Vastned (VASTB) Q3 2024 earnings summary

Executive summary

• Shareholders approved a reverse cross-border legal merger with the Dutch parent company, effective 1 January 2025, and an intermediary dividend of €1.00 per share if the merger does not proceed.

• EPRA earnings per share for the first nine months of 2024 were €1.92, down from €2.10 year-over-year.

• Interim dividend of €2.30 per share to be paid on 22 November 2024, representing the intended full-year dividend.

Financial highlights

• Rental income for the first nine months of 2024 was €13.9 million, stable year-over-year.

• Net result increased to €10.2 million from €9.3 million year-over-year.

• EPRA earnings decreased to €9.7 million from €10.7 million, mainly due to higher interest expenses.

• Fair value of investment properties rose to €311.0 million from €309.6 million at year-end 2023.

• Share price at 30 September 2024 was €31.50, a 30% discount to net asset value.

Outlook and guidance

• No further dividend will be paid in 2025 on the 2024 result, as the interim dividend covers the full year.

• Redevelopment projects and ongoing permit procedures are expected to enhance portfolio value and occupancy.