Aedifica NV/SA: Interim financial report – Q3 2024
Please find below Aedifica’s interim financial report for the 3rd quarter of the 2024 financial year.
Robust operational performance driving strong results above budget
- EPRA Earnings* amounted to €178.3 million (+7% compared to 30 Sept. 2023) or €3.75/share
- Rental income increased to €251.0 million (+7% compared to 30 Sept. 2023)
- 3.3% increase in rental income on a like-for-like basis in the first 9 months of the year
- Weighted average unexpired lease term of 19 years and occupancy rate of 100%
Real estate portfolio* of over €6.1 billion as at 30 September 2024
- 630 healthcare properties for more than 48,300 end users across 8 countries
- Valuation of marketable investment properties increased by 0.1% in Q3 and 0.4% YTD on a like-for-like basis
- Investment programme of €236 million in pre-let development projects and acquisitions in progress, of which €93 million remains to be invested. Over the 3rd quarter, 5 projects from the committed pipeline were delivered for a total investment budget of approx. €61.5 million
Solid balance sheet and strong liquidity
- 41.5% debt-to-assets ratio as at 30 September 2024
- €634 million of headroom on committed credit lines to finance CAPEX and liquidity needs
- Average cost of debt* including commitment fees stable at 1.9%
- BBB investment-grade credit rating with a stable outlook reaffirmed by S&P
Improved outlook for 2024
- Estimated EPRA Earnings* per share for the full 2024 financial year are increased to at least €4.90/share (previously €4.85/share)
- Proposed dividend for the 2024 financial year reconfirmed: €3.90/share (gross)
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