Tritax Big Box REIT (BBOX) Investor Update summary

Strategic Growth Drivers and Market Positioning

• Targeting 50% adjusted earnings growth by 2030 through asset management, logistics development (6-8% yield on cost), and data centre opportunities (9-11% yield on cost).

• Maintains a UK logistics focus, complemented by urban, last-mile, and data centre assets, with capital recycling and portfolio optimization.

• Strong track record in rental income growth, dividend progression, and sector-leading shareholder returns, with over £71 million annualised rent added since 2019.

• Ongoing investment in sector expertise, in-house capabilities, and cost-effective management platform underpins performance.

• Integration of UKCM assets has added £4.2 million to contracted rent and accelerated non-strategic disposals.

Market Fundamentals and Demand Drivers

• UK logistics market benefits from e-commerce, digitalisation, supply chain evolution, and sustainability trends.

• Supply constraints, limited speculative development, and high barriers to new stock underpin rental growth.

• Demand remains resilient and diverse, with two-thirds absorbed by new buildings and vacancy for new space stabilising.

• Prime headline rents continue to rise, with medium- to long-term rental growth forecast at 3-5% and record spreads between prime and secondary rents.

• Economic backdrop is improving, supporting further rental growth and robust occupier demand.

Logistics Development and Land Strategy

• Largest logistics-focused land portfolio in the UK, with 25 sites and 38.6 million sq ft potential developable space, assembled through long-term, capital-efficient land options.

• Land options structure reduces risk, ensures capital efficiency, and secures discounts to market value.

• Development pipeline is phased, with projects at all stages and a mix of pre-let and speculative activity.

• Flexible delivery models: build-to-suit (preferred), speculative, and DMAs, with 60%+ of delivery as build-to-suit.

• DMA income guidance for FY25 is £10 million, with longer-term guidance of £3-5 million per annum.