Care Property Invest 1Q25: solid operational performance assisted by a one-off
Care property invest reports results above our expectations. The full year EPRA EPS guidance increase slightly. The difference comes from higher like-for-like rental growth and lower than expected corporate costs. The latter is due to a one-off revision of an earlier made provision. In 4Q24, the like-for-like rental growth came in below the peers. This changed in 1Q25 at a 3.0% indexation pass on. The first impact of the old lease portfolio (2x expire in FY26) start to be visible in the rental income at EUR -0.1m. The trajectory will depend on negotiations with the local municipalities. There is no clear view on this at the moment. The share price has rallied in the past two weeks on the back of the voluntary bid that Aedifica made for Cofinimmo. Combined with earlier bids in the UK in 1Q25, this led to multiple expansion in the healthcare REITs. There is still some upside to our TP so we repeat our accumulate recommendation.Care Property Invest NV. Care Property Invest NV, formerly Serviceflats Invest NV, is a Belgium-based real estate investment company that builds and finances housing for pensioners. The Company specializes in premises equipped with technologies ensuring safety and comfort of elderly people. In addition, Care Property Invest designs, builds, supervises the progress of a number of construction works, monitors the budget and finances projects in the long term. Care Property Invest NV cooperates mainly for public health care center in Antwerp -Openbaar Centrum voor Maatschappelijk Welziijn (OCMW), including Berchem. The Company focuses its activities on the Belgian market. It operates through a number of subsidiaries, such as Ter Bleuk NV, Siger SA and Konli BVBA and VSP Wolvertem bvba.
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