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
â–²(1.39% Upside)
Action:Reiterated
Date: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
Embedded rental upside & development pipeline
A large embedded reversion (~37%, ~£27m) plus a meaningful development pipeline (1.8m sq ft under construction, 53% pre‑let) provides durable, internally realizable uplift to rents and NAV. Successful capture of reviews and pre‑lets supports medium-term recurring income and value creation.
Negative Factors
Rising leverage & capitalized interest
Debt increased to partly fund acquisitions, and capitalized interest jumped materially (~2.5x), raising interest service and cash conversion risk. Higher leverage limits financial flexibility, heightens sensitivity to rate moves, and could constrain dividends or opportunistic investment if macro or funding conditions worsen.
Read all positive and negative factors
Positive Factors
Negative Factors
Embedded rental upside & development pipeline
A large embedded reversion (~37%, ~£27m) plus a meaningful development pipeline (1.8m sq ft under construction, 53% pre‑let) provides durable, internally realizable uplift to rents and NAV. Successful capture of reviews and pre‑lets supports medium-term recurring income and value creation.
Read all positive factors
Tritax Big Box REIT (BBOX) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£4.06B
Dividend Yield5.3%
Average Volume (3M)6.17M
Price to Earnings (P/E)10.6
Beta (1Y)1.21
Revenue Growth36.45%
EPS Growth-26.38%
CountryUK
EmployeesN/A
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-0.35
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
£181.57Price Target Upside14.34% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)0.09
Revenue Forecast (FY)£360.76M
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
Positive
158.80
Price Trends
147.99
Positive
153.67
Negative
146.73
Positive
Market Momentum
-0.66
Negative
52.12
Neutral
63.01
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:BBOX, the sentiment is Positive. The current price of 158.8 is above the 20-day moving average (MA) of 148.20, above the 50-day MA of 147.99, and above the 200-day MA of 146.73, indicating a bullish trend. The MACD of -0.66 indicates Negative momentum. The RSI at 52.12 is Neutral, neither overbought nor oversold. The STOCH value of 63.01 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | £1.57B | 4.93 | 12.27% | 5.71% | 4.79% | 37.75% | |
75 Outperform | £4.06B | 7.83 | 7.75% | 5.85% | 15.13% | 29.20% | |
73 Outperform | £4.06B | 10.57 | 5.78% | 5.30% | 36.45% | -26.38% | |
71 Outperform | £9.67B | 17.68 | 3.51% | 4.25% | 7.56% | -8.46% | |
70 Outperform | £4.36B | 6.37 | 6.29% | 6.67% | 17.12% | -23.67% | |
61 Neutral | £4.67B | 11.98 | 5.29% | 6.34% | 7.21% | -13.40% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
GB:BBOX
Tritax Big Box REIT
149.40
16.32
12.27%
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396.20
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9.62%
GB:LAND
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630.00
49.97
8.62%
GB:LMP
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1.83
0.99%
GB:SGRO
Segro plc (REIT)
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14.44%
GB:SRE
Sirius Real Estate
99.10
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14.85%
Tritax Big Box REIT Corporate Events
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...
Business Operations and StrategyFinancial Disclosures
Tritax Big Box secures 20‑year Currys leases at Newark logistics hub
Positive
Apr 23, 2026
Tritax Big Box REIT has signed two 20‑year leases with Currys at Tritax Park Newark, securing £9.5 million of annual rent across 1.2 million sq ft of logistics space and underlining its dual role as long‑term investor and develope...
Business Operations and StrategyRegulatory Filings and ComplianceShareholder Meetings
Tritax Big Box REIT Sets 2026 AGM and Publishes 2025 Annual Report
Positive
Apr 7, 2026
Tritax Big Box REIT has called its 2026 Annual General Meeting for 7 May in London and has made its AGM notice, proxy form and 2025 annual report available via the UK National Storage Mechanism and the company’s website. The disclosure, whic...
Regulatory Filings and Compliance
Tritax Big Box REIT Reports Administrative Share Transfers by PDMR Associates
Neutral
Mar 25, 2026
Tritax Big Box REIT has disclosed that three persons closely associated with Henry Franklin, a person discharging managerial responsibilities at the company, transferred their holdings of ordinary shares into individual savings accounts on 23 Marc...
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...
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.