Lighthouse Properties (LTE) H2 2024 earnings summary

Executive summary

• Completed a strategic transformation by rotating out of Hammerson and acquiring four shopping centers in 2024, with a further acquisition in early 2025 and another under exclusivity in Spain.

• Portfolio now focused on dominant shopping malls in Iberia (Spain and Portugal) and France, with Iberia projected to comprise 86–87% of the portfolio by year-end 2025.

• Portfolio vacancy reduced to 2% at year-end, with significant improvements in France and near-zero vacancy in Spain and Portugal.

• Major tenants include Primark and Zara, with ongoing upgrades to flagship concepts and strong tenant demand.

• Sales grew by 7.8% year-over-year, with strong like-for-like growth in Spain and Portugal.

Financial highlights

• Distributable earnings per share for 2024 were EUR 0.025671, with a 100% payout ratio.

• Net asset value per share increased to EUR 0.427.

• Like-for-like net property income growth in France exceeded 14%, while Spain saw 1.3% due to a one-off service charge in 2023; overall like-for-like NPI grew 7.4%.

• Portfolio valued at EUR 1,143 million as of 31 December 2024.

• Loan-to-value (LTV) ratio increased from 14% to 25% at year-end 2024, rising to 31% post-Alcala Magna acquisition.

Outlook and guidance

• Guided 5% growth in distributable earnings per share for 2025, impacted by refinancing legacy low-cost debt.

• No further major debt maturities until 2027, with interest costs now at market levels.

• Expect strong growth into 2026 as refinancing impacts subside and new acquisitions contribute.

• Iberia remains the primary focus, targeting 87% portfolio exposure by year-end.