Aedifica NV/SA: Half year financial report 2023
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 the 2023 half year results.
Robust operational performance driving strong results
- EPRA Earnings* amounted to €110.4 million (+28% compared to 30 June 2022), or €2.76/share
- Rental income increased to €154.7 million (+18% compared to 30 June 2022)
- 5.1% increase in rental income on a like-for-like basis in the first half of the year
- Weighted average unexpired lease term of 19 years and occupancy rate of 100%
Real estate portfolio* of nearly €5.8 billion as at 30 June 2023
- 609 healthcare properties for more than 46,400 end users across 8 countries
- Investment programme of €596 million in pre-let development projects and acquisitions in progress, of which €407 million remains to be invested. Over the 1st half, 18 projects from the committed pipeline were delivered for a total investment budget of approx. €120 million
Reinforcing capital structure and strong liquidity
- Debt-to-assets ratio down from 45.6% on 30 June 2023 to approx. 39.3% following the capital increase in early July
- €406 million raised on capital markets through two capital increases in cash (optional dividend & rights issue), strengthening Aedifica’s equity position
- New long-term bank financing contracted amounting to €360 million since the beginning of the year (of which €285 million is early refinancing)
- €926 million of headroom on committed credit lines at the end of July to finance CAPEX and liquidity needs
- BBB investment-grade credit rating with a stable outlook reaffirmed by S&P
Outlook for 2023
- Estimated EPRA Earnings* for the 2023 financial year slightly increased to €212 million (previously €209 million)
- EPRA Earnings* per share are estimated at €4.85/share (previously €4.78/share)
- The proposed total dividend of €3.80/share (gross) is reconfirmed
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