Wereldhave (WHA) Q3 2024 TU earnings summary

Executive summary

• Direct result per share (DRPS) improved to €0.46 in Q3 2024, up from €0.41 in Q1 and €0.43 in Q2 2024, driven by reduced vacancies and lower financial expenses due to declining interest rates.

• Full Service Centers (FSCs) outperformed the Benelux market year-to-date, with retail sales growth of +5% and footfall growth of +7%.

• Occupancy rates in the retail portfolio improved to 96.2%, with new leases signed at 10% above estimated rental values (ERVs).

• Balance sheet strengthened, with loan-to-value at 42.7% and further reductions expected through disposals and positive asset revaluations.

• Sustainability leadership maintained, with an 11th consecutive five-star GRESB rating and a ninth consecutive EPRA SBPR Gold Award.

Financial highlights

• Gross rental income for 9M 2024 was €124.4m, up 7.3% year-over-year; net rental income rose 10.3% to €109.8m.

• Direct result for 9M 2024 was €67.3m (+7.2% YoY); indirect result was €42.5m (+311.9% YoY).

• Basic earnings per share increased 23% YoY to €2.01; EPRA earnings per share rose 6.9% to €1.24.

• Dividend per share for the period was €1.20 (+3.4% YoY).

• Net debt stood at €932m, with net loan-to-value at 42.7%.

Outlook and guidance

• Full-year 2024 DRPS guidance reaffirmed at €1.75.

• Further reduction in loan-to-value expected by year-end through free cash flow and asset disposals.

• No new FSC deliveries in 2024; next major projects scheduled for 2025.