2023 Full Year Results
“Over the past 12 months we have made good progress on delivering the strategic priorities we outlined a year ago. We have generated strong rental income growth and our cost ratio is now within our target range. This improved operational performance has led to a substantial increase in adjusted earnings and a fully covered dividend for the year.
“We have not been immune to the rapid increase in interest rates, which has adversely impacted our portfolio valuation over the year. However, the marginal decline in the second half and pricing of recent sales broadly in line with book values, indicates some market stabilisation. Further planned disposals are expected to reduce leverage as we move through 2024.
“While mindful of the ongoing challenging geo-political and macro-economic backdrop, our high-quality portfolio and strong customer base mean the Company remains well placed to benefit from the structural tailwinds and favourable underlying market dynamics in the European logistics sector.”
Robert Orr, Chairman
