Aedifica FY25 GRI guidance above CSS on non-recurring rent catch-up
Aedifica reports FY24 results slightly above the guidance at EUR 4.93 EPRA EPS. Its FY25 guidance is above our and CSS figures at EUR 5.01 EPRA EPS (4.96 CSS, 4.96 KBSe). This is driven by a higher than expected life-for-like rental growth (3.3% in FY24 and 2.7% in FY25 of which EUR 3.8m non-recurring) an improving operational margin (+100 bps YoY) and slightly lower than expected impact from the FBI. The total investment program amounts to EUR 160m (6.1% YoC) of which a EUR 71.0m cost-to-come remains. If Aedifica wants to grow EPS after FY25, new projects should be added to the pipeline as increases in the average CoD (2.0% now) will outgrow operational improvements. In FY25 it guides to announce EUR 250.0m new investments and divest EUR 190.0m of which approx. EUR 95.0m would be the exit from Sweden (EUR 51.0m committed). The turnaround in fair value corrections is reaffirmed, albeit mainly driven by the UK, at +0.38% in 4Q24. Operators show improved occupancy and rent covers. We repeat our accumulate rating and expect a positive share price reaction today. Analyst call at 09.30.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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