Logicor announces results for year ended 31 December 2020

Logicor delivered strong financial and operating performance during 2020, despite the economic disruption caused by the COVID-19 pandemic.

• Net Operating Income (NOI): €645 million, driven by year-on-year LFL⁽¹⁾ Net Rental Income growth of 1.1%.
• EPRA Occupancy: remained stable year-on-year at 94.3%, with a strong increase of 160bps since 30 June 2020.
• Cash Collection: full year rent collection rate was 98%, with a further 1% of agreed rent relief primarily in the form of deferred payments.
• Gross Asset Value: €13.6 billion, a year-on-year increase of €445 million or 3.0%, which reflects the strong performance of our portfolio and increased demand for logistics assets, offset by foreign exchange movements on the valuation of our UK portfolio. On a constant currency basis, the value of the portfolio increased by €642 million or 5% during the year.
• LTV: 47.1%, within leverage policy.

⁽¹⁾ At constant currency rates excluding loss of income from disposals, growth from development activity, third-party assets under management, rent free straight-lining and COVID-19 related bad debts

Development and Expansion

In 2020, our pace of development increased as we supported our customers’ growth plans with the provision of modern logistics space. We completed nine pre-leased development projects in the year and have nine further projects underway, with combined total project costs of €241 million. To support our ongoing development programme, we continue to secure land with a focus on high conviction logistics locations.

Environmental, Social and Governance (“ESG”)

Our focus remains on protecting the long-term value of our assets, improving the sustainability of our business and ensuring communication on our progress with all our stakeholders. In September, we reaffirmed our commitment to making a positive difference through the launch of our five-year ESG plan, underpinned by UN Sustainable Development Goals. We also published our Green Finance Framework, with a positive Second Party Opinion from Sustainalytics.

Capital Structure

In January 2020, we issued £300 million of ten-year unsecured bonds which completed the refinancing of our historic secured debt facilities. In July, we issued €500 million of six-year unsecured bonds with proceeds partially used to repurchase a portion of our 2021 notes through a tender offer, as well as to fully repay the outstanding balance under our Revolving Credit Facility. After the year end, in January 2021, we issued a further €650 million of ten-year unsecured bonds. A portion of the proceeds is expected to be used to fully repay the remainder of our 2021 notes which mature in April 2021.