Care Property Invest (CPINV) Q3 2024 earnings summary

Executive summary

• Portfolio expanded to 150 acquired projects as of 30 September 2024, with a strong presence in Belgium, the Netherlands, Spain, and Ireland.

• Rental income rose 6.1% year-over-year to €52.0m, with 99% collection and 100% occupancy rate.

• Focus on healthcare real estate, including service flats, nursing homes, and residential solutions for people with disabilities.

• Business model combines public and private market investments, with long-term, triple net lease contracts and high occupancy rates.

• Demographic trends in core markets support rising demand for senior and assisted living facilities.

Financial highlights

• Net rental result rose 6.06% year-over-year to €51.98m for the nine months ended 30 September 2024.

• Adjusted EPRA earnings increased 4.54% year-over-year to €30.2m (€0.82/share).

• Net result for the period was €22.7m, up from €14.0m in 2023.

• Operating cash result up 7.19% year-over-year to €45.2m.

• Gross dividend of €1.00/share agreed for 2024, with a yield of 7.01% based on FY 2023 figures.

Outlook and guidance

• Rental income for 2024 expected to reach €69.5m, a 5% increase over 2023.

• Adjusted EPRA result forecasted at least €1.05/share for 2024.

• Dividend policy aims to maintain a stable €1.00/share payout for 2024.

• Growth will be limited to keep the debt ratio below 50% amid a changing macroeconomic environment.

• Sufficient margin for further investments before reaching 65% debt ratio.