September 08, 2021 | Press Release
Logicor delivered strong financial and operating performance for the six months ended 30 June 2021 driven by positive logistics sector tailwinds and its active asset management strategy.
- Net Operating Income (NOI): €323 million, driven by 0.9% LFL(1) period-on-period growth in Net Rental Income.
- EPRA Occupancy: 93.3%, an increase of 60bps since 30 June 2020.
- Cash Collection: 99% of rent collected during the first half of the year, with a further 1% of agreed rent relief primarily in the form of deferred payments.
- Gross Asset Value: €14.2 billion, an increase of 592 million or 4% since 31 December 2020, which reflects the strong performance of its portfolio and increased demand for logistics assets.
- LTV: 46.8%, below the Group’s stated leverage policy.
(1) 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
Development growth
Logicor continues to increase its development activity through sourcing and executing accretive opportunities across key logistics markets. The Group remains focussed on development opportunities that enable it to support its customers’ growth objectives.
Logicor completed two development projects in the first half of the year and has an additional 14 projects underway. The projects are predominately pre-leased reflecting the strong demand for well-located logistics assets. The Group anticipates increasing the pace of developments in the second half of 2021 and is evaluating adding to its existing land bank with selective acquisitions in key sub-markets.
Capital Structure
In the first half of 2021, Logicor issued €650 million of ten-year unsecured bonds with a coupon of 0.875%. Proceeds were used to repay notes maturing in 2021 and for general corporate purposes.
Environmental, Social & Governance (ESG)
During the past six months, Logicor made steady progress in line with its five-year strategy, including the collection of sustainability data across all of the Group’s assets. The Group has also been working on broader portfolio-wide initiatives as it establishes a long-term decarbonisation strategy.
Michael Slattery
CEO
Interim results summary
| As at 30 June 2021 | As at 30 June 2020* | As at 31 December 2020* | |
|---|---|---|---|
| EPRA Occupancy | 93.3% | 92.7% | 94.3% |
| GLA (million sqm) | 13.5 | 13.6 | 13.6 |
| GAV (€ million) | 14,158 | 12,913 | 13,566 |
| NOI (€ million)** | 323 | 319 | 645 |
| LTV | 46.8% | 48.7% | 47.0% |
* 30 June 2020 and 31 December 2020 metrics include the results of Logicor Financing SARL following the inclusion of that company into the Group
** For the six-month periods ended 30 June 2021 and 30 June 2020, and the year ended 31 December 2020
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For further information please contact:
Mark Roberts, Head of Communications
[email protected]
+44 (0) 207 198 2425
About Logicor
Logicor is a leading European owner and manager of logistics real estate that owns, manages and develops high quality logistics assets across Europe, addressing the real estate needs of international and local distributors, retailers and manufacturers. As at 30 June 2021, Logicor owns a portfolio of 600 high-quality properties with a lettable area of 13.5 million square metres located in key European logistics markets. Logicor is headquartered in London and Luxembourg.