Tritax Big Box Reit Plc · LSE:BBOX
Tritax Big Box Reit — FY2024 Earnings Presentation
49 slides from Tritax Big Box Reit's earnings presentation, Feb 28, 2025
Slide 1: Record Rental Reversion, Attractive Development Pipeline, Compelling Data Centre Opportunities
RECORD RENTAL REVERSION ATTRACTIVE DEVELOPMENT PIPELINE COMPELLING DATA CENTRE OPPORTUNITIES Full-year results for the year ended 31 December 2024 28 February 2025 1 Private and Confidential | Copyright 2025 | Tritax Big Box REIT plc
Slide 2: Agenda
AGENDA Aubrey Adams Chairman 01 Chairman’s introduction Aubrey Adams, Chairman Colin Godfrey CEO 02 Key messages Colin Godfrey, CEO 03 Financial & operational review Frankie Whitehead, CFO Frankie Whitehead CFO 04 Strategic update Colin Godfrey, CEO 05 Q&A Ian Brown Head of Corporate Strategy & IR 2
Slide 3: Excellent Progress
EXCELLENT PROGRESS In a strategically transformative year 3 Private and Confidential | Copyright 2025 | Tritax Big Box REIT plc
Slide 4: Excellent Performance Across the Company in a Strategically Transformative Year
EXCELLENT PERFORMANCE ACROSS THE COMPANY IN A STRATEGICALLY TRANSFORMATIVE YEAR Excellent financial and Strong ongoing strategy Three powerful operational performance, execution, with drivers to propel underpinned by a robust supportive markets multi-year growth balance sheet ➢ 39% increase in contr
Slide 5: Financial and Operational Review
FINANCIAL AND OPERATIONAL REVIEW Our active approach has delivered excellent performance 5 Private and Confidential | Copyright 2025 | Tritax Big Box REIT plc
Slide 6: Excellent Operational Performance, Attractive Income-Driven Total Accounting Return
EXCELLENT OPERATIONAL PERFORMANCE ATTRACTIVE INCOME-DRIVEN TOTAL ACCOUNTING RETURN Adjusted EPS Adjusted EPS1 Dividend per share (ex-additional DMA income) +15.0% +3.9% +4.9% 8.91p 8.05p 7.66p FY23: 7.75p FY23: 7.75p FY23: 7.30p EPRA NTA per share +4.7% Total Accounting Return +6.8pts 185.6p 9.0% FY
Slide 7: Growing Rental Income and Cost Efficiencies Driving Earnings and Dividend Growth
GROWING RENTAL INCOME AND COST EFFICIENCIES DRIVING EARNINGS AND DIVIDEND GROWTH Income statement Securing future growth (as at 31-Dec-24) £ MILLION FY24 FY23 CHANGE £ million +33% Net rental income 276.0 222.1 +24.3% 395.4 Capturing record reversion and Other operating income (DMA) 23.0 - - leasing
Slide 8: High Quality Portfolio Supporting Returns, Disposals Funding Growth
HIGH QUALITY PORTFOLIO SUPPORTING RETURNS DISPOSALS FUNDING GROWTH OPPORTUNITIES Development capex Investment capex UKCM acquisition Balance sheet (excluding UKCM acquisition) FY24 FY23 CHANGE £222 million £48 million £1.2 billion Portfolio value1 (£m) 6,547.9 5,030.4 +30.2% FY23: £208 million FY23:
Slide 9: Return to Value Growth Through FY24, Total Accounting Return of 9.0%
RETURN TO VALUE GROWTH THROUGH FY24 DELIVERING ATTRACTIVE TOTAL ACCOUNTING RETURN OF 9.0% Portfolio growth in the period resulted both from the existing We have delivered our highest Total Accounting Return since 2021 assets and a net gain on the recent UKCM acquisition Overall gain: £244m +3.7% Net
Slide 10: Strong Letting Activity, Active Management Added £11.9 Million
STRONG LETTING ACTIVITY ACTIVE MANAGEMENT ADDED £11.9 MILLION FY24 lease events increased passing rent by 12.5% Further income growth opportunity through leasing up vacancy Vacancy 2.4% % of portfolio Review type Rent uplift Absolute rent uplift 18.1% Inflation-linked +7.7% £4.1m Open market / 4.0%
