Wereldhave - Resilient trading update despite one-offs
Rental income emerged at EUR 41.9m, up +9% YoY. On an LfL basis, net rents are up +2.2% YoY. Occupancy is slightly down over the quarter at 95.3% (down 50bps over the quarter).Direct results landed at EUR 21.4m, down -4% YoY (-10.9% on a per-share basis at EUR 0.41) impacted by one-offs (refinancing and settlements of service charges).The company maintains its guidance of a DRPS at EUR 1.75 per share based on a LfL growth of 5%.We sustain our ‘Hold' rating.Wereldhave is an independent international property investment company. Co. is principally involved in leasing out investment property under operating leases. Co.'s activities are spread over four property sectors and across six European countries - the Netherlands, Belgium, Finland, France, Spain and the United Kingdom - and three regions in the United States. Co. creates value by actively managing shopping centres, through sound timing in the purchase and sale of offices and residential property, and by developing its own property at cost. Co. is a closed-end investment company with variable capital.
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.
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