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Aedifica NV/SA: 2023 annual results

Written by Customer Service on . Posted in Earnings Releases And Operating Results.

Please find below a press release from Aedifica (a public regulated real estate company under Belgian law, listed on Euronext Brussels and Euronext Amsterdam), regarding its 2023 annual results.

Robust operational performance driving strong results ahead of budget

  • EPRA Earnings* amounted to €219.6 million (+21% compared to 31 Dec. 2022) or €5.02/share
  • Rental income increased to €314.2 million (+15% compared to 31 Dec. 2022)
  • 5.2% increase in rental income on a like-for-like basis over the year
  • Weighted average unexpired lease term of 19 years and occupancy rate of 100%

Real estate portfolio* of more than €5.8 billion as at 31 December 2023

  • 617 healthcare properties for approx. 46,900 end users across 8 countries
  • Investment programme of €413 million in pre-let development projects and acquisitions in progress, of which €245 million remains to be invested. In 2023, 36 projects were delivered for a total investment budget of approx. €309 million

Solid balance sheet and strong liquidity

  • 39.7% debt-to-assets ratio as at 31 December 2023
  • Strengthening equity: €406 million raised on capital markets through two capital increases (rights issue & optional dividend)
  • New long-term bank financing contracted for €645 million (of which €540 million is refinancing and €105 million is new financing)
  • €911 million of headroom on committed credit lines to finance CAPEX and liquidity needs
  • BBB investment-grade credit rating with a stable outlook reaffirmed by S&P

Outlook

  • Proposed dividend of €3.80/share (gross) is confirmed (distribution in May 2024)
  • EPRA Earnings* for 2024 are estimated at €223 million, or €4.70/share
  • UK REIT regime will increase the contribution of UK operating cashflows to the Group’s results
  • An increasing dividend of €3.90/share (gross) proposed for the 2024 financial year

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