Logicor announces results for year ended 31 December 2019

Strong financial performance.

• Net Operating Income (NOI): €644 million, which represents year on year growth of 2.0% on a like for like basis¹, reflecting our strategy of ensuring strong occupancy levels and capturing rental growth. Over 63% of NOI is generated in the key markets of the UK (26%), Northern Europe (21%) and France (15%).
• Gross Asset Value: €13.1 billion, a year on year increase of €620 million or 5.0%, which reflects the strong performance of our portfolio, increased demand for our logistics assets, favourable foreign exchange movements and rental growth.
• EPRA Occupancy: Stable year on year at 94.4%.
• LTV: 49.5%, down from 51.0% reflecting increases in property values.

Capital Structure

During the year, we made further progress with its strategic aim of moving to a predominantly long-term, unsecured debt structure, issuing €3.1 billion of unsecured bonds. In addition, we also issued £900 million of secured bonds. Following the year end, we issued £300 million of unsecured bonds to complete the refinancing of the historic, unsecured bank borrowings.

Development and Expansion

In 2019 we completed six logistics property development projects: four in Germany, one in Finland and one in the UK. These projects were all pre-leased before commencement. Seven further projects are underway, supporting our customers’ growth ambitions.

Environmental, Social & Governance (ESG)

We have established a five-year ESG plan for implementation. Our focus is on protecting long term asset value, improving business sustainability impact and developing communication on ESG matters and progress with all of our stakeholders.