Retail Estates 9m25/26 results, hit by Dutch Tax bill and Bankruptcies
NRI 9m25/26 amounts to €108.7m, +2.4% YoY vs. our expectation of €108.8m. The lfl growth amounted to 2.1%. EPRA EPS came in at €4.57, -2.97% YoY vs. €4.77 expected. The EPS was diluted by the stock dividend that raised €18m and added 2.2% to the share count (35% acceptance). The statement also mentions a 1.9m impact from the Dutch FBI abolition. We believe that the bankruptcies of Leen Bakker and Carpet Right also weighed on the operational results. Despite many bankruptcies, occupancy remained relatively stable at 97.79%, an improvement from last March at 97.26%. The debt ratio decreased to 41.49% vs. 42.7% at the start of the FY (low Capex). The dividend outlook for FY25/26 remained at €5.2 per share. The NTA ps decreased to 80.66 vs. 80.87 a year ago. The shares are still relatively cheap on historic EPRA PE basis of 10.6x and the discount to the EPRA NTA amounts to 18%.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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