Tritax Big Box REIT disclosed a material rise in rents following open-market reviews, registering increases in the region of 40% for those reviews. The company said that about 21% of its contracted rent will still be subject to review during the rest of 2026.
Across all lease events, the REIT reported a 13.3% uplift. Within that aggregate figure, lease events tied to assets from its UK Commercial Property REIT operations produced rental increases of 14.5%, while urban assets acquired from Blackstone delivered reversionary uplifts of 24.3%.
The firm recorded a 28% rental reversion overall and lowered portfolio vacancy to 5% from 5.6% at the end of December. The portfolio composition has also shifted, with big box holdings now accounting for 81% of the portfolio and urban exposure making up 19%. That compares with an 89% to 11% big box-to-urban split at the end of 2025.
Tritax Big Box is awaiting a planning decision on the 107-megawatt Manor Farm data centre site at Heathrow, with a decision due by June 9. The company said that, should planning permission be granted, it intends to pursue a powered-shell development together with a pre-let agreement. A second data centre site in Chelmsford is also waiting on a planning outcome.
The company noted that it holds a first right of refusal on additional opportunities that, if executed, could add approximately 1 gigawatt of further data centre capacity.
On the capital recycling front, Tritax Big Box completed £270 million of asset disposals year-to-date, with the proceeds earmarked to reduce its loan-to-value ratio toward the lower end of its stated 30% to 35% target range.
For development returns, management maintained guidance of a 6% to 8% yield on cost for projects underway, and said work in progress is secured under fixed-price contracts.
Market context around logistics was also provided. The UK logistics market recorded take-up of 5.3 million square feet in the first quarter of 2026, down from 6.0 million square feet in the first quarter of 2025. Vacancy rates in the broader logistics market fell by 32 basis points to 6.8% over the referenced period. Speculative space under construction declined to 6.2 million square feet from 6.8 million square feet in the fourth quarter of 2025, and prime valuation yields remained stable at 5.25% through the first quarter.
Financial targets and market metrics were reiterated. The company reaffirmed its goal of 50% earnings growth by the end of 2030, measured from adjusted earnings of 3,482.4 million in 2024. Shares were noted to trade at a 19% discount to net asset value and to offer a 5.5% dividend yield.
What this means
- Rent reviews completed to date have produced strong uplifts, contributing to improved portfolio cashflow prospects.
- Planning outcomes for the Manor Farm and Chelmsford data centre sites represent potential near-term catalysts for the company 's asset mix and future income streams.
- Asset disposals are being used to strengthen the balance sheet by lowering loan-to-value toward the lower bound of the stated 30% to 35% target range.
These developments combine operational rental momentum with active capital management, while the pending planning decisions for data centre schemes add an element of conditional upside contingent on approvals.