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Tritax Big Box REIT
(LSE:BBOX)
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Rating:71Outperform
Price Target:
190.00 p
▲(11.24% Upside)
Action:Reiterated
Date:08/06/26
Overall score is driven by solid financial quality with a clear cash-flow concern (2025 free cash flow dropping to zero) and rising debt, partially offset by strong recent income-statement momentum. Technicals are supportive with price above major moving averages and positive MACD. Valuation is reasonable with a moderate P/E and a strong 4.75% yield. Earnings call commentary adds confidence via upgraded long-term growth ambitions and visible development pipeline, tempered by NAV softness, vacancy, and funding/timing risks.
Positive Factors
Market-leading big-box logistics portfolio
Tritax’s core strategy of owning large-scale, strategically located distribution centres supports durable rental cash flows. Long leases to major retailers and logistics users, plus inflation-linked or indexed rent mechanisms, underpin stable recurring income and strong sector positioning over the medium term.
Negative Factors
Weak free cash flow conversion
Zero free cash flow in 2025 despite strong accounting profits signals timing or heavy investment pressures. Volatile cash conversion undermines confidence in self-funding of dividends and development, increasing reliance on external financing and raising medium-term distribution and funding risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Market-leading big-box logistics portfolio
Tritax’s core strategy of owning large-scale, strategically located distribution centres supports durable rental cash flows. Long leases to major retailers and logistics users, plus inflation-linked or indexed rent mechanisms, underpin stable recurring income and strong sector positioning over the medium term.
Read all positive factors
Tritax Big Box REIT (BBOX) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£4.62B
Dividend Yield4.75%
Average Volume (3M)6.17M
Price to Earnings (P/E)15.4
Beta (1Y)1.24
Revenue Growth36.45%
EPS Growth-26.38%
CountryUK
Employees91
SectorGeneral
Sector StrengthN/A
IndustryREIT - Industrial
Share Statistics
EPS (TTM)0.11
Shares Outstanding2,714,497,600
10 Day Avg. Volume5,429,908
30 Day Avg. Volume6,165,895
Financial Highlights & Ratios
PEG Ratio-0.36
Price to Book (P/B)0.76
Price to Sales (P/S)11.15
P/FCF Ratio15.06
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£185.17Price Target Upside8.41% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)0.09
Revenue Forecast (FY)£363.68M
Tritax Big Box REIT Business Overview & Revenue Model
Company Description
Tritax Big Box REIT plc is a unique publicly listed company that specializes exclusively in the acquisition and management of substantial logistics distribution centers, commonly referred to as "Big Boxes," across the United Kingdom. The company's...
How the Company Makes Money
BBOX makes money primarily by generating rental income from leasing its logistics properties to tenants under contractual lease agreements. Rental revenue is supported by (i) the size and strategic location of its “big box” assets, which are typic...
Tritax Big Box REIT Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Feb 26, 2027
Earnings Call Sentiment Positive
The call highlighted multiple strong operational and financial achievements — notably robust rental and earnings growth, active capital recycling, a strengthened data center pipeline with nearly doubled secured power, and a resilient balance sheet — while acknowledging manageable near-term challenges including modest NAV decline, planning/timing risks, temporary vacancy from spec completions, some yield softening and sizeable near-term DC funding needs. Overall, positive momentum and visible near- to medium-term earnings runway outweigh the operational and valuation headwinds.Positive Updates
Substantial data center power secured and pipeline expansion
Added 235 MW of power, nearly doubling secured power to 507 MW; increases total current opportunity to over 1 GW and raises potential data center rental income from ~GBP 58m to between GBP 107m–119m, underpinning an upgraded adjusted EPS growth ambition to 65% by 2031 (from 50% by 2030).
Negative Updates
Modest decline in EPRA NTA and capital values
EPRA NTA per share fell 1% to 185.9p; portfolio capital value movement negative at -0.2% for the period, contributing to a reported total accounting return of 1.3% (underlying 1.6%) after impairments and true-up effects.
Read all updates
Q2-2026 Updates
Positive
Negative
Substantial data center power secured and pipeline expansion
Added 235 MW of power, nearly doubling secured power to 507 MW; increases total current opportunity to over 1 GW and raises potential data center rental income from ~GBP 58m to between GBP 107m–119m, underpinning an upgraded adjusted EPS growth ambition to 65% by 2031 (from 50% by 2030).
