Home Invest Belgium (HOMI) H2 2024 earnings summary

Executive summary

• Leading Belgian REIT specializing in residential real estate, with a €347 million market cap and 25+ years of consecutive dividend growth.

• Portfolio valued at €882 million, with over 90% in residential assets and a strong presence in Brussels (66%).

• Focus on sustainable, young portfolio: over 50% of assets are less than 10 years old, with strong energy performance.

Financial highlights

• Net rental result rose 5.1% year-over-year to €36.4 million; operating margin increased to 76.8%.

• Net result (group share) was €81.0 million, up from a loss of €14.3 million in 2023, driven by €62.8 million positive fair value changes.

• EPRA earnings increased 9.3% year-over-year to €23.2 million (€1.16 per share).

• NAV per share (IFRS) rose 13.4% to €24.14; EPRA NTA per share up 15.7% to €23.56.

• Debt ratio at 47.2% (RREC-Act), with average financing cost of 2.18% and 87.9% of debt at fixed rates.

Outlook and guidance

• Expects EPRA earnings per share of €1.16 for FY 2025, at least flat year-over-year.

• Board proposes increasing gross distribution to €1.14 per share, marking 25 consecutive years of growth.

• Positive long-term trends in urbanization and demographics support continued demand for quality rental housing.