion of the portfolio subject to rent reviews in 2026 and 2027
and substantial development opportunities within logistics and data centres,
we are well placed to accelerate income growth. Consequently, we remain
confident in our ambition to grow adjusted earnings by 50% by 2030 1 ."

Healthy level of occupational activity supporting ongoing rental growth

·    Occupiers remain active; national take-up of 5.3 million sq ft in Q1
2026 (Q1 2025: 6.0 million sq ft).

·    National vacancy reduced 32bps in Q1 2026 to 6.8%, with declines in
both new and second-hand space. Speculative space under construction decreased
to 6.2 million sq ft (Q4 2025: 6.8 million sq ft).

·    Continuing market rental growth, with Q1 2026 MSCI distribution
warehouse rents up 0.7% (Q1 2025: 1.1%).

·    Prime yields stable at 5.25% through Q1 2026, with the transaction
market open but seeing relatively subdued deal volumes.

High-quality portfolio offering resilience and substantial income growth
potential

·    Portfolio offers inflation-beating like-for-like rental income growth
from blue-chip clients as we capture record 28% 2  rental reversion.

·    Resilient big box income complemented by increased urban exposure,
comprising 81% and 19% of rental income(2) respectively (2025: Big box 89%,
urban 11%).

·    Over half of leases subject to open-market-type reviews, with
frequency of urban asset lease events providing greater opportunity to grow
rental income (weighted unexpired lease term exposure of 10.6 years(2) for big
box and 5.1 years(2) for urban assets).

Growth driver 1: Capturing record rental reversion to drive earnings growth

·    £5.9 million of incremental annual rental income added year to date
from 12% of portfolio subject to lease events.

o  13.3% absolute increase in rent across lease events, with open market
reviews delivering a 39.7% average uplift.

·    Lease events for the UKCM logistics assets and for the urban assets
acquired from Blackstone represented rental increases of 14.5% and 24.3%
respectively, demonstrating ongoing successful rental reversion capture.

·    Vacancy declined to 5.0% (31 December 2025: 5.6%), led by the
development letting at Newark during the period.

·    We expect an acceleration in asset management opportunities
translating into higher like-for-like rental growth in 2026, with a further
21% of contracted rent to be reviewed across the remainder of the year.

Growth driver 2: Developing best-in-class logistics assets to drive returns,
delivering a 6-8% yield on cost

·    Successfully converting occupational interest into development
lettings in the period, securing:

o  0.4m sq ft new letting in Newark, securing £3.3 million annual rental
income, plus a 10-year extension for the existing 0.8 million sq ft building.

o  0.1m sq ft new pre-let in Cambridge, securing £1.6 million annual rental
income.

o  With both new lettings expected to deliver a yield on cost of over 7%.

·    Approximately £7 million of annual rental income currently in
solicitors' hands.

·    6-8% yield on cost guidance for 2026 development starts, supported by
construction contracts' fixed-price structure and continued market rental
growth.

Growth driver 3: Potential for exceptional returns from data centres

·    First data centre site at Manor Farm, Heathrow of 107MW primed for
launch, which would recognise strong development profits in 2026, subject to
planning determination and securing of a pre-let:

o  Powered-shell pre-let agreement progressing well with occupier.

o  Decision on planning permission by the Secretary of State is expected to
be issued on or before 9 June 2026.

·    Planning decision expected in the near-term at second data centre
site in Chelmsford.

·    First right of refusal over pipeline of opportunities across the UK
currently being progressed, which could provide c.1GW of further data centre
opportunities.

Strong balance sheet, with ongoing access to multiple funding levers

·    Consistent with our guidance, we are progressing a reduction in our
loan-to-value from the 33.2% reported in December 2025, supported by our
capital rotation activity:

o  Over £270 million of disposals completed or exchanged as at 30 April
2026, the majority of which comprised a logistics portfolio sold above
valuation.

o  93% of non-strategic UKCM assets now sold, exchanged or under offer, with
transactions executed above implied acquisition cost.

Portfolio acquired from Blackstone: finalisation of post‑completion
consideration adjustment

As outlined in the statement relating to the acquisition of the £1.04 billion
portfolio from Blackstone on 13 October 2025, the final consideration was
subject to customary post‑completion adjustments under the sale and purchase
agreement. These adjustments have now been finalised and, accordingly,
12,375,336 ordinary shares ("Shares") will be admitted to the Official List of
the Financial Conduct Authority ("FCA") and an application has been made to
the London Stock Exchange ("LSE") for such shares to be admitted to trading.
It is expected that Admission will become effective and dealings will commence
on or around 8am on Friday 08 May 2026.

Following Admission of these Shares, the Company will have 2,714,497,501
ordinary shares of 1 pence each in issue. There are no shares held in
treasury. Therefore, the total number of voting rights in the Company is
2,714,497,501 (the "Total Voting Rights Figure"), and this Total Voting Rights
Figure may be used by the Company's shareholders as the denominator for the
calculations by which they will determine if they are required to notify their
voting rights interest, or a change to that interest, in the Company under the
FCA's Disclosure Guidance and Transparency Rules.

For further information, please contact:

Tritax Group

Colin Godfrey,
CEO
+44 (0) 20 7993 9640

Frankie Whitehead,
CFO
bigboxir@tritax.co.uk

Ian Brown, Head of Corporate Strategy & Investor Relations

Kekst CNC

Tom Climie/Guy Bates
 
+44 (0) 7760 160 248 / +44 (0) 7581 056 415

 
tritax@kekstcnc.com

The Company's LEI is: 213800L6X88MIYPVR714.

Notes:

Tritax Big Box REIT plc (ticker: BBOX) is the largest listed investor in
high-quality logistics warehouse assets and controls the largest
logistics-focused land platform in the UK. Tritax Big Box targets attractive
and sustainable returns for shareholders by investing in and actively managing
existing built investments and land suitable for logistics development. The
Company focuses on well-located, modern logistics assets, typically let to
institutional-grade clients on long-term leases with upward-only rent reviews
and geographic and client diversification throughout the UK. Additionally,
having adopted a "power first" approach, the Company has recently secured its
first data centre development opportunities (amounting to over 250MW), and has
a pipeline of c.1-gigawatt of further opportunities, offering the potential to
deliver exceptional returns on an accelerated basis.

The Company is a real estate investment trust to which Part 12 of the UK
Corporation Tax Act 2010 applies, is listed on the Official List of the UK
Financial Conduct Authority and is a constituent of the FTSE 100, FTSE
EPRA/NAREIT and MSCI indices.

Further information on Tritax Big Box REIT is available at
www.tritaxbigbox.co.uk (http://www.tritaxbigbox.co.uk/)

 1  50% growth potential by the end of FY30, with the baseline reference being
the FY24 Adjusted earnings of £182.4 million. This should not be considered a
profit forecast but an ambition. It assumes no material deterioration in
macroeconomic conditions, including inflation, interest rates and GDP growth;
sustained structural demand in key markets; investment markets remain open and
ability to dispose of assets at or near book values. Excludes additional DMA
income or portfolio value movements.

 2  As at 31 December 2025.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  AGMAKABNDBKBNPK



            Copyright 2019 Regulatory News Service, all rights reserved