Business
Results for the year ended 31 December 2025
Tritax Big Box REIT plc reported a strong year ended December 31, 2025, with net rental income increasing by 10.6% to £305.3 million and adjusted earnings per share (excluding additional DMA income) rising by 4.1% to 8.38 pence. The company's portfolio value grew by 20.5% to £7.89 billion, supported by acquisitions and asset management initiatives, while the loan-to-value ratio increased to 33.2%. The company also advanced its strategic growth drivers, including capturing record rental reversion, developing logistics assets, and launching its data centre program, with a dividend per share of 8.00 pence declared, a 4.4% increase from the previous year. Disclaimer*
About this update from Tritax Big Box Reit Plc
[{"type":"text","content":"\n\n\n \n\nResults for the year ended 31 December 2025\n27 February 2026\n\nEntering 2026 with strong momentum across our growth drivers\nRecord rental reversion - growing logistics development momentum - data centres primed for launch\n \n\n\n\n\nFinancial Summary\n\n\n31 December 2025\n\n\n31 December 2024\n\n\nChange\n\n\n\n\nNet rental income\n\n\n£305.3m\n\n\n£276.0m\n\n\n10.6%\n\n\n\n\nOperating profit1 \n\n\n£281.6m\n\n\n£265.3m\n\n\n6.1%\n\n\n\n\nAdjusted earnings2\n\n\n£223.8m\n\n\n£201.7m\n\n\n11.0%\n\n\n\n\nAdjusted earnings per share (ex. additional DMA income) 3, 6 \n\n\n8.38p\n\n\n8.05p\n\n\n4.1%\n\n\n\n\nIFRS earnings per share \n\n\n14.39p\n\n\n19.67p\n\n\n-26.8%\n\n\n\n\nDividend per share \n\n\n8.00p\n\n\n7.66p\n\n\n4.4%\n\n\n\n\nDividend payout ratio (ex. additional DMA income) 3, 6 \n\n\n95%\n\n\n95%\n\n\n0.0pts\n\n\n\n\nTotal Accounting Return \n\n\n5.5%\n\n\n9.0%\n\n\n-3.5pts\n\n\n\n\nEPRA cost ratio (excluding vacancy cost) 6 \n\n\n12.4%\n\n\n12.6%\n\n\n-0.2pts\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nContracted annual rent roll \n\n\n£360.9m\n\n\n£313.5m\n\n\n15.1%\n\n\n\n\nEPRA Net Tangible Assets per share6 \n\n\n 187.76p\n\n\n185.56p\n\n\n1.2%\n\n\n\n\nIFRS net asset value per share \n\n\n187.22p\n\n\n184.12p\n\n\n1.7%\n\n\n\n\nPortfolio value4, 6 \n\n\n£7.89bn\n\n\n£6.55bn\n\n\n20.5%\n\n\n\n\nLoan to value (LTV)6 \n\n\n33.2%\n\n\n28.8%\n\n\n+4.4pts\n\n\n\n\n \nCommenting, Aubrey Adams, Chair of Tritax Big Box REIT, said:\n\"Over the past year, Tritax Big Box has taken important strategic steps that reinforce both the capabilities of our platform and our growth drivers. The successful integration of the UKCM logistics assets, together with the portfolio acquisition from Blackstone, has created a meaningful c.20% exposure to urban logistics, strengthening our end-to-end offer and further cementing our leadership position across the UK supply-chain spectrum.\n\"In parallel, we have launched our data centre programme, pioneering an innovative 'power-first' approach that unlocks opportunities in digital infrastructure. In just 12 months, we have assembled a high-quality pipeline and made significant progress, positioning the company to generate exceptional returns for Big Box shareholders from the most compel...