NSI - FY23 - A tough year is behind us
Gross rental income amounts to EUR 71.2m, -0.2% YoY (+7.4% LfL), in line with DPe (EUR 71.2m). EPRA EPS landed at EUR 2.01, in line with DPe estimates (EUR 1.98).EPRA NTA is down by 20.1% YoY to EUR 35.30, mainly due to a negative portfolio revaluation (EUR -224m, of which ca. EUR -107m in H2).Landerpoort project has been sold to ING for EUR 24m in January 2024 (in line with book value).NSI announces a EUR 20m share buyback program.Company will host an analyst call at 10am CET.We reiterate our ‘Hold' rating and EUR 22.00 TP.More details in our Note issuedNSI NV, formerly Nieuwe Steen Investments NV, is a closed-end real estate investment firm based in the Netherlands. The Firm invests in a real estate portfolio, which it also actively manages. It operates in three segments: the Netherlands, Belgium and Switzerland. Its investments are primarily focused on office and retail properties in the Netherlands and on offices and logistics real estate in Belgium. The Firm's portfolio comprises over 300 lettable properties. The Firm has around 40 subsidiaries, including NSI Bedrijfsgebouwen BV, NSI Beheer BV, NSI Development BV, VastNed Offices Benelux Holding BV, Munuvius BV and NSI Luxembourg Holding Sarl, among others.
We are an investment house with Belgian roots founded on more than 150 years of trust.
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