Logicor announces results for year ended 31 December 2021

Logicor announces results for year ended 31 December 2021

Strong financial and operational performance delivered in 2021.

• Net Operating Income (NOI): €653 million, an increase of €8 million from the year ended 31 December 2020, reflecting healthy occupancy levels and rental growth
• LFL Net Rental Income per sqm⁽¹⁾: 3% increase following market rent reviews and inflation-linked indexation on existing leases
• EPRA Occupancy: increased 70bps to 95.0% since 31 December 2020
• Gross Asset Value: €15.7 billion, a year-on-year increase of €2.1 billion or 16%, which reflects the strength of our portfolio combined with strong sectoral trends driving demand for our logistics assets. The increase was also supported by €176 million invested in the acquisition and development of new assets
• LTV: 4%, below leverage policy of not more than 55.0%

⁽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 and Expansion

We continued to accelerate our development programme in 2021 completing five pre-leased, development projects with 12 further projects underway. Our development pipeline increased through selectively acquired land and assets in high-conviction locations with the aim of providing our customers with new, sustainable logistics buildings that support their growth plans and operational needs.

Capital Structure

In 2021, €650 million of 10-year unsecured bonds with a coupon of 0.875% were issued; proceeds were used to repay debt maturing in 2021. After the year-end we issued a further €1.5 billion of unsecured bonds across three tranches of €500 million each, maturing in November 2025, January 2030 and January 2034, and with a weighted average coupon of 1.417%. The issuance included our inaugural €500 million 12-year Green Bond with proceeds to be used to support eligible green projects in accordance with our published Green Financing Framework.

Environmental, Social & Governance (ESG)

During 2021, we made significant progress in line with our five-year ESG strategy published in 2020. We have continued to develop our carbon reduction strategy and focused on the implementation and delivery of sustainability initiatives to support our customers, suppliers, and employees.