Eurocommercial Prop. - FY23 in line as portfolio continues to deliver
Direct investment result increased 3% YoY to EUR 123.1m driven by the higher rental income which compensated an increase in interest costs. On a per share basis, the result stood at EUR 2.32 (+1.1% YoY), fully in line with our estimate and within the company guidance range. LfL rents were up 9.7%, primarily driven by the indexation (7.9%). For 2024, Eurocommercial expects to secure a 3.3% indexation across its portfolio.OCR stood at 9.5%, increasing 30bps YoY. Vacancy remains at 1.5%.Portfolio value declined marginally at -2.2% YoY. EPRA NIY now stands at 5.8% (+30bps YoY).2023 dividend per share stands at EUREurocommercial Properties NV is a closed end property investment company based in the Netherlands. The Company invests, owns and manages retail real estate properties, primarily shopping centers, but also warehouses and office space. Its activities are focused on France, Sweden and Northern Italy, with property portfolio comprising more than 30 shopping centers. Eurocommercial Properties NV operates through a number of subsidiaries, such as Aktiebolaget Laholm Mellby 2:129, Aktiebolaget Norrkoping Silvret 1, Aktiebolaget Skovde K-mannen 2, Bergvik Kopet 3 Kommanditbolag, Betulla Srl, ECP Hogsbo AB, ECP Karlskrona AB, ECP Moraberg Holding AB, Eurocommercial Management Italia Srl, Eurocommercial Properties Ltd, Holgura BV and SAR Degeln AB, among others.
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