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VGP’s Full Year Results 2024

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

20 February 2025, 7:00 am, Antwerp, Belgium: VGP NV (‘VGP’ or ‘the Group’), a European provider of high-quality logistics and semi-industrial real estate, today announces the results for the full year ended 31 of December 2024:

  • A net profit of  € 287 million, an increase of € 200 million or 229% versus FY’23. Net asset value growth of 8.4%, up to € 2.4 billion.
  • EBITDA growth of 57% with solid contribution from recurring rental business1 activities of € 204.3 million (+19%), from development activities in amount of € 144.8 million (+178%) and in renewable energy of € 5.4 million (+236%).
  • A historic record of € 91.6 million of new and renewed leases signed during the year bringing the annualised committed leases at year end to € 412.6 million2, an increase of + 17.6%.
  • 34 projects under construction representing 780,000 sqm (of which 29 buildings totalling 589,000 sqm started up during the year) and € 60.4 million of additional annual rent once fully built and let. The development pipeline3 is 80% pre-let. 100% of projects started up will be certified and 97% are to be certified minimum BREEAM Excellent or equivalent.
  • 21 projects delivered during the year representing 584,000 sqm or € 36.1 million in additional annual rent (of which 13 projects or 319,000 sqm during 2H 2024), currently 94% let. As a result, Net rental income, on a look through basis4 grew with 20.9% from € 159.1 million to € 192.4 million, knowing that at year-end € 214.7 million (versus € 194.3 million at year-end ‘23, or + 10.5%) on a proportional look through basis, has become cash generative.
  • 702,000 sqm of new development land acquired5 and 1,170,000 sqm deployed to support the developments started up during the year. Total secured landbank stands at 8.7 million sqm at the end of 2024 representing a development potential of over 3.6 million sqm.
  • The property portfolio5 which has an average building age of 4.2 years, is nearly fully let with occupancy at 98%. The building portfolio is well underway to be 100% sustainably certified, amongst which several are certified BREEAM Outstanding or DGNB Platinum.
  • Executed four joint venture closings as well as the disposal of LPM, resulting in a record cash recycling of € 809 million. These led to an additional € 92.9 million realized profits in ’24.
  • Photovoltaic capacity grew 53% YoY with operational capacity at 155.7 MWp (vs. 101.8 MWp in Dec-23), 41.00 MWp PV projects under development and a further 90.9 MWp being planned. In addition, a first 6.8MWh battery project is currently under construction while several other substantial larger installations are in advanced planning stages. 
  • Solid balance sheet with a liquidity position of € 493 million (vs € 210 million dec ’23), € 500 m undrawn credit facilities, a gearing ratio of 33.6% (vs 40.3% dec ’23) and a proportional LTV6 of 48.3% (versus 53.4% dec’ 23). EPRA NTA is up 7%.
  • The board of directors proposes an ordinary dividend of € 90 million (+ 12% versus ordinary dividend of ‘24), or € 3.30 per share.

[ For the full press release please see attachment ]

1 See business segments

2 Including Joint Ventures at 100%. As at 31 December 2024 the annualised committed leases of the Joint Ventures stood at € 285.7 million.

3 Includes pre-let on assets under construction (74% pre-let) as well as commitments on development land (95% pre-let)

4 Refer to ‘supplementary notes’, income statement proportionally consolidated

5 Including Joint ventures at 100%

6 Includes Joint Venture’s bank LTV at share

Attachment

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