NSI - H1 2023 - The fog is starting to clear
Net rental income came in at EUR 27.9m, down 1.2% YoY (but up +4.7% LfL). EPRA EPS lands at EUR 1.02, up 3% despite disposals and other headwinds. This mainly comes as NSI was able to keep its costs under control and pass-on indexation. Portfolio revaluation of -9% bring LTV to 31.5% in H1 2023.Pipeline. Laanderpoort (39k sqm) objection is resolved, but no new timeline is indicated. For Vitrum (13.4k sqm) NSI is in discussion with brokers to lease the asset. Well House (19k sqm)remains on ice.Guidance 2023. Management guides for an EPRA EPS (pre-tax) of EUR 1.95-2.05, in lineNSI 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.
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