Logicor Reports Strong Half-Year Results, Emphasizes Growth and Sustainability Initiatives

Logicor Reports Strong Half-Year Results, Emphasizes Growth and Sustainability Initiatives

(IN BRIEF) Logicor, a major player in European logistics real estate, reported strong financial results for the first half of 2024. The company saw a 2.6% increase in Net Operating Income (NOI) to €357 million and a 3.2% rise in like-for-like Net Rental Income. The EPRA occupancy rate remained steady at 94.3%, and Gross Asset Value grew by €305 million to €15.6 billion. Logicor maintained a Loan-to-Value (LTV) ratio of 50%. The company continues to invest in its development pipeline and enhance energy efficiency, aiming for a 36% reduction in its carbon footprint by 2030.

(PRESS RELEASE) LONDON, 5-Sep-2024 — /EuropaWire/ — Logicor, a prominent player in the European logistics real estate sector, has reported solid financial results for the six months ending June 30, 2024. The company’s performance reflects a resilient market position and ongoing investment in growth and sustainability initiatives.

Logicor’s Chief Executive Officer, Michael Slattery, highlighted the company’s strategic advancements: “Our latest results underscore the strength of our business operations and the dynamic nature of the logistics real estate market. With a continued focus on enhancing our development pipeline and energy efficiency, we are well-positioned to capitalize on market opportunities and drive long-term value for our stakeholders.”

Key Performance Metrics:

• Net Operating Income (NOI): €357 million, representing a 2.6% increase compared to the same period in 2023.
• Like-for-Like (LFL) Net Rental Income: Grew by €11 million, or 3.2%, reflecting robust rental performance.
• EPRA Occupancy Rate: Maintained at 94.3%, consistent with the end of 2023.
• Gross Asset Value: Reached €15.6 billion, a €305 million increase from December 31, 2023.
• Loan-to-Value (LTV) Ratio: Held steady at 50%, within the target range of 48-52%.

Slattery also emphasized Logicor’s commitment to sustainability: “Our goal to reduce our carbon footprint by 36% by 2030 is central to our strategy. We continue to invest in our assets and development projects to ensure they meet the highest energy efficiency standards.”

The strong half-year performance positions Logicor for continued growth, with an expanding development program and strategic investments bolstering its competitive edge in the logistics real estate market.

For more details on Logicor’s performance and future outlook, visit Logicor’s website.

About Logicor:

Logicor is a leading owner, manager and developer of European logistics real estate.

As at June 2024, our portfolio of properties spans over 20 million square metres of warehouse space in key transportation hubs and close to major population centres, enabling us to support over 2 000 customers.

We are headquartered in London and Luxembourg and have teams of people based across Europe.

Our real estate and the strength of our network enable our customers’ goods to move through the supply chain and into society, every day. For more information visit www.logicor.eu

For more information on Results, contact:

Shane Kelly
Chief Financial Officer
shane.kelly@logicor.eu

Chris Houlihan
Group Treasurer
Houlihan@logicor.eu

Media Contact:

Lizzie Beuzeval
Director of Communications and Marketing
beuzeval@logicor.eu

SOURCE: Logicor