Read all positive updates
Company Guidance
Guidance from the call was that Tritax Big Box expects up to £400m of disposals in FY‑2026 (YTD £344m, H1 £259m; >£1bn recycled since Jan‑2023), long‑run logistics development CapEx of £200–250m p.a., and upgraded data‑center CapEx of £200–400m p.a. targeting 9–11% yields on cost, supporting an increased adjusted EPS growth ambition of 65% by 2031 (up from 50% by 2030). Operational and balance‑sheet metrics underpinning that guidance include H1 net rental income £173.3m (+16.2%), EPRA like‑for‑like rental growth 5.1%, adjusted EPS excl. DMA 4.41p (+7%), dividend 4.0p (+4.4%, 91% payout), portfolio value £7.7bn, EPRA NTA 185.9p (‑1%), LTV 32.9% (32.1% post period disposals), c.£530m liquidity, average debt maturity 4 years and average cost of debt 3.6%. The group also highlighted development and pipeline metrics: 1.2m sq ft under construction (c.£13m potential rent, 78% pre‑let), 0.6m sq ft completed (c.£6.9m potential rent, yield on cost >10%), nearly doubled secured DC power to 507MW (+235MW) within a >1GW opportunity, potential DC rental income rising from c.£58m to £107–119m, and up to c.£100m of DC development profit potentially recognizable in the current year, with Manor Farm first full income year expected in 2028.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 | 183.50M | -560.00M | 1.02B |
| 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 | 255.00M | 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
Neutral
170.80
Price Trends
159.97
Positive
153.98
Positive
153.11
Positive
Market Momentum
2.66
Positive
47.06
Neutral
43.49
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:BBOX, the sentiment is Neutral. The current price of 170.8 is above the 20-day moving average (MA) of 167.69, above the 50-day MA of 159.97, and above the 200-day MA of 153.11, indicating a neutral trend. The MACD of 2.66 indicates Positive momentum. The RSI at 47.06 is Neutral, neither overbought nor oversold. The STOCH value of 43.49 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | £4.53B | 9.61 | 7.73% | 5.27% | 15.13% | 29.40% | |
73 Outperform | £1.57B | 7.86 | 12.69% | 5.68% | 12.54% | 29.71% | |
71 Outperform | £4.62B | 15.42 | 5.78% | 4.73% | 36.45% | -26.38% | |
70 Outperform | £4.59B | 15.06 | 6.29% | 6.38% | 17.12% | -23.84% | |
70 Outperform | £13.06B | 44.76 | 2.46% | 3.18% | 6.58% | -52.02% | |
68 Neutral | £5.23B | 15.34 | 5.29% | 5.94% | 7.21% | -13.23% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
GB:BBOX
Tritax Big Box REIT
166.30
32.09
23.91%
GB:BLND
British Land Company plc
443.20
108.58
32.45%
GB:LAND
Land Securities Group plc REIT
714.50
166.88
30.47%
GB:LMP
LondonMetric Property
195.00
15.34
8.54%
GB:SGRO
Segro plc (REIT)
959.60
342.92
55.61%
GB:SRE
Sirius Real Estate
99.10
-0.51
-0.51%
Tritax Big Box REIT Corporate Events
Business Operations and StrategyPrivate Placements and FinancingShareholder Meetings
Tritax Big Box REIT Launches £350m Share Issue and Calls August General Meeting
Positive
Aug 6, 2026
Tritax Big Box REIT has published a shareholder circular detailing its proposed issue of new ordinary shares to raise approximately £350 million, and has called a general meeting for 24 August 2026 in London to seek investor approvals. The ti...
Business Operations and StrategyPrivate Placements and Financing
Tritax Big Box REIT Raises £350m to Accelerate Data Centre Expansion
Positive
Aug 6, 2026
Tritax Big Box REIT has raised approximately £350 million through a non-pre-emptive equity issue of 213.4 million new ordinary shares, priced at 164 pence and representing 7.9% of its pre-issue share capital. The new shares, placed with insti...
Business Operations and StrategyPrivate Placements and FinancingShareholder Meetings
Tritax Big Box REIT launches retail share offer to fund data centre and logistics growth
Positive
Aug 5, 2026
Tritax Big Box REIT has launched a conditional retail offer of new ordinary shares via RetailBook, alongside an institutional placing and director subscription, to broaden participation among UK retail investors. The offer, open to both existing a...
Business Operations and StrategyDividendsFinancial Disclosures
Tritax Big Box REIT boosts earnings as rental reversion and data centre strategy drive growth
Positive
Aug 5, 2026
Tritax Big Box REIT reported solid interim results for the six months to 30 June 2026, with net rental income rising 16.2% to £173.3 million and like-for-like rental growth of 5.1%, supported by the integration of the Blackstone portfolio and...
