"We have delivered strong income growth from our standing asset portfolio, strengthened our development programme and have made great strides towards our carbon reduction target.
Despite a mixed macro-economic backdrop over the year, vacancy remains below pre-pandemic levels and we saw meaningful rental growth as the structural drivers of demand ensured that occupiers continued to require well-located logistics real estate.
With business confidence increasing and our strong network of assets, customers and people, we are confident about our prospects for 2024 and beyond”, added ichael Slattery, Chief Executive Officer of Logicor.
Highlights of 2023
- Like-for-Like Rental Growth* was up 5.7% year-on-year, driven by new leases and renewals at record re-leasing spreads, inflation-linked indexation and market rent reviews
- Net Operating Income (NOI): €703 million, an increase of 5.7% from the year ended 31 December 2022, reflecting continued rental growth and focus on cost management
- EPRA Occupancy at year-end: 94.3%, a decrease of 170 bps year-on-year due to planned move-outs at year-end
- Gross Asset Value: €15.3 billion, a decrease of 0.2% since 31 December 2022. On a constant currency basis, the value of our portfolio was broadly stable year on year
- LTV: 48.9%, below leverage policy of not more than 55.0%
*Net Rental Income at constant currency rates excluding loss of income from disposals, growth from development activity, fees from third-party Assets Under Management, and rent-free straight-lining.
