Cash flow Tritax Big Box REIT plc

Equities

BBOX

GB00BG49KP99

Commercial REITs

Market Closed - London S.E. Other stock markets 11:35:03 2025-01-21 EST			5-day change	1st Jan Change
142.50 ^GBX	+4.32%		+9.87%	+7.39%

05:52am	Tritax Big Box REIT acquires Heathrow site for data centre development	AN
04:19am	Tritax Big Box REIT Buys Land for UK Data Center Project	MT

1543274991329c.rRXHFRVb9T59BaSVmAh6fgl5_0O8FWoMu3iUxCZ6k64.5F2pcnsDvHktVpbG9DA5FT4RtC_ISl5cjkz7h0Q83_rVRq1nJBXHUTdSnA

Published financial data: TRITAX BIG BOX REIT PLC

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Rental Revenues	144M	162M	185M	206M	222M
Other Revenues, Total	4.1M	4.5M	5.2M	6.8M	6.6M
Total Revenues	148M	166M	190M	213M	229M
Property Expenses	4.2M	4.7M	5.2M	6.5M	6.3M
Selling General & Admin Expenses, Total	21.7M	22.6M	25.5M	32.2M	28.9M
Stock-Based Compensation (IS)	3.3M	5.9M	5.5M	1.9M	2.9M
Other Operating Expenses	-4.1M	-8.6M	-18.9M	-9.3M	-
Total Operating Expenses	25.1M	24.6M	17.3M	31.3M	38.1M
Operating Income (REIT / Utility Template)	123M	142M	173M	182M	191M
Interest Expense, Total	-32.6M	-36M	-38.1M	-37.7M	-53.2M
Interest and Investment Income	400K	-	-	-	10.4M
Net Interest Expenses	-32.2M	-36M	-38.1M	-37.7M	-42.8M
Other Non Operating Income (Expenses)	-7M	-3.9M	800K	14.8M	-13.3M
EBT, Excl. Unusual Items	84.2M	102M	135M	159M	135M
Total Merger & Related Restructuring Charges	-4.2M	-	-	-	-
Gain (Loss) on Sale of Investments	-	-	-	-	-100K
Gain (Loss) on Sale of Assets	-	100K	2M	-	-1.6M
Asset Writedown	53.9M	351M	838M	-761M	-40.8M
Other Unusual Items	7.3M	-2.9M	-4.2M	1.1M	-21.5M
EBT, Incl. Unusual Items	141M	450M	971M	-601M	70.6M
Income Tax Expense	-	100K	-1.5M	-1.6M	600K
Earnings From Continuing Operations	141M	449M	973M	-599M	70M
Net Income to Company	141M	449M	973M	-599M	70M
Net Income - (IS)	141M	449M	973M	-599M	70M
Net Income to Common Incl Extra Items	141M	449M	973M	-599M	70M
Net Income to Common Excl. Extra Items	141M	449M	973M	-599M	70M
Per Share Items
Net EPS - Basic	0.08	0.26	0.55	-0.32	0.04
Basic EPS - Continuing Operations	0.08	0.26	0.55	-0.32	0.04
Basic Weighted Average Shares Outstanding	1.68B	1.71B	1.76B	1.87B	1.88B
Net EPS - Diluted	0.08	0.26	0.55	-0.32	0.04
Diluted EPS - Continuing Operations	0.08	0.26	0.55	-0.32	0.04
Diluted Weighted Average Shares Outstanding	1.69B	1.71B	1.77B	1.87B	1.88B
Normalized Basic EPS	0.03	0.04	0.05	0.05	0.04
Normalized Diluted EPS	0.03	0.04	0.05	0.05	0.04
Dividend Per Share	0.07	0.06	0.07	0.07	0.07
Payout Ratio	81.8	24.39	11.75	-21.55	193.29
Supplemental Items
EBITDA	-	146M	178M	183M	192M
