February 14, 2025 07:54 GMT
REAL ESTATE: Segro (SGROLN: A- Fitch): FY24
REAL ESTATE
Equity increase helped reduced leverage. Data driving growth
- Net Rental Income +7% to £628m; +5.8% like-for-like
- Adj Pre-Tax Profit £470m +14.9%
- New headline rent of £91m generated
- Data Centre growth will be a focus with 2.3GW pipeline
- Portfolio revaluation of +1.1% vs -4% decline 2023
- LTV is low at 28% vs 34% 2023;
- NetDebt/EBITDA reduced to 8.6x in 2024 from 10.4x 2023
- Issued €500m 8yr in Sep to repay loans. Next bond maturity Mar '26.
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