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Aedifica NV/SA: Interim financial report – Q1 2024

Aedifica
Aedifica

Please find below Aedifica’s interim financial report for the 1st quarter of the 2024 financial year.

Robust operational performance driving strong results ahead of budget

  • EPRA Earnings* amounted to €59.8 million (+8% compared to 31 March 2023), or €1.26/share

  • Rental income increased to €82.0 million (+8% compared to 31 March 2023)

  • 3.3% increase in rental income on a like-for-like basis in the 1st quarter of the year

Real estate portfolio* of nearly €6 billion as at 31 March 2024

  • 623 healthcare properties for more than 47,300 end users across 8 countries

  • Investment programme of €343 million in pre-let development projects and acquisitions in progress, of which €193 million remains to be invested. Over the 1st quarter, 10 projects from the committed pipeline were delivered for a total investment budget of approx. €74 million

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Solid balance sheet and strong liquidity

  • 39.6% debt-to-assets ratio as at 31 March 2024

  • €868 million of headroom on committed credit lines

  • BBB investment-grade credit rating with a stable outlook (by S&P)

  • UK REIT regime will increase the contribution of UK operating cashflows to the Group’s results

Outlook for 2024 on track

  • EPRA Earnings* for 2024 are estimated at €223 million, or €4.70/share

  • Proposed dividend for the 2024 financial year: €3.90/share (gross)

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