Wereldhave Belgium - Slightly disappointing FY results but encouraging progress in the governance
Net rents landed at EUR 62.6m (up 6.4% YoY), 6% LfL.Occupancy stands at 96.1%, up 90bp YoY.Direct EPS is down 3.3% to EUR 4.71 per share (low range of the guidance) due to the higher cost of financing and increase in doubtful debts.Portfolio valuation is slightly up at EUR 952.4m (+0.3%).NAVPS emerged at EUR 78.07 (-1.2% YoY).The dividend proposal is EUR 4.10 (vs. EUR 4.20 in 2022), translating into an 87% payout.We will review our estimates and in the meantime we maintain our 'Buy' rating.Wereldhave Belgium is a real estate investment fund engaged in the investment in and the development and management of commercial property. Co. invests primarily in offices and shopping centers, as well as developmental projects for the future. As of Dec. 31, 2011, Co. owned 16 properties comprising 152,140 square meters of rentable area throughout Belgium.
We are an investment house with Belgian roots founded on more than 150 years of trust.
As a private company owned by long-term committed shareholders, we are independent. Naturally and structurally. Our experts have the knowledge to think and act without bias, and to make decisions that benefit our clients. Today and tomorrow.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.