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, exceeding budget.

• Rental income increased 7% year-over-year to €165.8 million, with like-for-like growth of 3.2%.

• Real estate portfolio surpassed €6 billion, with 630 healthcare properties across 8 countries.

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

• 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.

• EBIT margin improved to 85.9% (from 85.4%), and operating margin held at 96.2%.

• Net asset value per share (excl. hedging) increased to €73.26 (from €70.35 at year-end 2023).

• Debt-to-assets ratio rose to 42.0% (from 39.7% at year-end 2023).

• Average cost of debt (incl. fees) stable at 1.9%; 89% of debt hedged.

Outlook and guidance

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

• Rental income for 2024 expected at €334 million.

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