Retail Estates - FY23/24 solid, guiding for more growth
FY23/24 closed end March 2024. EPRA earnings up 9.77% on a LfL basis (excl. impact of the FBI provision reversal in the previous financial year, flat otherwise) to EUR 88.4m. On a per share basis, the result was up 6.8% YoY on a LfL basis to EUR 6.18, below our EUR 6.59 estimate. The difference with our estimate primarily stems from higher corporate and interest expenses.Portfolio value was up 2.96% on a LfL basis to EUR 2.03bn. EPRA NIY stands at 6.61%, down 18bps.The company is considering an acquisition of a retail park located in the Brussels periphery through aRetail Estates is a niche fixed-capital real estate investment fund that invests in retail properties located on the periphery of residential areas or along access roads to urban centers. Co. buys properties from third parties or builds and markets shop premises for its own account. The outlets have a built on surface areas of between 500m2 and 3,000m2. A typical retail property has an average surface area of 1,000m2. As of Mar 2010 Co. had 399 premises in its portfolio. The retail lettable area amounted to 398,754m2.
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