EBITA	123M	142M	173M	182M	191M
EBIT	123M	142M	173M	182M	191M
Effective Tax Rate - (Ratio)	-	0.02	-0.15	0.27	0.85
Normalized Net Income	52.62M	63.5M	84.56M	99.25M	84.12M
Interest Capitalized	-	-	700K	4.7M	4.6M
Interest on Long-Term Debt	34.4M	37.4M	40.4M	44M	59.8M
Supplemental Operating Expense Items
Marketing Expenses	400K	500K	500K	500K	600K
Selling and Marketing Expenses	400K	500K	500K	500K	600K
General and Administrative Expenses	21.3M	22.1M	25M	31.7M	28.3M
Stock-Based Comp., G&A Exp. (Total)	2.3M	2.4M	2.7M	5.3M	4.5M
Stock-Based Comp., Other (Total)	3.3M	5.9M	5.5M	1.9M	2.9M
Total Stock-Based Compensation	5.6M	8.3M	8.2M	7.2M	7.4M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Net Property Plant And Equipment	3.56B	4.06B	5.25B	4.85B	4.85B
Total Real Estate Assets	3.56B	4.06B	5.25B	4.85B	4.85B
Cash And Equivalents	21.4M	57.8M	71.1M	47.6M	36.4M
Accounts Receivable, Total	7.8M	21.8M	7.1M	16.4M	9.4M
Other Receivables	14.6M	1.6M	4.3M	5.6M	5.2M
Investment In Debt and Equity Securities	1.3M	100K	1.8M	19.9M	11.1M
Other Intangibles, Total	2.3M	2M	1.7M	1.4M	1.1M
Other Current Assets, Total	3.3M	1.7M	25.7M	28M	7.4M
Other Long-Term Assets, Total	256M	259M	229M	187M	186M
Total Assets	3.86B	4.41B	5.59B	5.16B	5.1B
Liabilities
Long-Term Debt	1.15B	1.34B	1.35B	1.61B	1.62B
Accounts Payable, Total	62.6M	52.7M	66.6M	75M	57.4M
Accrued Expenses, Total	13.5M	16.6M	19.3M	36.2M	44.7M
Current Income Taxes Payable	18.7M	1.9M	4.3M	1.1M	2.2M
Unearned Revenue, Current	35.3M	36.1M	38.6M	34.7M	38.6M
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	-	-	-	-	4.8M
Other Non Current Liabilities	22.9M	33.7M	43.4M	44.2M	5.1M
Total Liabilities	1.3B	1.49B	1.52B	1.81B	1.77B
Common Stock, Total	17.1M	17.2M	18.7M	18.7M	19M
Additional Paid In Capital	447M	466M	762M	764M	49.2M
Retained Earnings	909M	1.36B	2.33B	1.73B	1.8B
Comprehensive Income and Other	1.19B	1.08B	964M	835M	1.46B
Total Common Equity	2.56B	2.92B	4.08B	3.35B	3.33B
Total Equity	2.56B	2.92B	4.08B	3.35B	3.33B
Total Liabilities And Equity	3.86B	4.41B	5.59B	5.16B	5.1B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.71B	1.72B	1.87B	1.87B	1.9B
ECS Total Common Shares Outstanding	1.71B	1.72B	1.87B	1.87B	1.9B
Book Value / Share	1.5	1.7	2.18	1.79	1.75
Tangible Book Value	2.56B	2.92B	4.07B	3.35B	3.33B
Tangible Book Value Per Share	1.5	1.7	2.18	1.79	1.75
Total Debt	1.15B	1.34B	1.35B	1.61B	1.62B
Net Debt	1.13B	1.29B	1.27B	1.57B	1.58B
Equity Method Investments, Total	30.1M	28.5M	25.6M	27.2M	24.8M
Account Code - Inventory Valuation	3	3	3	3	3
Accumulated Allowance for Doubtful Accounts (Supple)	-	200K	100K	300K	300K

