REG - Tritax Big Box REIT - Moody's Upgrades Tritax Big Box's Credit Rating

Tritax Big Box REITAnnouncement

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RNS Number : 1829F  Tritax Big Box REIT plc  29 October 2025

Moody's Upgrades Tritax Big Box REIT PLC's Credit Rating to A3

 

·      Reflects increased scale, diversity and improvement in business
profile since original rating assigned in 2017

·      Long, well established track record of disciplined growth while
maintaining conservative financial policies

·      Expected to maintain strong credit metrics, supported by strong
operational performance and favourable market

 

Tritax Big Box REIT plc (the Company) is pleased to report that Moody's
Ratings (Moody's) has upgraded the Company's credit rating to A3 (stable) from
Baa1 (positive).

 

The upgrade reflects the Company's growing scale, increased portfolio
diversification and continued focus on resilient, high-quality logistics
assets. In addition, there is recognition of the significant opportunity to
deliver exceptional risk-adjusted returns through our innovative "power-first"
data centre development strategy.

 

The upgrade follows the recently completed portfolio acquisition from
Blackstone, which has enhanced the Company's competitive edge through
increased asset depth across big box, urban and MLI formats, broadened its
customer offering and supports a diverse range of occupier needs with greater
operational flexibility.

 

In its published rationale, Moody's highlighted the following key drivers for
the upgrade:

·      Resilient Portfolio Performance: The continued strong operational
performance of the Company's prime logistics portfolio, evidenced by high
occupancy levels, sustained rental growth, and positive rental reversions.

·      Increased Diversification: Meaningful increase in number of
assets within the portfolio and greater diversification of product offering
via entry into the attractive urban logistics sector and securing a data
centre pipeline.

·      Prudent Financial Policy: The Company's consistent track record
of maintaining a strong balance sheet, demonstrated by a disciplined approach
to leverage with a low Loan-to-Value (LTV) ratio and a well-termed, largely
fixed-rate debt profile.

Frankie Whitehead, Partner and CFO for Tritax Big Box REIT plc, commented:

"Securing an A3 rating from Moody's is an achievement that underscores the
significant strategic progress the business has made, our strong operational
track record, the strength of our balance sheet and the robustness of our
financial policy. This improved rating will further enhance our access to
diverse sources of capital at more attractive terms supporting the delivery of
our three growth drivers and growing adjusted earnings by 50% by the end of
2030."

 

For further information, please contact:

Tritax Big Box

Colin Godfrey,
CEO
            Tel: +44 (0) 20 8051 5060

Frankie Whitehead,
CFO
Email: bigboxir@tritax.co.uk (mailto:bigboxir@tritax.co.uk)

Ian Brown, Head of Corporate Strategy & Investor Relations

 

Kekst CNC

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

Email: tritax@kekstcnc.com (mailto:tritax@kekstcnc.com)

 

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 is committed to
delivering 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 147MW data centre development opportunity, and a
further 1GW pipeline, 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 a constituent of the FTSE 250, FTSE
EPRA/NAREIT and MSCI indices and has its Ordinary Shares admitted to the
Official List of the UK Financial Conduct Authority.

The Company's LEI is: 213800L6X88MIYPVR714.

 

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

 

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