Slide 11: Developing Best-in-Class Logistics Assets, £11.1 Million Contracted Rent Secured
DEVELOPING BEST-IN-CLASS LOGISTICS ASSETS £11.1 MILLION OF CONTRACTED RENT SECURED Development letting pipeline Development 0.8 million sq ft £7.4 million completions let added to passing rent FY23: 1.9 million sq ft Development starts 1.9 million sq ft1 £14.4 million (including DMA) FY23: 1.7 milli
Slide 12: Sustainability Is Fully Integrated and Contributes to Preserve and Create Value
SUSTAINABILITY IS FULLY INTEGRATED Client-focused & sustainability -led AND CONTRIBUTES TO PRESERVE AND CREATE VALUE Market-leading We have delivered substantial progress across our four sustainability pillars performance 1. EPC C or above 98% BREEAM Very Good or above 100% SUSTAINABLE (investment (
Slide 13: Strong Balance Sheet Supporting Growth Drivers
STRONG BALANCE SHEET SUPPORTING GROWTH DRIVERS WELL-INSULATED FROM INCREASING INTEREST COSTS Diversified, staggered and long-term committed debt portfolio1 (as at 31 December 2024) Rental reversion capture alone outstrips finance cost increases2 £ million £150 million Undrawn £ million £62.4m extens
Slide 14: Attractive Opportunities to Enhance Returns, Accretive Capital Allocation
ATTRACTIVE OPPORTUNITIES TO ENHANCE RETURNS ACCRETIVE CAPITAL ALLOCATION Multiple attractive opportunities to deploy capital Disciplined approach to capital allocation and funding 11 Yield on cost (%) FY25 Capex Indicative returns 10 Logistics £200-250 million 7-8% Manor Farm Phase 1: development 9
Slide 15: Excellent Performance Over the Year, Optimally Positioned for the Future
EXCELLENT PERFORMANCE OVER THE YEAR OPTIMALLY POSITIONED FOR THE FUTURE 1 2 3 4 Attractive Improving total Asset disposals Attractive earnings growth, accounting and strong options to further returns driven by balance sheet deploy capital enhanced by income growth supporting our DMA income strategy
Slide 16: Strategy Update
STRATEGY UPDATE Strong ongoing execution of our priorities 16 Private and Confidential | Copyright 2025 | Tritax Big Box REIT plc
Slide 17: Excellent Performance Enabled by Ongoing Investment in Capabilities
EXCELLENT OPERATIONAL AND FINANCIAL PERFORMANCE ENABLED BY ONGOING INVESTMENT IN CAPABILITIES Tritax Management has deep sector …supported by ongoing investment in an …all delivered to Tritax Big Box cost experience and an entrepreneurial culture… engaged team… effectively Sector Investment in A com
Slide 18: Logistics' Fundamentals Remain Well Balanced
LOGISTICS’ FUNDAMENTALS REMAIN WELL BALANCED DIVERSE DEMAND AND STABLE SUPPLY £8 billion transacted in 2024, of which £3.1 billion was big box Demand remains diverse, while supply has seen a reset logistics. Repriced yields still at 5.25% M sq ft % £b / % Take up Completions Vacancy (rhs) Big box lo
Slide 19: Data Centre Demand-Supply Trends Highly Supportive
DATA CENTRE DEMAND-SUPPLY TRENDS HIGHLY SUPPORTIVE EXPECTED TO DRIVE RENTAL GROWTH AI is one of several use-cases driving global growth in demand Step change in demand since 2021, with supply constrained for data centre capacity Gigawatts London take up (MW) London new supply (MW) 250 Average Global
Slide 20: Strategic Priorities Have Created Three Clear Growth Drivers
STRATEGIC PRIORITIES HAVE CREATED THREE CLEAR GROWTH DRIVERS Developing logistics assets Compounding Capture record 1 Growth High-quality income at yield on cost driver rental reversion and of 6-8% and assets data centres at attracting active management 8-10% world leading customers 2 Growth driver
