Tritax Big Box REIT PLC (GB:BBOX)
LSE:BBOX
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Tritax Big Box REIT
(LSE:BBOX)
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Rating:73Outperform
Price Target:
161.00 p
▲(10.65% Upside)
Action:ReiteratedDate:03/03/26
The score is driven primarily by solid financial performance but tempered by weak 2025 free-cash-flow conversion and rising debt. Technicals are supportive with a clear uptrend, valuation looks attractive (low-teens P/E and ~4.6% yield), and the latest earnings call adds confidence via visible pipeline and capital discipline, albeit with execution and near-term income normalization risks.
Positive Factors
Portfolio valuation & NAV growth
A >20% portfolio revaluation and higher EPRA NTA reflect durable asset quality and successful integration of acquisitions. Rising NAV supports long‑term dividend capacity, borrowing headroom and confidence in reversionary uplifts, underpinning sustained shareholder value over multiple years.
Negative Factors
Rising leverage & capitalized interest
Material debt growth and a sharp rise in capitalised interest increase financial sensitivity to higher rates and project delays. Elevated leverage limits flexibility, raises fixed costs over time, and heightens dependency on disposals or refinancing to sustain development and dividend programs if cash conversion weakens.
Read all positive and negative factors
Positive Factors
Negative Factors
Portfolio valuation & NAV growth
A >20% portfolio revaluation and higher EPRA NTA reflect durable asset quality and successful integration of acquisitions. Rising NAV supports long‑term dividend capacity, borrowing headroom and confidence in reversionary uplifts, underpinning sustained shareholder value over multiple years.
Read all positive factors
Tritax Big Box REIT (BBOX) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£3.93B
Dividend Yield5.3%
Average Volume (3M)6.17M
Price to Earnings (P/E)10.6
Beta (1Y)1.22
Revenue Growth35.06%
EPS Growth127.62%
CountryUK
EmployeesN/A
SectorGeneral
Sector StrengthN/A
IndustryREIT - Industrial
Share Statistics
EPS (TTM)0.04
Shares Outstanding2,702,122,000
10 Day Avg. Volume5,429,908
30 Day Avg. Volume6,165,895
Financial Highlights & Ratios
PEG Ratio-0.35
Price to Book (P/B)0.76
Price to Sales (P/S)11.15
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£200.00Price Target Upside37.46% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)0.09
Revenue Forecast (FY)£364.03M
Tritax Big Box REIT Business Overview & Revenue Model
Company Description
Tritax Big Box REIT plc is the only listed vehicle dedicated to investing in very large logistics warehouse assets (Big Boxes) in the UK and is committed to delivering attractive and sustainable returns for shareholders. Investing in and actively ...
How the Company Makes Money
BBOX makes money primarily from rental income generated by leasing its logistics properties to occupiers. This revenue is typically underpinned by long-term contractual leases, with rent receipts forming the core of the REIT’s recurring earnings a...
Tritax Big Box REIT Earnings Call Summary
Earnings Call Date:Feb 27, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call presents a strongly positive operational and strategic picture: solid income and earnings growth, a >20% uplift in portfolio value, successful integration of large acquisitions (Blackstone, UKCM), a clear and advancing data center strategy, and a strong balance sheet with Moody's upgrade. Key growth levers (rental reversion, logistics development and power-first data centers) are well-articulated and backed by tangible pipeline metrics. Headwinds are manageable and largely execution/timing related — slower occupier decision-making in 2025, a normalization of DMA income in 2026, some nonrecurring impairments, higher capitalized interest and a temporarily elevated LTV post-acquisition. Overall, the positives (strategic progress, accretive M&A, visible reversion and development upside, supportive market dynamics) notably outweigh the challenges.Positive Updates
Strong Income and Earnings Growth
Net rental income increased 10.6%; adjusted EPS grew 4.1% to 8.38p per share; dividend up 4.4% to 8.0p with payout ratio steady at 95%.
Negative Updates
Macroeconomic Uncertainty and Leasing Delays
2025 saw slower occupier decision-making due to macro uncertainty; several expected lettings slipped into 2026 (e.g., 0.9m sq ft in solicitors' hands), and build-to-suit transactions remain slower to close.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Income and Earnings Growth
Net rental income increased 10.6%; adjusted EPS grew 4.1% to 8.38p per share; dividend up 4.4% to 8.0p with payout ratio steady at 95%.
