Vastned (VASTB) Q2 2024 earnings summary

Executive summary

• Maintained high occupancy rates in H1 2024, with 98.6% overall and strong rent collection, though slightly down from year-end 2023.

• Like-for-like rental growth of 2.9% year-over-year, with 27 new or renewed leases signed above market and previous rents.

• Net rental income rose to €31.1 million from €30.8 million in H1 2023.

• Announced a reverse cross-border merger with Vastned Belgium, aiming for completion by January 2025 and organizational simplification.

• Interim dividend of €1.70 per share to be paid in December 2024, with additional dividends for pre-merger shareholders.

Financial highlights

• Direct result per share for H1 2024 was €0.92, slightly down from €0.95 in H1 2023.

• Indirect result per share was negative €1.69, compared to negative €1.59 in H1 2023.

• EPRA NTA per share at €37.52, down from €39.56 at end of H1 2023.

• Portfolio valuation decreased by €14 million (1.1%) to €1.236 billion.

• Loan-to-value ratio improved to 40.7% from 44.7% year-over-year.

Outlook and guidance

• Reiterates expected direct full-year 2024 result of €1.75–€1.85 per share, barring unforeseen circumstances.

• Focus remains on operational excellence, executing the merger process, and strategic initiatives.

• Interim dividend of €1.70 per share to be paid in December 2024, replacing the usual August interim dividend.