Aedifica NV/SA (AED) Q2 2024 earnings summary

Executive summary

• EPRA earnings rose 8% year-over-year to €118.8 million, or €2.50 per share, with rental income up 7% to €165.8 million and a like-for-like rental income increase of 3.2%.

• The real estate portfolio exceeded €6.0 billion in fair value, spanning 8 countries and 630 healthcare sites, serving approximately 47,800 end users.

• Occupancy rate remained at 100% and WAULT at 19 years, reflecting portfolio stability.

• S&P Global reaffirmed a BBB credit rating with a stable outlook.

• Investment program of €261 million ongoing, with €101 million yet to be invested.

Financial highlights

• Net result attributable to owners reached €142.2 million, up from €56.8 million year-over-year.

• EPRA earnings per share reached €2.50, with net profit per share at €2.99, up from €1.42 in H1 2023.

• Debt-to-assets ratio at 42.0%, improved from 45.5% a year earlier but up from 39.7% at year-end 2023.

• Average cost of debt was 1.9%, and net asset value per share stood at €73.26.

• €628 million headroom on committed credit lines, with 89% of debt hedged.

Outlook and guidance

• 2024 EPRA earnings guidance raised to €231 million (from €223 million), or €4.85 per share.

• 2024 rental income projected at €334 million (+6.3% vs. 2023).

• Dividend guidance reaffirmed at €3.90 gross per share, payable in May 2025.

• €300 million in pipeline deliveries and ~€100 million asset rotation expected in 2024.

• Debt-to-assets ratio targeted at ~40% by year-end 2024.