Logicor Reports Strong H1 2023 Results Amid Active Asset Management and Expansion in Key Markets

Logicor Reports Strong H1 2023 Results Amid Active Asset Management and Expansion in Key Markets

(IN BRIEF) Logicor, a prominent European logistics and distribution property owner and operator, has announced its half-year results for the period ending on June 30, 2023. The company reported strong operating results, driven by active asset management and expansion in key markets. Market fundamentals remained robust, with low vacancy rates supporting rental growth. Elevated inflation levels in Europe also contributed to rental income growth due to inflation-indexed leases. Logicor increased its development and acquisition efforts in well-located areas to build modern and sustainable logistics real estate. The company is committed to implementing a pan-European solar plan as part of its decarbonization strategy to reduce its carbon footprint by 2030.

(PRESS RELEASE) AMSTERDAM, 8-Sep-2023 — /EuropaWire/ — 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.

Commenting on the results, Michael Slattery, LOGICOR Chief Executive, said:

“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.”

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.

Media Contact:

Simon Clinton
Chief Financial Officer
clinton@logicor.eu

Lizzie Beuzeval
Director of Communications
beuzeval@logicor.eu
+44 7464980257

SOURCE: Logicor

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