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Aedifica NV/SA: Interim financial report – Q3 2024

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

Please find below Aedifica’s interim financial report for the 3rd quarter of the 2024 financial year.

 Robust operational performance driving strong results above budget

  • EPRA Earnings* amounted to €178.3 million (+7% compared to 30 Sept. 2023) or €3.75/share
  • Rental income increased to €251.0 million (+7% compared to 30 Sept. 2023)
  • 3.3% increase in rental income on a like-for-like basis in the first 9 months of the year
  • Weighted average unexpired lease term of 19 years and occupancy rate of 100%

Real estate portfolio* of over €6.1 billion as at 30 September 2024

  • 630 healthcare properties for more than 48,300 end users across 8 countries
  • Valuation of marketable investment properties increased by 0.1% in Q3 and 0.4% YTD on a like-for-like basis
  • Investment programme of €236 million in pre-let development projects and acquisitions in progress, of which €93 million remains to be invested. Over the 3rd quarter, 5 projects from the committed pipeline were delivered for a total investment budget of approx. €61.5 million

Solid balance sheet and strong liquidity

  • 41.5% debt-to-assets ratio as at 30 September 2024
  • €634 million of headroom on committed credit lines to finance CAPEX and liquidity needs
  • Average cost of debt* including commitment fees stable at 1.9%
  • BBB investment-grade credit rating with a stable outlook reaffirmed by S&P

Improved outlook for 2024

  • Estimated EPRA Earnings* per share for the full 2024 financial year are increased to at least €4.90/share (previously €4.85/share)
  • Proposed dividend for the 2024 financial year reconfirmed: €3.90/share (gross)

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