reports
- Lynn Hautekeete
Home Invest Belgium Model update after 3Q24 and Brussels legislation
The 3Q24 results are slightly above our expectations on the back of an improved operating margin. The guidance of EUR 1.15 EPRA EPS is reiterated. Home invest is one of the best performers to date among Belgian REITs. However, in the last month there was profit taking and negative news on regulation. As of 01/11/2024, rent increases in Brussels (66% portfolio) are on hold for 9 consecutive years. This was already the case for the 3-6-9 contracts but now impacts short term contracts and tenant de...
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Lynn Hautekeete
- Sharad Kumar S.P
- Wim Lewi
- Hilde Van Boxstael
- Michiel Declercq
- Wim Lewi
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Sharad Kumar S.P
- Thomas Couvreur
- Wim Lewi
- Wim Lewi
Home Invest Belgium Model update after fair value increase and asset s...
We update our model after the EUR 50.8m fair value of investment properties increase and announced asset sales. It is both the 4.2% like-for-like rental growth in 1Q24 and the adjustment to the valuation methodology that drove the fair value increase. This increases the average fair value/m2 from EUR 3080/m2 at YE23 to approximately EUR 3286/m2. This compares to an average of EUR 3.364/m2 in the Brussels Region where HOMI holds 67% of its assets. The EUR 40.6m asset sales have a 2.0% negative im...
- Jacob Mekhael
- Lynn Hautekeete
- Thomas Couvreur
- Wim Lewi
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Lynn Hautekeete
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Thomas Vranken
- Wim Hoste
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Sharad Kumar S.P
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Lynn Hautekeete
Home Invest Belgium Bullish EPRA EPS guidance of EUR 1.15 in FY24
Home Invest Belgium reports FY23 results slightly above our expectations. NRI increases 11.3% YoY on the back of 7.2% like-for-like growth. HOMI expects further top line growth above inflation due to strong market fundamentals like the 98.5% occupancy rate and close to 100% rent collection. In FY24 the focus is on portfolio rebalancing and delivering the committed projects. We increase our FY24 and FY25 EPS estimates by 4% and 5% respectively on the back of lower interest costs and a higher oper...
- Guy Sips
- Jacob Mekhael
- Lynn Hautekeete
- Wim Lewi
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Guy Sips
- Lynn Hautekeete
- Sharad Kumar S.P
- Thomas Couvreur
- Wim Lewi
- Lynn Hautekeete
Home Invest Belgium EUR 26.7m ABB to fund committed pipeline
Last week, Home Invest Belgium raised EUR 26.7m in an accelerated book building at an issue price of EUR 14.90, 29.11% below last reported NTA at 1Q23 of EUR 21.02. The issue generates more liquidity to serve its current committed FY23-FY24 capex plan of 73.0m. We assume EUR 17.5m of this EUR 73.0m is already spent over 1H23. The equity raise has a pro-forma positive impact of 3.2% on the 1Q23 RREC debt ratio (JV debt incl.) and lowers our YE23 debt ratio estimate from 55.3% to 51.8%. Our EPRA N...
- Hilde Van Boxstael
- Lynn Hautekeete
- Wim Hoste
- Wim Lewi
- Hilde Van Boxstael
- Lynn Hautekeete
- Michiel Declercq
- Thomas Vranken
- Wim Lewi
- Hilde Van Boxstael
- Lynn Hautekeete
- Sharad Kumar S.P
- Thomas Couvreur
- Wim Lewi
- Hilde Van Boxstael
- Lynn Hautekeete
- Sharad Kumar S.P
- Thomas Vranken
- Wim Lewi
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