11 February 2025
FY 2024
results presentation
2
2024 - A year of successful execution
EPS guidance achieved Resilient portfolio growth Sound financial profile
€ 4.55 | ▪ | 34.8% |
€ 498m | ||
EPRA EPS (+2% YoY recurring) | invested or in execution | EPRA LTV |
+€ 0.18 | ▪ | ▪6.9x |
99.9% | ||
one-off EPRA EPS FBI top-up | occupancy rate | adj. Net debt/EBITDA |
+3.4% | ▪5.1% | ▪2.3% |
LfL rental growth | stable EPRA NIY | cost of debt |
€ 3.74 | ▪€ 77.63 | ▪98% |
proposed DPS (+7% YoY recurring) | EPRA NTA (+4.4% YoY) | hedge ratio |
2
FY 2024 highlights |
Outlook |
Growth update |
ESG |
Portfolio update |
Appendix |
Market update |
3 |
FY 2024 highlights
EPRA EPS up 2%
FY EPRA result of € 99.3m, an increase of 10% YoY
Recurring EPRA EPS | Net result |
€ 4.55 | € 171.5m |
+2% YoY* | Includes € 85.4m of |
positive property revaluation | |
+14% weighted avg. # of shares | € 8.17 per share net result |
* excl. impact of FBI one-offs booked in 2023 (c. € 8.2m or € 0.45/share) and 2024 c. € 3.7m | * The difference between € 85.4m property revaluation reported and € 72m explained in |
or € 0.18/share) | property portfolio section relates to the accounting treatment of solar panels |
5
FY 2023 FBI provision reversal impact | ||||
EPRA EPS (recurring) | Dividend (recurring) | |||
€ 4.55 (+2% YoY) | € 3.60 (+7% YoY) | |||
FBI-related one-off | + | + | ||
FBI-related dividend top-up | ||||
€ 0.18 | € 0.14 | |||
= | EPRA EPS | = | Proposed dividend | |
€ 4.73 | € 3.74 | |||
6 |
Driven by a +3.4% increase in LfL rents
(K€) | 12M 2024 | 12M 2023 | YoY |
Net rental income | 115,110 | 106,625 | +8% |
Other real estate income & expenses | 7,847 | 9,513 | -18% |
Total property result | 122,956 | 116,139 | +6% |
of whichtotal income from solar panels | 6,031 | 8,868 | -32% |
Property & overhead expenses | -14,090 | -13,370 | -5% |
Operating results before portfolio results | 108,866 | 102,769 | +6% |
Operating margin | 88.5% | 88.5% | |
Financial results excl. fair value changes | -12,721 | -17,995 | -29% |
Taxes | 3,114 | 5,236 | -41% |
EPRA result | 99,260 | 90,010 | +10% |
Weighted average shares' outstanding | 21,005,929 | 18,387,740 | +14% |
Recurrent EPRA EPS (€) | 4.55 | 4.45 | +2% |
One-off EPRA EPS (€) | 0.18 | 0.45 | |
LfL rental growth
LfL rental growth +3.4% of which +3.1% linked to rent indexation and +0.3% linked to rent renegotiations
Total income from solar panels
-€ 2.8m (-32%) reflecting primarily the decline due to a one-off green certificate provision reversed in Q3 2023 (€ 1.3m) and lower energy prices in 2024
Financial result
Reflecting capitalised interest increase due to the transfer of Tiel, Waddinxveen and Born into the development pipeline
Taxes
Including FBI-related provision reversals for 2023 (€ 0.45/share) and 2024 (€ 0.18/share)
7
Growth-enabling fundamentals
EPRA LTV
34.8%
(31/12/2023: 33.5%)
Adj. Net Debt/
EBITDA
6.9x
(31/12/2023: 6.8x)
Interest
coverage ratio
4.5x
(31/12/2023: 4.5x)
EPRA NTA
€ 77.63
(31/12/2023: € 74.38)
8
Solid debt profile
>6y
Long-term funding
average remaining debt maturity
& hedging, both >6 years
Hedge ratio
of 98%
Strong liquidity position
- 204m immediately available funding
(cash + untapped credit lines)
Cost of debt stable at
2.3%
€ 154m
capital increase completed
in October 2024, reinforcing
capital structure
9
Strong balance sheet | |||||||||||||
Net debt/EBITDA and ICR | EPRA LTV | ||||||||||||
9 | 9 | ||||||||||||
8 | 8 | ||||||||||||
7 | 6.7 | 7 | |||||||||||
6 | 6.2 | 6 | |||||||||||
8.4 | 5.5 | 8.4 | 51.3% | ||||||||||
7.3 | |||||||||||||
5 | 6.7 | 6.8 | 6.9 | 5 | 39.7% | ||||||||
6.5 | 4.9 | 37.1% | 36.3% | 36.9% | |||||||||
4.5 | 33.5% | 34.8% | |||||||||||
4.5 | 4.5 | ||||||||||||
4 | 4 | ||||||||||||
3 | 3 | ||||||||||||
2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |||||||
(adjusted) net debt/EBITDA | ICR | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |||||
Investment grade credit rating BBB+ (Stable Outlook) by Fitch | |||||||||||||
10 |