Read all positive updates
Company Guidance
Management guidance focused on disciplined capital deployment and earnings delivery: 2026 development CapEx is unchanged at £200–250m for logistics and £100–200m for data centres, with expected yields on cost of ~7–8% for logistics and 9–11% for the first two DC projects; disposals are guided to run at an elevated £400–500m to help fund development and target an LTV at the lower end of the 30–35% range (year‑end LTV 33.2%, pro‑forma 32.7%), DMA income is expected to revert to a £3–5m run rate, the Blackstone portfolio will deliver a c.6% running yield in 2026 and carries a £20m three‑year reversionary bridge to be recognized on a reducing basis, the near‑term operational pipeline includes 1.8m sq ft under construction (c.£19.6m potential rent, 53% pre‑let) and >230MW across the first two DC sites (c.£58m potential annual rent) within a >1GW pipeline, management still sees c.37% embedded rental upside (c.£27m of reversion potentially capturable with ~32% of the portfolio up for review in 2026) and retains the ambition to grow adjusted earnings by 50% by 2030.Tritax Big Box REIT Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
71
Positive
Cash Flow
52
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 344.50M | 294.30M | 228.80M | -573.50M | 996.10M |
| Gross Profit | 292.10M | 276.10M | 222.50M | -607.70M | 964.80M |
| EBITDA | 441.20M | 266.00M | 179.10M | 0.00 | 0.00 |
| Net Income | 363.30M | 445.50M | 70.00M | -599.40M | 972.60M |
Balance Sheet | |||||
| Total Assets | 8.05B | 6.70B | 5.10B | 5.16B | 5.59B |
| Cash, Cash Equivalents and Short-Term Investments | 130.60M | 80.60M | 36.40M | 47.40M | 70.90M |
| Total Debt | 2.67B | 1.95B | 1.62B | 1.61B | 1.35B |
| Total Liabilities | 2.98B | 2.13B | 1.77B | 1.81B | 1.52B |
| Stockholders Equity | 5.06B | 4.57B | 3.33B | 3.35B | 4.08B |
Cash Flow | |||||
| Free Cash Flow | 0.00 | 195.40M | 185.30M | 177.40M | 191.90M |
| Operating Cash Flow | 252.50M | 195.40M | 185.30M | 177.40M | 196.10M |
| Investing Cash Flow | -801.20M | -82.30M | -67.20M | -302.10M | -327.30M |
| Financing Cash Flow | 577.60M | -68.70M | -81.30M | 101.20M | 144.50M |
Tritax Big Box REIT Technical Analysis
Negative
145.50
Price Trends
160.95
Negative
154.26
Negative
146.54
Negative
Market Momentum
-4.53
Positive
27.49
Positive
19.20
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:BBOX, the sentiment is Negative. The current price of 145.5 is below the 20-day moving average (MA) of 156.82, below the 50-day MA of 160.95, and below the 200-day MA of 146.54, indicating a bearish trend. The MACD of -4.53 indicates Positive momentum. The RSI at 27.49 is Positive, neither overbought nor oversold. The STOCH value of 19.20 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:BBOX.
Tritax Big Box REIT Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | £4.23B | 7.70 | 7.16% | 6.67% | 43.70% | 40.28% | |
77 Outperform | £1.46B | 4.93 | 12.27% | 5.71% | 4.80% | 37.75% | |
75 Outperform | £3.49B | 3.98 | 7.75% | 5.85% | -20.83% | ― | |
73 Outperform | £3.93B | 10.57 | 5.78% | 5.30% | 35.06% | 127.62% | |
73 Outperform | £4.01B | 11.16 | 3.85% | 6.34% | 10.69% | 135.58% | |
71 Outperform | £9.27B | 17.68 | 3.51% | 4.25% | -4.77% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
GB:BBOX
Tritax Big Box REIT
144.10
10.84
8.13%
GB:BLND
British Land Company plc
348.20
7.38
2.16%
GB:LAND
Land Securities Group plc REIT
540.50
19.38
3.72%
GB:LMP
LondonMetric Property
181.20
11.88
7.02%
GB:SGRO
Segro plc (REIT)
678.40
3.42
0.51%
GB:SRE
Sirius Real Estate
91.90
13.02
16.51%
Tritax Big Box REIT Corporate Events
Business Operations and StrategyFinancial Disclosures
Tritax Big Box Pushes Back Manor Farm Data Centre Timeline but Stays Bullish on Earnings Ambition
Neutral
Mar 17, 2026
Tritax Big Box REIT has updated the timetable for its proposed data centre development at Manor Farm, following new guidance from the Ministry of Housing Communities and Local Government that a planning decision is now expected on or before 9 June...
Regulatory Filings and Compliance
Tritax Big Box Director Transfers Entire Shareholding into ISA
Neutral
Mar 10, 2026
Tritax Big Box REIT has disclosed that non-executive director Alastair Hughes has transferred his entire holding of 76,783 ordinary shares into an ISA. The move was executed on 9 March 2026 via a sale on Cboe Europe at 153.12 pence per share and a...
Business Operations and Strategy
Tritax Big Box REIT Manager and PDMRs Increase Holdings via Fee-for-Shares Purchase
Positive
Mar 2, 2026
Tritax Big Box REIT has disclosed that its investment manager, Tritax Management LLP, has used part of its management fee to buy 1,609,359 Tritax Big Box ordinary shares in the market at £1.7093 per share. The purchases, made on 27 February 2...
Business Operations and StrategyDelistings and Listing ChangesDividendsFinancial Disclosures
Tritax Big Box lifts earnings, pivots to data centres and joins FTSE 100
Positive
Feb 27, 2026
Tritax Big Box REIT reported higher net rental income, adjusted earnings and dividends for 2025, driven by the integration of UK Commercial Property’s logistics assets, a major portfolio purchase from Blackstone and active asset management, ...
Business Operations and StrategyDividendsFinancial Disclosures
Tritax Big Box REIT Lifts 2025 Dividend Payout by 4.4%
Positive
Feb 27, 2026
Tritax Big Box REIT has declared an interim dividend of 2.255 pence per ordinary share for the period from 1 October to 31 December 2025, to be paid around 27 March 2026 to shareholders on the register on 13 March 2026. The distribution will be ma...
Business Operations and StrategyFinancial Disclosures
Tritax Big Box Enters 2026 With Rental Growth, Data Centre Push and Strong Balance Sheet
Positive
Jan 22, 2026
Tritax Big Box REIT reported a strong operational performance for 2025, driven by active asset management, development progress and increasing exposure to data centres, leaving the business confident about entering 2026. The company grew contracte...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.