Cofinimmo : FY2024 results: biting the bullet, DPS FY2025 down -16%

Cofinimmo Finally the long awaited dividend cut to 5.20

Cofinimmo reports FY24 results above our estimates at EUR 6.50 EPRA EPS vs 6.43 KBCSe. The difference is driven by lower corporate taxes (EUR 3m). Over FY25, Cofinimmo guides EUR 6.20 EPRA EPS and EUR 5.20 DPS slightly above our estimates but below CSS (EUR 6.28, EUR 5.37). We brought our estimates down after the successful completion of the EUR 235.0m divestment plan which made the previous dividend no longer viable. Cofinimmo has a limited committed cost-to-come of approx. EUR 120.0m to deliver EUR 330.0m assets in FY25/26. It will add EUR 80.0m cost-to-come (EUR 26m due diligence, EUR 54m o...

Holdings Report - January 2025 KBCS Holdings Universe Returns 3.1% During January 2025

1M Performance - Absolute: During Jan'25 (1M period), the KBCS Holdings Universe posted a return of +3.1% which was mainly driven by multi-asset holdings (+3.3%) while single-asset holdings posted a slightly lower return of +2.7%. The 3 top performers during the period were Sofina (+10.6%), Financière de Tubize (+7.5%) and Whitestone Group (+6.4%) while the 3 worst performers were Gimv (-2.0%), The Infrastructure Company (TINC; -3.4%) and Texaf (-5.1%). YTD Performance - Relative: On a YTD basis (as of Jan'25 end), the KBCS Holdings Universe returned +3.1% mainly driven by multi-asset holdin...

Qrf City Retail FY24 results slightly above expectations

QRF reports FY24 slightly above our expectations. The difference is driven by a larger than expected return from the JV participations. The FY25 rental income will be driven by the Veldstraat redevelopment. The offices are 100% pre-let and will be delivered in 1H25. The like-for-like rental growth is 1.7% which would indicate negative rent reversion. Likely this is driven by the renegotiation of the Inno contracts (mid-summer 2023). There is also a hint to isolated cases of tenant solvency where backup tenants at similar rent levels are in place. This is in line with the latest Locatus data wh...