Slide 21: Capturing Record Rental Reversion
CAPTURING RECORD RENTAL REVERSION 1 Growth driver £79.2 MILLION OF POTENTIAL ADDITIONAL RENTAL INCOME Stakehill Doncaster Total reversion; record logistics reversion of 28%... ➢ New 15-year lease ➢ Reversionary lease for a £ million ➢ Rent 38% higher than 15.5-year term 400 28% prior letting ➢ Signi
Slide 22: Portfolio Focused on High-Quality Logistics, UKCM Assets Add Growth Opportunities
PORTFOLIO FOCUSED ON HIGH-QUALITY LOGISTICS 1 Growth driver UKCM ASSETS ADD GROWTH OPPORTUNITIES The UKCM portfolio complements our existing assets, which are: TBBR UKCM Logistics assets *Some locations include multiple Let to Leased on assets on a single site Modern Sustainable Multi-sized strong a
Slide 23: Optimising Our Investment Portfolio, £306.2 Million of Disposals
OPTIMISING OUR INVESTMENT PORTFOLIO 1 Growth driver £306.2 MILLION OF DISPOSALS To date, 38% of UKCM non-strategic assets sold at 2.8% premium Capital successfully recycled into acquisitions Target to divest non-strategic assets within 24 months of acquisition. Progress ahead of expectations reflect
Slide 24: Extensive Development Programme, £323 Million Rental Income Opportunity
EXTENSIVE DEVELOPMENT PROGRAMME 2 Growth driver £323 MILLION RENTAL INCOME OPPORTUNITY Pipeline has the potential to deliver £323 …at a compelling Development case study: Kettering million… yield on cost Pipeline Rental income (£ million) at today’s ERV c.1 Current Near term 21.8 53.7 6-8% million s
Slide 25: 'Power-First' Approach to Data Centres
‘POWER-FIRST’ APPROACH TO DATA CENTRES 3 Growth driver OPPORTUNITY FOR EXCEPTIONAL “POWERED SHELL” RETURNS Innovative “power-first” • Innovative ‘power-first’ approach to access critical grid connection agreements approach • Availability of power is key to unlocking data centre opportunities within
Slide 26: Prime London Data Centre Opportunity, Up to 147 MW Scheme
PRIME LONDON DATA CENTRE OPPORTUNITY 3 Growth driver UP TO 147 MW SCHEME IN KEY SLOUGH AVAILABILITY ZONE Manor Farm, Slough Heathrow M25 M4 M4 M4 A4 M25 Heathrow Airport M25 9.3% YOC 107 MW deliverable by Planning determination Phase 2 Phase 1 >40% profit on cost 40 MW data centre H2 2027 expected H
Slide 27: Our Three Growth Drivers Combined Significantly Grow Rental Income
OUR THREE GROWTH DRIVERS COMBINED REVERSION, LOGISTICS CREATE OPPORTUNITY TOAND DATA CENTRE SIGNIFICANTLY DEVELOPMENT GROW RENTAL INCOME Progression1 of annual passing rent towards a total opportunity of over £730 million – an uplift of over £425 million… £ million Growth driver 248 01 Reversion cap
Slide 28: Excellent Performance Across the Company in a Strategically Transformative Year
EXCELLENT PERFORMANCE ACROSS THE COMPANY IN A STRATEGICALLY TRANSFORMATIVE YEAR Multi-year growth drivers 1 Growth Excellent financial and driver Capture record rental reversion operational and active management performance, underpinned by a robust balance sheet 2 Growth driver Attractive logistics
Slide 29: Appendix 1
APPENDIX 1 Supporting materials for the 2024 full-year results 29 Private and Confidential | Copyright 2025 | Tritax Big Box REIT plc
Slide 30: Consistently Growing Recurring Income
CONSISTENTLY GROWING RECURRING INCOME EPRA NAV/NTA per share Contracted rent Adjusted EPS Dividend per share (pence)1 (£ million) (pence) (pence) Additional 222.6 313.5 DMA income 8.91 7.66 8.23 7.30 7.75 7.79 6.90 7.00 180.4 185.6 8.05 6.70 6.70 175.6 177.2 7.17 6.40 6.40 6.88 6.64 6.20 225.3 7.38
Slide 31: Modern Assets in a Range of Sizes and Locations
