VGP (VGP) Trading Update summary

Lease and rental income performance

• Signed and renewed leases reached €64.9 million in the first ten months of 2024, driving annualised committed rental income to €394.3 million, a 12.4% increase since December 2023.

• Additional lease agreements since October 31, 2024, raised annualised committed leases above €410 million, up 16.8% year-to-date.

• 88% of annualised committed leases (€347.3 million) are already cash generative, with rent collection at 99.8%.

• Western Europe, especially Germany, Spain, and Italy, accounted for 74% of new leases, mainly in light industrial and logistics sectors.

• Weighted average lease term stands at 7.6 years across the portfolio.

Development and construction activity

• 36 projects under construction totaling 886,000 sqm, with 27 projects (558,000 sqm) started in 2024; 72.5% pre-let, rising to 76.3% with recent agreements.

• 17 projects delivered in the first ten months, adding 446,000 sqm and €29.7 million in annual rent, all fully let.

• Total portfolio at October end: 274 buildings (238 completed, 36 under construction), totaling 6.7 million sqm.

Land bank and strategic acquisitions

• Acquired 699,000 sqm of new development land in 2024, with 1,101,000 sqm deployed for new projects; total secured land bank at 8.2 million sqm, offering over 3.6 million sqm development potential.

• Recent key land acquisitions in Spain, Germany, and Italy support future growth.

• 98% of the land bank is owned or committed for VGP’s own portfolio.