Tritax Big Box reported earnings drop, net rental income grows
By Iain Gilbert
Date: Wednesday 06 Aug 2025
(Sharecast News) - Logistics-focused landlord Tritax Big Box REIT said on Wednesday that it had delivered a solid H1 performance, with rental growth, development momentum, and a strategic pivot into data centres helping offset a dip in reported earnings.
Tritax said net rental income rose 17.3% to £149.2m, lifting operating profits 16.4% to £144.1m, and adjusted earnings per share 6.4% to 4.63p. It also said its portfolio value climbed from ££6.55bn to £6.82bn, supported by stable yields and development gains.
However, Tritax noted that IFRS earnings per share had fallen 26.5%, reflecting non-recurring items and higher costs linked to its recent acquisition of UKCM.
Tritax flagged a 28.9% rental reversion opportunity across its logistics portfolio, with £64m of upside expected to be captured within three years.
Development activity added £5.6m to contracted rent, with 2.5m square feet under construction and strong pre-let interest and also noted that it had secured its second major data centre site, targeting yields of up to 11% and £25m in annual rent.
Tritax added that its loan-to-value ratio had risen to 30.9%, though it said disposals totalling £278m year-to-date would help self-fund future growth.
Cairman Aubrey Adams said: "Our resilient income profile is underpinned by long-duration contracted revenues, from strong clients on triple-net leases, while our three clear growth drivers provide the potential to grow adjusted earnings by 50% by the end of 2030.
"Recent development letting activity evidences the growing occupational interest in our sites - momentum we expect to build in the second half of the year."
Reporting by Iain Gilbert at Sharecast.com
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