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September 07, 2023 | Base listing particulars Credit Rating

Logicor, a leading owner and operator of European modern logistics and distribution properties, today announces the results for the half year ending 30 June 2023.

During the first half of 2023, through responsibly delivering on our strategy of active asset management and continuing to grow our presence in key markets, we have achieved an excellent set of operating results."

Market fundamentals remain strong with low levels of vacancy supporting continued rental growth. In addition, elevated levels of inflation across Europe have supported like-for-like rental income growth with the majority of our leases linked to inflation-indexation."

We have increased the pace of development and acquisition of well-located land and standing assets in key European sub-markets, enabling us to develop modern, sustainable logistics real estate that supports our customers’ growth and increases our market presence. Alongside this, we continued with our selective disposal programme to reshape our portfolio and deploy capital into our development pipeline."

We have made great progress in delivering our Acting Responsibly strategy and, as we move into the second half of the year, we will focus on implementing our pan-European solar plan as part of our decarbonisation strategy that will contribute to reducing our carbon footprint by 2030."

As we look ahead, we remain focused on developing a modern, well-located network of sustainable logistics real estate that supports our customers’ growth, brings positive impact to the communities in which we operate and continues to deliver strong financial performance."

Michael Slattery

LOGICOR Chief Executive

Highlights:

  • Net Operating Income (NOI): €348 million, an increase of 5.1% from the six months ended 30 June 2022, reflecting increased occupancy levels and continued rental growth
  • LFL 1 Net Rental Income increased by 6.3% from the six months ended 30 June 2022, driven by new leases and renewals at record re-leasing spreads and inflation-linked indexation and market rent reviews on standing leases
  • EPRA Occupancy: 95.4%, an increase of 130bps since 30 June 2022
  • Gross Asset Value: €15.5 billion, an increase of €88 million or 0.6% since 31 December 2022
  • LTV: 48.2%, below leverage policy of not more than 55%.

1 Net Rental Income at constant currency rates excluding loss of income from disposals, growth from development activity, fees from third-party Assets Under Management, rent-free straight-lining and COVID-19 related bad debts.

END

For further information please contact:

Logicor Chief Financial Officer:
 Simon Clinton [email protected]
Logicor Director of Communications:
 Lizzie Beuzeval [email protected], +44 7464980257

About Logicor

Logicor is one of the largest owners and operators of modern logistics and distribution properties in Europe. As at 31 December 2022, we own a portfolio of 594 high-quality properties with a lettable area of 13.4 million square metres located in key European logistics markets. Logicor is headquartered in London and Luxembourg.