Care Property Invest (CPINV) Q4 2024 earnings summary

Executive summary

• Rental income rose 5.6% year-over-year to €69.6m, driven by acquisitions and project completions, with adjusted EPRA earnings per share up 4.7% to €1.07.

• Portfolio expanded to 151 healthcare projects across Belgium, Netherlands, Spain, and Ireland as of 31 December 2024.

• Gross dividend proposal of €1.00 per share, yielding 8.76%, unchanged from 2023.

• Debt ratio at 47.73%, below the 50% self-imposed cap, with a weighted average interest rate of 3.22%.

• Strategic focus on controlled growth, maintaining debt ratio below 50%, and long-term stable returns.

Financial highlights

• Net rental result: €69.6m (+5.6% year-over-year); operating result before portfolio: €58.2m (+10.6%).

• Adjusted EPRA earnings: €39.8m (+4.7%); net result: €25.7m (vs. -€5.8m in 2023).

• Market capitalisation declined 20% to €422.4m as of 31 Dec 2024.

• EPRA cost ratio improved to 16.72%; cash operating margin stable at 85%.

• Portfolio fair value at €1.23bn, slightly down due to higher OLO rates and lease expiries.

Outlook and guidance

• Growth to be moderated in 2025 to keep debt ratio below 50%.

• Forecasts adjusted EPRA earnings of at least €1.07/share and rental income of €73m for 2025 (+5%).

• Dividend policy aims to maintain €1.00 per share for 2025.

• Focus on value-accretive opportunities and diversification in markets with favorable demographics.

• Expects debt ratio to rise slightly in 2025 due to new investments, but to remain below 50%.