MODERN ASSETS IN A RANGE OF SIZES AND LOCATIONS… • Modern assets with an … with strong EPC … in a range of Modern buildings1… …and sizes3 average building age of 10 ratings1… locations2… years • Well-configured, flexible space with significant eaves’ heights 2% • 98% of portfolio rated EPC 2% 3% 11%
Slide 32: Let to a Diversified Range of Large Customers on Attractive Lease Terms
…LET TO A DIVERSIFIED RANGE OF LARGE CUSTOMERS ON ATTRACTIVE LEASE TERMS Long-dated …with a range of upward- …. and 128 clients across a diverse range sectors leases… only review types… frequencies. 5% 2% 9% 2% 13% 15% 25% Homewares & DIY, 18% Other Retail, 11% 11% 31% 45% 21% Online retail, 22% Dat
Slide 33: Guidance Building on Our Performance
GUIDANCE BUILDING ON OUR PERFORMANCE Guidance Portfolio Rental reversion capture Opportunity to capture 79% by 2027 Logistics – FY25 development capex £200-250 million Logistics – FY25 Development yield on cost Targeting 7-8% for FY 2025 logistics development starts Development Data centre – FY25 de
Slide 34: Record Earnings Performance Delivered Through Successful Strategic Execution
RECORD EARNINGS PERFORMANCE DELIVERED THROUGH SUCCESSFUL STRATEGIC EXECUTION Delivering attractive earnings growth of 15%1 Growth in adjusted earnings +4% +15% 0.45p 0.86p 0.25p (0.35p) 0.36p 0.31p 0.18p (0.82p) (0.13p) 8.91p 8.72p 8.82p 8.42p 8.06p 8.00p 7.87p 7.87p 8.05p 8.05p 7.75p 7.75p FY23 Inv
Slide 35: EPRA NTA Movement
EPRA NTA MOVEMENT Movement in EPRA net tangible asset (NTA) value per share Total NTA increase +5% 2.64p overall 4.78p (0.34)p 0.35p 8.16p (7.05)p (0.13)p +4% 192.39p 192.39p 190.09p 185.31p 185.69p 185.56p 185.56p capital valuation surplus 177.15p 177.15p across total portfolio EPRA NTA Operating I
Slide 36: Rental Reviews and Expiries
RENTAL REVIEWS AND EXPIRIES FY25 FY26 FY27 % of % of % of Review type Frequency Rent (£m) contracted ERV (£m) Rent (£m) contracted ERV (£m) Rent (£m) contracted ERV (£m) Indexation Annual 32.5 10.4 38.4 32.5 10.4 38.4 32.5 10.4 38.4 5-yearly 8.2 2.6 9.6 26.7 8.5 33.2 17.6 5.6 22.6 OMR / Hybrid Annua
Slide 37: UK's Largest Logistics Focused Land Platform
UK’S LARGEST LOGISTICS FOCUSED LAND PLATFORM TBBR land assets 25 SITES c.37.2m SQ FT Across the UK Potential developable space <15% <5% of GAV development as proportion of of GAV exposure to speculative overall portfolio development Note: Map is illustrative. Some locations include multiple site pha
Slide 38: Current Development Pipeline
CURRENT DEVELOPMENT PIPELINE Estimated cost to complete (by period) Contractual H1 2025 H2 2025 H1 2026 Total Total Sq Ft Rent / ERV £m £m £m £m million £m Current Speculative 24.0 0.5 0.3 24.8 0.7 5.7 Development Current Let / Pre- 24.6 44.8 7.0 76.4 1.2 16.1 Let Development Total 48.6 45.3 7.3 101
Slide 39: Dynamic Pipeline of Development Opportunities
DYNAMIC PIPELINE OF DEVELOPMENT OPPORTUNITIES Unallocated/allocated PLANNING PROCESS Online consent STAGE Detailed consent TRITAX Future Current BIG BOX Near-term development pipeline development development pipeline PIPELINE TIMING Longer-term land held Potential development starts in the Potential
Slide 40: Medium-Term Development Pipeline
MEDIUM-TERM DEVELOPMENT PIPELINE Near-term development Current book value Estimated cost to ERV Total sq ft million pipeline £ million completion £ million £ million Potential near term starts within 1.9m 49.4 207.3 20.9 12 months Potential near term starts within the following 12- 24 3.8m 67.5 418.
