Logicor ended 2023 with a 5.7% increase in like-for-like rents, driven by new lease signings, renewals at record differentials, inflation indexation and rent reviews in line with current market conditions. As a result, the real estate company, which specialises in the industrial and logistics sector, reported net operating income of €703 million, up 5.7%.
Logicor's EPRA occupancy rate at the end of the year was 94.3%, reflecting a decrease of 170 basis points year-on-year, due to scheduled relocations at the end of the year.
Logicor CEO Michael Slattery said: "2023 was a pivotal year for Logicor and we delivered excellent operational and financial results. We delivered solid revenue growth from our asset portfolio, strengthened our development programme and made great strides towards our carbon reduction target. Despite a mixed macroeconomic backdrop throughout the year, the availability rate remains below pre-pandemic levels and we have seen significant rental growth, as structural demand drivers have meant that tenants continue to require logistics properties in good locations. Increased business confidence and our strong network of assets, customers and team give us confidence in our prospects for 2024 and beyond."
The company's gross asset value (GAV) reached €15.3bn, marking a slight decrease of 0.2% from the end of 2022. Adjusted for constant exchange rates, the portfolio value has remained stable year over year. In addition, the loan-to-value (LTV) ratio stood at 48.9%, below the leverage policy ceiling of 55%.
