Tritax Big Box Secures 20-Year Amazon Lease, Boosts Rental Income

Tritax Big Box REIT plc has secured a major development milestone with the completion of a 20-year lease with Amazon. The logistics-focused real estate investment trust (REIT) reached practical completion on a 1 million square foot facility at Symmetry Park in Kettering, which was pre-let to Amazon. This project marks the third committed building at the 136-acre site, taking developed space at the park to 1.6 million square feet.

The lease agreement provides Tritax Big Box with a significant boost of annual rental income, amounting to £9.8 million, with five-yearly index-linked rent reviews. This long-term commitment will support the company's revenue growth and provide visibility on its stated income guidance range.

In related news, Tritax Big Box reported half-year figures showing net rental income rising by 16.2% year-over-year to £173.3 million. Adjusted earnings per share (EPS) excluding distributional material adjustments (DMA) increased by 7% to £0.0441. The interim dividend also rose by 4.4% to £0.04 per share.