Slide 41: Portfolio Value
PORTFOLIO VALUE £ million 31 December 2024 31 December 2023 Investment property 5,929.4 4,843.7 Other property assets 1.7 2.3 Land options (at cost) 148.8 157.4 Share of Joint Ventures 24.4 24.7 Financial assets 3.2 2.2 Held For Sale 440.4 - Portfolio value 6,547.9 5,030.4 41 Private and Confidentia
Slide 42: Portfolio Debt Summary
PORTFOLIO DEBT SUMMARY Loan commitment Amount drawn Carrying value per balance Lender Asset security Maturity (£ million) (as at 31 December 2024, £ million) sheet (£ million) Loan Notes 2.625% Bonds 2026 None Dec 2026 250.0 250.0 249.8 2.86% Loan notes 2028 None Feb 2028 250.0 250.0 250.0 2.98% Loa
Slide 43: Appendix 2
APPENDIX 2 Our market, strategy, structure and investment case 43 Private and Confidential | Copyright 2025 | Tritax Big Box REIT plc
Slide 44: Our Strategy Is at the Forefront of Global Structural Trends
OUR STRATEGY IS AT THE FOREFRONT OF GLOBAL STRUCTURAL TRENDS Structural trends Shifting consumer behaviour Evolving supply chain… Drive for sustainability E-commerce / omni- Employee attraction Digitalisation Increased resilience Greater efficiency Decarbonisation channel retail and wellbeing • Cons
Slide 45: Our Path to Net Zero
OUR PATH TO ESG NET ZERO 1 ACQUISITION – UNDERSTANDING REDUCING 2 DEVELOPMENT – ASSET 3 MANAGEMENT – DATA – 4 UNDERSTANDING 5 TECHNOLOGY – IMPROVING DATA CARBON RISK EMBODIED CARBON REDUCING OUR EMISSIONS QUALITY OPERATIONAL CARBON & ACCESS • Our targets • Updated low carbon • Detailed customer • 93
Slide 46: Benefits of Our Structure
BENEFITS OF OUR STRUCTURE STRUCTURE BENEFITS • Dedicated team focused on TBBR with significant “skin in the game” INDEPENDENT • Facilitates cross sharing of ideas and best practice NON-EXECUTIVE BOARD • TBBR shareholders benefit from lower costs - administrative • resources spread across larger TML
Slide 47: Investment Case: Growth Underpinned by Quality and Efficiency
INVESTMENT CASE GROWTH UNDERPINNED BY QUALITY AND EFFICIENCY Attractive logistics Active developments Compelling management data centre & reversion opportunities capture Growth Modern Strong assets balance & critical Growing income sheet locations Progressive dividend Capital appreciation Quality Ef
Slide 48: Portfolio Track Record
PORTFOLIO TRACK RECORD FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 Contracted rental income1 £180.6m £195.6m £224.0m £225.3m £313.5m EPRA cost ratio 14.2% 13.9% 15.7% 13.1% 13.6%3 Adjusted EPS 7.17p 8.23p 7.79p 7.75p 8.91p Dividend per share 6.40p 6.70p 7.00p 7.30p 7.66p Dividend payout ratio 90% 91% 93
Slide 49: Disclaimer
DISCLAIMER THIS DOCUMENT IS STRICTLY CONFIDENTIAL AND IS BEING PROVIDED TO YOU SOLELY FOR GENERAL As with all investments investors' capital is at risk. Target returns may not be achieved, and investors may not get back their INFORMATION ONLY REGARDING TRITAX BIG BOX REIT PLC. INVESTORS SHOULD NOT S