Tritax Big Box REIT plc

Good morning and thank you for joining us. With me this morning are Aubrey Adams, the chairman of Tritax Big Box, and Colin Godfrey and Frankie Whitehead, the CEO and CFO. We are very pleased to be announcing our results for the full year ended 31st of December 2024. As always, this presentation is being recorded and a replay and transcript will be made available on our website shortly afterwards. There will also be an opportunity for investors and analysts to ask questions to the team at the end of the presentation. You can do this through the webcast or via the phone using the details in this morning's announcement. In the interest of time, we will try and aggregate similar questions we receive through the webcast. I'll now hand you over to Aubrey to begin this morning's presentation.

Good morning and thank you for joining us today. As we outlined in our announcement this morning, 2024 was a transformational year for Tritac's big box. We delivered significant strategic progress and in parallel excellent operational and financial performance. As Colin and Frankie will outline in more detail, the integration of the assets we acquired through UKCM has proceeded well and we're working quickly to capture the value it creates. Operationally, development and active management have driven strong earnings growth supporting attractive dividend progression and there is much more to come that is embodied within our business. In addition to logistics, we now have a pipeline of data center opportunities, thanks to the manager's power-first approach, with the potential to deliver exceptional returns for our shareholders. As a board, we've been very engaged with the manager in evaluating these opportunities over the course of the year. I'd like to take this opportunity to thank my fellow directors for their valuable contribution and the members of the manager for their hard work and entrepreneurial drive throughout the year. I'd also like to thank our shareholders for their ongoing support. I will now hand over to Colin for today's presentation.

Thank you, Aubrey. I'll begin by making a few key points on today's results, and then I'll hand you over to Frankie to run you through the detail, after which I'll then provide a strategic update on our progress before opening up to your questions. As Aubrey mentioned in his introduction, we've driven excellent financial and operational performance this year. And at the same time, we've delivered a significant strategic transformation. We've increased rental income, actively managed our quality portfolio to produce strong levels of ERV growth, creating a record rental reversion and delivered materially improved total returns. In parallel, we've successfully integrated the UKCM assets and are making great progress at maximising their value. Our disposal programme, particularly the non-strategic element of UKCM, is ahead of schedule. So we've delivered against the targets we set. And we've also launched our innovative power-first approach to data centres. Benefiting from the long-term structural support to our market and a strong and flexible balance sheet, we're very well placed to propel growth through three clear and powerful drivers. Capturing our record rental reversion, continuing to develop out our attractive logistics pipeline and delivering exceptional returns through our power first data center opportunities. Taking this together, we're excited about the future and very well positioned to continue driving multi-year growth as we capture the inherent opportunities to increase income across the business. More on this later, but first I'll hand over to Frankie to run through our performance in more detail.