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	141M	449M	973M	-599M	70M
Depreciation, Depletion & Amortization	-	4.5M	5.4M	1.7M	-
Total Depreciation, Depletion & Amortization	-	4.5M	5.4M	1.7M	-
Amortization of Deferred Charges, Total	2.4M	1.9M	2.5M	3.2M	4.4M
(Gain) Loss On Sale of Asset - (CF)	-	-100K	-2M	-	1.6M
(Gain) Loss on Sale of Investments - (CF)	5.2M	2.3M	-2.8M	-14.9M	11.2M
Total Asset Writedown	-53.9M	-351M	-838M	761M	40.8M
(Income) Loss On Equity Investments - (CF)	-	100K	-100K	-500K	-400K
Stock-Based Compensation (CF)	3.3M	5.9M	5.5M	1.9M	2.9M
Change in Accounts Receivable	2.3M	-4M	-12M	12.1M	3.5M
Change in Accounts Payable	-7.9M	15M	26.2M	-2.9M	600K
Change in Unearned Revenues	5.1M	700K	1.7M	-3.9M	3.9M
Other Operating Activities	-4.4M	12.6M	37.1M	19.2M	46.8M
Cash from Operations	93.3M	138M	196M	177M	185M
Acquisition of Real Estate Assets, Total	-287M	-279M	-317M	-287M	-309M
Sale of Real Estate Assets, Total	-	132M	4.2M	-	327M
Net Sale / Acquisition of Real Estate Assets	-287M	-147M	-313M	-287M	17.9M
Cash Acquisitions	-194M	-	-	-	-
Investment in Marketable and Equity Securities, Total	-100K	-700K	-500K	-2.8M	-69.3M
Other Investing Activities, Total	6.1M	-2.8M	-14.1M	-12.5M	-15.8M
Cash from Investing	-475M	-150M	-327M	-302M	-67.2M
Long-Term Debt Issued, Total	535M	536M	246M	319M	409M
Total Debt Issued	535M	536M	246M	319M	409M
Long-Term Debt Repaid, Total	-274M	-340M	-246M	-52M	-407M
Total Debt Repaid	-274M	-340M	-246M	-52M	-407M
Issuance of Common Stock	250M	-	303M	2.3M	49.6M
Common Dividends Paid	-116M	-110M	-114M	-129M	-135M
Common & Preferred Stock Dividends Paid	-116M	-110M	-114M	-129M	-135M
Other Financing Activities, Total	-40.5M	-37.6M	-44M	-38.9M	-45.5M
Cash from Financing	355M	49M	144M	101M	-129M
Miscellaneous Cash Flow Adjustments	-	-	-	-	-100K
Net Change in Cash	-26.1M	36.4M	13.3M	-23.5M	-11.2M
Supplemental Items
Cash Interest Paid	28.2M	35.5M	37.5M	35.8M	47.9M
Cash Income Tax Paid (Refund)	22.6M	16.8M	-4M	1.6M	-400K
Net Debt Issued / Repaid	261M	196M	0	267M	2M
Levered Free Cash Flow	139M	58.44M	110M	107M	126M
Unlevered Free Cash Flow	157M	79.04M	131M	128M	155M
Change In Net Working Capital	-74M	22.2M	-9.5M	-5.3M	-28.7M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	2.2	2.14	2.16	2.11	2.32
Return on Total Capital	2.28	2.22	2.23	2.19	2.4
Return On Equity %	5.88	16.39	27.8	-16.14	2.09
Return on Common Equity	5.88	16.39	27.8	-16.14	2.09
Margin Analysis
Gross Profit Margin %	97.17	97.17	97.26	96.95	97.25
SG&A Margin	14.61	13.61	13.43	15.12	12.63
EBITDA Margin %	-	87.9	93.73	86.1	84.09
EBITA Margin %	83.1	85.19	90.89	85.31	83.35
EBIT Margin %	83.1	85.19	90.89	85.31	83.35
Income From Continuing Operations Margin %	95.08	270.56	512.16	-281.41	30.59
Net Income Margin %	95.08	270.56	512.16	-281.41	30.59
Net Avail. For Common Margin %	95.08	270.56	512.16	-281.41	30.59
Normalized Net Income Margin	35.44	38.23	44.53	46.6	36.77
Levered Free Cash Flow Margin	93.43	35.18	57.75	50.42	55.26
Unlevered Free Cash Flow Margin	105.54	47.58	68.97	59.98	67.87
Asset Turnover
Asset Turnover	0.04	0.04	0.04	0.04	0.04
Fixed Assets Turnover	0.05	0.04	0.04	0.04	0.05
Receivables Turnover (Average Receivables)	19.51	10.92	12.78	17.55	17.22
Short Term Liquidity
Current Ratio	0.36	0.77	0.84	0.66	0.4
Quick Ratio	0.34	0.76	0.64	0.47	0.35
