Aedifica NV/SA: Interim financial report – Q1 2024
Please find below Aedifica’s interim financial report for the 1st quarter of the 2024 financial year.
Robust operational performance driving strong results ahead of budget
- EPRA Earnings* amounted to €59.8 million (+8% compared to 31 March 2023), or €1.26/share
- Rental income increased to €82.0 million (+8% compared to 31 March 2023)
- 3.3% increase in rental income on a like-for-like basis in the 1st quarter of the year
Real estate portfolio* of nearly €6 billion as at 31 March 2024
- 623 healthcare properties for more than 47,300 end users across 8 countries
- Investment programme of €343 million in pre-let development projects and acquisitions in progress, of which €193 million remains to be invested. Over the 1st quarter, 10 projects from the committed pipeline were delivered for a total investment budget of approx. €74 million
Solid balance sheet and strong liquidity
- 39.6% debt-to-assets ratio as at 31 March 2024
- €868 million of headroom on committed credit lines
- BBB investment-grade credit rating with a stable outlook (by S&P)
- UK REIT regime will increase the contribution of UK operating cashflows to the Group’s results
Outlook for 2024 on track
- EPRA Earnings* for 2024 are estimated at €223 million, or €4.70/share
- Proposed dividend for the 2024 financial year: €3.90/share (gross)
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