Cofinimmo - 9M results slightly ahead of expectations and lifted guidance
Gross rents increased to EUR 262.1m, up 8.7% YoY and +5.8% on an LfL basis.Net results from core activity emerged at EUR 177m, up 4.7% YoY, slightly ahead of expectations. On a per-share basis, net results landed at EUR 5.33 (0.8% YoY).Occupancy remains high at 98.5%.EPRA NTA stands at EUR 101.90 per share, stable compared to 1H23 but down 4.6 % YoY.Guidance for net results from core activities lifted to EUR 6.95 per share from EUR 6.85, and dividend guidance was confirmed at EUR 6.20 for FY 2023.Hold rating confirmed.Cofinimmo is a fixed capital real estate investment trust. Co. specializes in rental property. Its core investment segments are office property and nursing and care institutions. The portfolio also includes a Distribution property networks segment. Most of Co.'s assets are in Belgium. The foreign part consists of nursing homes/ clinics and the MAAF agencies network in France and the Pubstone portfolio in the Netherlands. Co.'s operations are organized into four segments: Offices, Nursing homes/Clinics, Distribution property networks, and Public-Private Partnerships.
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