Operating Cash Flow to Current Liabilities	0.72	1.28	1.52	1.21	1.25
Days Sales Outstanding (Average Receivables)	18.7	33.52	28.56	20.8	21.19
Average Days Payable Outstanding	4.13K	4.49K	4.19K	3.98K	3.84K
Long Term Solvency
Total Debt/Equity	44.81	46.01	33	48.18	48.45
Total Debt / Total Capital	30.94	31.51	24.81	32.51	32.64
LT Debt/Equity	44.81	46.01	33	48.18	48.45
Long-Term Debt / Total Capital	30.94	31.51	24.81	32.51	32.64
Total Liabilities / Total Assets	33.68	33.7	27.13	35.02	34.65
EBIT / Interest Expense	3.79	3.93	4.53	4.82	3.58
EBITDA / Interest Expense	-	4.06	4.67	4.86	3.62
(EBITDA - Capex) / Interest Expense	-	4.06	4.67	4.86	3.62
Total Debt / EBITDA	-	9.21	7.56	8.8	8.4
Net Debt / EBITDA	-	8.81	7.16	8.54	8.21
Total Debt / (EBITDA - Capex)	-	9.21	7.56	8.8	8.4
Net Debt / (EBITDA - Capex)	-	8.81	7.16	8.54	8.21
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	7.76	11.85	14.33	12.16	7.42
Gross Profit, 1 Yr. Growth %	8.66	11.85	14.44	11.8	7.75
EBITDA, 1 Yr. Growth %	-	17.93	21.92	3.03	4.91
EBITA, 1 Yr. Growth %	7.58	14.67	21.98	5.27	4.95
EBIT, 1 Yr. Growth %	7.58	14.67	21.98	5.27	4.95
Earnings From Cont. Operations, 1 Yr. Growth %	-44.1	218.27	116.42	-161.63	-111.68
Net Income, 1 Yr. Growth %	-44.1	218.27	116.42	-161.63	-111.68
Diluted EPS Before Extra, 1 Yr. Growth %	-52.2	213.68	110.31	-158	-111.59
Normalized Net Income, 1 Yr. Growth %	-7.06	20.66	33.17	17.37	-15.24
Net Property, Plant and Equip., 1 Yr. Growth %	17.01	14.28	29.29	-7.68	-0.08
Accounts Receivable, 1 Yr. Growth %	11.43	179.49	-67.43	130.99	-42.68
Total Assets, 1 Yr. Growth %	23.22	14.1	26.95	-7.84	-1.03
Common Equity, 1 Yr. Growth %	14.29	14.06	39.54	-17.82	-0.48
Tangible Book Value, 1 Yr. Growth %	14.19	14.08	39.58	-17.82	-0.47
Cash From Operations, 1 Yr. Growth %	-0.64	47.48	42.51	-9.54	4.45
Levered Free Cash Flow, 1 Yr. Growth %	172.09	-58	87.66	-2.06	17.73
Unlevered Free Cash Flow, 1 Yr. Growth %	147.76	-49.7	65.71	-2.45	21.54
Dividend Per Share, 1 Yr. Growth %	2.24	-6.57	4.69	4.48	4.29
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	15.72	9.79	13.08	13.24	9.77
Gross Profit, 2 Yr. CAGR %	15.62	10.24	13.14	13.11	9.76
EBITDA, 2 Yr. CAGR %	-	-	19.91	12.08	3.97
EBITA, 2 Yr. CAGR %	14.71	11.07	18.27	13.32	5.11
EBIT, 2 Yr. CAGR %	14.71	11.07	18.27	13.32	5.11
Earnings From Cont. Operations, 2 Yr. CAGR %	-24.51	33.38	162.45	15.49	-73.17
Net Income, 2 Yr. CAGR %	-24.51	33.38	162.45	15.49	-73.17
Diluted EPS Before Extra, 2 Yr. CAGR %	-34.48	22.45	156.85	10.44	-74.07
Normalized Net Income, 2 Yr. CAGR %	4.86	5.9	26.76	25.02	-0.26
Net Property, Plant and Equip., 2 Yr. CAGR %	16.95	15.64	21.56	9.25	-3.95
Accounts Receivable, 2 Yr. CAGR %	21.66	76.47	-4.59	-13.27	15.06
Total Assets, 2 Yr. CAGR %	19.83	18.57	20.35	8.16	-4.5
Common Equity, 2 Yr. CAGR %	15.21	14.18	26.16	7.09	-9.56
Tangible Book Value, 2 Yr. CAGR %	15.16	14.14	26.19	7.1	-9.56
Cash From Operations, 2 Yr. CAGR %	3.69	21.05	44.98	13.54	-2.79
Levered Free Cash Flow, 2 Yr. CAGR %	46.55	7.05	-11.23	35.57	7.38
Unlevered Free Cash Flow, 2 Yr. CAGR %	47.46	11.78	-8.7	27.14	8.89
Dividend Per Share, 2 Yr. CAGR %	3.46	-2.26	-1.1	4.58	4.38
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	24.52	14.41	11.28	12.78	11.27
Gross Profit, 3 Yr. CAGR %	30.39	14.35	11.62	12.69	11.29
EBITDA, 3 Yr. CAGR %	-	-	-	14	9.64
EBITA, 3 Yr. CAGR %