Aedifica NV/SA: Interim financial report – 1st quarter 2025
Please find below Aedifica’s interim financial report for the 1st quarter of the 2025 financial year.
Robust operational performance driving strong results above budget
- EPRA Earnings* amounted to €62.6 million (+5% compared to 31 March 2024), or €1.32/share
- Rental income increased to €93.0 million (+13% compared to 31 March 2024)
- 3.2% increase in rental income on a like-for-like basis in the 1st quarter of the year
- Weighted average unexpired lease term of 18 years and occupancy rate of 100%
Real estate portfolio* of over €6.1 billion as at 31 March 2025
- 607 healthcare properties for nearly 48,300 end users across 7 countries
- 30 properties, including the entire portfolio in Sweden, divested for approx. €100 million as part of strategic asset rotation programme
- Valuation of marketable investment properties increased by 0.25% on a like-for-like basis in Q1
- Investment programme of €126 million in pre-let development projects, of which €66 million remains to be invested. Over the 1st quarter, 3 projects from the committed pipeline were delivered for a total investment budget of approx. €45.5 million, while 2 projects were added
Debt-to-assets ratio below 40% and strong liquidity
- 39.9% debt-to-assets ratio as at 31 March 2025, reduced to 39.5% after deducting the cash from disposals received on 31 March
- More than €800 million of headroom on committed credit lines and cash to finance CAPEX and liquidity needs
- Average cost of debt* including commitment fees of 2.2%
- BBB investment-grade credit rating with a stable outlook (by S&P)
- EPRA NTA* increased to €77.86/share (compared to €76.63/share as at 31 Dec. 2024)
Outlook for 2025 on track
- EPRA Earnings* for 2025 are estimated at €238 million, or €5.01/share
- Proposed dividend for the 2025 financial year: €4.00/share (gross), representing a pay-out ratio of 80% of consolidated EPRA Earnings
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