Aedifica Beats guidance and gives more clarity on operator health
Aedifica reports in line with our expectations at EUR 5.01 EPRA EPS and beats the EUR 4.95 guidance given at 3Q23. The guidance of EUR 4.70 EPRA EPS (vs. KBCSe 4.74 EPS) for FY24 beats the CSS estimates. The drop in EPS is due to the dillution of the rights issue, EUR 0.21 one off per share gain from the FBI in FY23 and a higher expected CoD in FY24 at 2.2%. DPS in FY24 is guided at EUR 3.90 (KBCSe: 3.80). Aedifica gives for the first time an indication of occupancy rates of its tenants. The YoY occupancy increases by 1.6% in Ireland to 4.1% in Germany. We believe more clarity on operator health will close the discount of HC REITS versus other sectors. We expect a positive price reaction today.Aedifica is a property company, which is specialized in residential real estate. Co.'s portfolio has a superstructure of more than 225,911 sq. m as of June 30 2010. It owns: residential or mixed buildings in Belgian cities with classical leases; buildings with furnished apartments buildings in the heart of Brussels with shorter term leases; senior houses and serviceflats with very long term and triple net leases; and hotels. Co. invests: in existing and already leased buildings; and in projects with future completion. Co.'s activities can be divided into four segments: Residential or mixed buildings; Furnished apartments buildings; Senior houses; and Hotels and others.
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