Cofinimmo - Q1 results down as expected
Gross rental income reached EUR 88.6 m, up 3.4% YoY and +2.2% on an LfL basis. Net income from core activities was EUR 55m, down -3.6% year-on-year.Occupancy remains high at 98.4%.EPRA NTA is stable at EUR 98.31 per share.EPRA net initial yield is stable at 5.5% on average (gross yield at 5.8%).We maintain our Hold rating and leave our TP unchanged at EUR 70.00.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.
We are an investment house with Belgian roots founded on more than 150 years of trust.
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