Aedifica NV/SA: 2024 annual results
Please find below a press release from Aedifica (a public regulated real estate company under Belgian law, listed on Euronext Brussels and Euronext Amsterdam), regarding its 2024 annual results.
Robust operational performance driving strong results above budget
- EPRA Earnings* amounted to €234.6 million (+7% compared to 31 Dec. 2023) or €4.93/share
- Rental income increased to €338.1 million (+8% compared to 31 Dec. 2023)
- 3.3% increase in rental income on a like-for-like basis over the year
- Weighted average unexpired lease term of 19 years and occupancy rate of 100%
Real estate portfolio* of over €6.2 billion as at 31 December 2024
- 635 healthcare properties for nearly 49,400 end users across 8 countries
- Valuation of marketable investment properties increased, on a like-for-like basis, by 0.4% in Q4 and 0.7% YTD
- Investment programme of €160 million in pre-let development projects and acquisitions in progress, of which €71 million remains to be invested. In 2024, 31 projects were delivered for a total investment budget of €297 million
- 15 divestments totalling €98 million realised as part of strategic asset rotation programme
Solid balance sheet and strong liquidity
- 41.3% debt-to-assets ratio as at 31 December 2024
- €673 million of headroom on committed credit lines to finance CAPEX and liquidity needs
- Long-term bank (re)financing contracted for €355 million
- Average cost of debt* including commitment fees of 2.0%
- BBB investment-grade credit rating with a stable outlook reaffirmed by S&P
- EPRA NTA* increased to €76.63/share (compared to €74.18/share as at 31 Dec. 2023)
Outlook
- Proposed dividend of €3.90/share (gross) is confirmed (distribution in May 2025), representing a pay-out ratio of 79% of consolidated EPRA Earnings
- EPRA Earnings* for 2025 are estimated at €238 million, or €5.01/share
- An increasing dividend of €4.00/share (gross) proposed for the 2025 financial year
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