Retail Estates 3Q23/24: Trading update in line with guidance
Retail Estates reports its 3Q23/24 trading update in line with the guidance. NRI over 9 months 23/24 amounts to EUR 103.03m, +11.8% YoY, vs. our expectations of 102.81m. The rental growth benefited from investments and indexation. EPRA EPS came in at EUR 4.68, +4.2% like-for-like vs last year. Corrected for FBI compensation, the average share count also increased by 3% and partly explains the lower EPS vs. NRI growth. The FY23/24 dividend was repeated at EUR 5.00, in line with our estimate. The debt ratio increased from 44.8% to 45.5%, but stays well in the safe zone. The EPRA NTA increased from EUR 73.8 to EUR 75.8 per share. The increase was driven by investments (Alexandrium II), but also a significant FV revaluation of 40.4m. We maintain our BUY rating as the current discount to the EPRA NTA amounts to approx. 20%, while the yield expansion risk has disappeared.Retail Estates is a niche fixed-capital real estate investment fund that invests in retail properties located on the periphery of residential areas or along access roads to urban centers. Co. buys properties from third parties or builds and markets shop premises for its own account. The outlets have a built on surface areas of between 500m2 and 3,000m2. A typical retail property has an average surface area of 1,000m2. As of Mar 2010 Co. had 399 premises in its portfolio. The retail lettable area amounted to 398,754m2.
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