Tritax Big Box REIT plc

For the first half of 2026, net rental income rose 16.2% to GBP 173.3 million. Adjusted EPS, excluding all DMA income, increased 7% to 4.41p, and the dividend grew 4.4% to 4p per share. EPRA like-for-like rental growth was 5.1%, EPRA cost ratio excluding vacancy costs was 12.2%, and portfolio value was GBP 7.7 billion; EPRA NTA per share declined 1% to 185.9p. LTV was 32.9% at period end, with approximately GBP 530 million of available liquidity and average debt cost of 3.6%. For the full year 2026, management expects up to GBP 400 million of disposals and annual logistics development CapEx of GBP 200 million to GBP 250 million over the long term. Data center CapEx targets were upgraded to GBP 200 million to GBP 400 million per annum from next year at a 9% to 11% targeted yield on cost.

Colin Godfrey struck a very confident tone, saying he had “never before been more confident” in Tritax Big Box’s ability to create long-term value. He emphasized the company’s three growth drivers: capturing rental reversion, logistics development, and the data center pipeline, and said the new power secured for data centers materially expands the opportunity set. He framed the strategy as capital-light where possible, selective on development, and supported by a strong balance sheet and disciplined capital allocation.

Frankie Whitehead focused on the company’s financial delivery and balance sheet flexibility. He highlighted 5.1% like-for-like rental growth, 16.2% net rental income growth to GBP 173.3 million, adjusted EPS of 4.41p, a 91% payout ratio, and a 12.2% EPRA cost ratio excluding vacancy costs. He also pointed to GBP 259 million of disposals in H1, LTV of 32.9% (32.1% including post period-end disposals), around GBP 530 million of liquidity, four years average debt maturity, and an average cost of debt of 3.6%, while noting that rising rates are still outweighed by portfolio rental reversion.

Analysts pressed on whether the equity raise was backfilling the Blackstone deal, why the company is prioritizing development over acquisitions, and whether the 4.38% net initial yield valuation was justified; management said it was not backfilling, that capital recycling into higher-return opportunities remains the plan, and that the more relevant metrics are equivalent yield and reversion. Questions also focused on data center timing and execution risk; management said Manor Farm was an extreme planning case, that later schemes should not take as long, and that first DC income is expected from 2028 onward. On logistics vacancy and spec completions, management said the recent rise was entirely development-driven and expects the buildings to lease within the 12-month assumptions used in appraisals.