Business Operations and StrategyDividends
Tritax Big Box REIT Maintains Quarterly Dividend as It Builds Logistics and Data Centre Platform
Positive
Aug 5, 2026
Tritax Big Box REIT plc has declared an interim dividend of 2.00 pence per ordinary share for the quarter from 1 April to 30 June 2026, payable on or around 4 September 2026 to shareholders on the register as of 14 August 2026. The payment, design...
Business Operations and StrategyPrivate Placements and FinancingShareholder Meetings
Tritax Big Box seeks £350m to power data centre expansion
Positive
Aug 5, 2026
Tritax Big Box REIT plans to raise about £350 million through a placing, UK retail offer and director subscription to fund its expanding data centre and logistics development pipeline. The equity issue comes after the manager secured an extra...
Business Operations and StrategyFinancial Disclosures
Tritax Big Box REIT Sets Date for 2026 Half-Year Results and Investor Webcast
Neutral
Aug 4, 2026
Tritax Big Box REIT will publish its half-year results for the period to 30 June 2026 on 06 August, offering investors an update on financial and operational performance, strategic progress and key market insights. The company will host a webcast ...
Business Operations and StrategyLegal Proceedings
Tritax Big Box Wins Planning Consent for 107MW Slough Data Centre
Positive
Jul 27, 2026
Tritax Big Box REIT has secured planning consent for its 107MW Manor Farm data centre in the Slough Availability Zone, one of Europe’s most strategically important and supply-constrained markets. The successful conclusion of the judicial rev...
Business Operations and Strategy
Tritax Big Box signs related-party deal to deliver 125MW Chelmsford data centre
Positive
Jun 17, 2026
Tritax Big Box REIT has signed a development management agreement with Tritax Management LLP to deliver a 125MW data centre scheme in Chelmsford, Essex, its second major data centre project. Under the deal, the manager will provide planning, const...
Business Operations and Strategy
Tritax Big Box Wins Government Approval for Heathrow Data Centre
Positive
Jun 10, 2026
Tritax Big Box REIT plc, the UK’s largest listed investor in logistics warehouses and a FTSE 100 REIT, focuses on modern, strategically located logistics assets leased to institutional-grade tenants on long-term contracts. Leveraging a ̶...
Business Operations and StrategyRegulatory Filings and Compliance
Tritax Big Box Awaits July Decision on Heathrow Data Centre Plan
Positive
Jun 10, 2026
Tritax Big Box REIT has received confirmation that a planning decision from the UK Secretary of State on its proposed Manor Farm data centre near Heathrow is now expected on or before 7 July. The project has been designated as critical national in...
Business Operations and StrategyM&A Transactions
Tritax Big Box REIT Sells Six Logistics Assets for £199m to Fund Higher-Yield Projects
Positive
Jun 3, 2026
Tritax Big Box REIT has completed the sale of six logistics assets in Leamington Spa, Peterborough, Didcot and Kettering to EQT Real Estate for £199 million, with the properties sold at book value and generating £12 million in annual con...
Business Operations and StrategyDelistings and Listing ChangesPrivate Placements and Financing
Tritax Big Box REIT Adds Over 12 Million New Shares to LSE Listing
Positive
May 8, 2026
Tritax Big Box REIT has admitted 12,375,336 new ordinary shares of £0.01 each to trading on the London Stock Exchange’s Main Market, bringing its total shares in issue to 2,714,497,501. The new shares are fully fungible with the existin...
Regulatory Filings and Compliance
Tritax Big Box REIT Confirms Total Voting Rights and Share Capital
Neutral
May 8, 2026
Tritax Big Box REIT plc has confirmed that, as of 8 May 2026, its issued share capital comprises 2,714,497,501 ordinary shares of 1 pence each, all carrying equal voting rights and with no shares held in treasury. This disclosure provides investor...
Business Operations and StrategyDividends
Tritax Big Box REIT Announces First-Quarter 2026 Interim Dividend
Positive
May 7, 2026
Tritax Big Box REIT has declared an interim dividend of 2.00 pence per ordinary share for the period from 1 January to 31 March 2026, to be paid in June to shareholders on the register in May. The payment is designated as a Property Income Distrib...
Business Operations and StrategyShareholder Meetings
Tritax Big Box REIT Wins Strong Shareholder Backing at 2026 AGM
Positive
May 7, 2026
Tritax Big Box REIT reported that all resolutions at its 7 May 2026 Annual General Meeting were passed on a show of hands, covering approval of the 2025 financial statements, the directors’ remuneration report, and the re-election of all boa...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Tritax Big Box boosts income and development pipeline as logistics and data centre strategy advances
Positive
May 7, 2026
Tritax Big Box REIT reported strong year‑to‑date operational progress, adding £10.8 million of annual income through asset management and development while capturing record rental reversion, particularly from logistics and urban a...
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.