NSI (NSI) Q3 2024 TU earnings summary

Executive summary

• Strategy focused on Amsterdam, sector expertise, customer service, sustainability, and growth has shown progress across all fronts in 2024.

• Portfolio vacancy rate increased slightly to 5.5% in Q3 but is expected to decline in Q4 due to new leases.

• Completed €20m share buy-back, acquiring 1,034,629 shares (5.13% of issued shares) at €19.33 average price; shares held as treasury, not cancelled.

• Disposed of last Den Bosch asset and reached conditional sale agreement for an Eindhoven asset, closing in late Q4.

• Recognized as a top performer in European real estate sustainability rankings (GRESB).

Financial highlights

• Net rental income rose 2.6% year-over-year to €44.2m in Q3 2024.

• Like-for-like net rental income increased 2.8% year-over-year.

• Direct investment result declined 3.8% year-over-year to €29.8m.

• EPRA earnings per share (EPS) for Q3 YTD is €1.51; Q3 EPS was €0.60.

• Net LTV increased slightly to 33.5% from 33.0% at year-end 2023.

Outlook and guidance

• EPRA EPS guidance for FY2024 raised to €1.95–2.05, reflecting strong operational growth and lower maintenance costs.

• Effective tax rate expected to rise to 10–12% in 2025 due to new earnings stripping rules.

• No further share buy-back planned as focus shifts to new investment opportunities.