Nextensa 3Q24 results: improved metrics, short average duration credit lines
The message at 3Q24 results is the same as in 1H24: residential sales in Belgium are moving forward, Luxembourgh RESI is at a standstill. Luckily there are almost no speculative developments in Nextensa's pipeline and its debt ratio is below 50%, at 45.6%. The average duration of the credit lines is short at 2.09y. However all FY24-1H25 maturing debts are renegotiated. The standing asset portfolio is performing well and gives comfort. The rental income increased vs 3Q23 despite divestments on the back of a higher occupancy rate and 2.9% like-for-like rental growth. In the office segment it was a calm quarter cause the Stairs project was already communicated at 2Q24 results. Nextensa hints at finding a tenant for the Lofthouse (4.5k sqm, Lux). On the retail side, Brixton retail park (15k m2) is divested in October to private investors with an unknown sales price. We repeat our EUR 54 TP and Accumulate rating.Leasinvest Real Estate is a real estate investment trust. Co. invests in retail buildings, offices and logistics buildings, in the Grand Duchy of Luxembourg and in Belgium. As of Dec 31 2013, Co.'s real estate portfolio is composed of 34 sites (including the assets held for sale & the development projects) with a total surface of 429,579 m2, of which 18 are located in Luxembourg and 16 in Belgium. Co. rents its properties to tenants across various business sectors, such as services, retail and wholesale, financial services, transport and distribution, government and non-profit, industry, medical and pharma, and ICT.
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