Highlights H1 2024
• Strong operational performance with a direct result H1 2024 of € 0.92 per share (€ 0.95 in H1 2023)
• Occupancy rate up to 98.6% (98.2% in H1 2023)
• Like-for-like gross rental income growth 2.9% compared to H1 2023
• Indirect result of € 1.69 negative per share (€ 1.59 negative in H1 2023)
• IFRS total result of € 0.77 negative per share (€ 0.64 negative in H1 2023)
• Vastned and Vastned Belgium have signed Joint Merger Documentation on 17th June
• Vastned further divested assets for € 5.6 million after H1 2024, bringing total divestments to € 131.7 million
• Outlook: Vastned reiterates its expected range of direct result of € 1.75 to € 1.85 per share for the full year 2024
Hoofddorp, 25 July 2024 - Vastned, the listed European retail property company, has continued its strong operational performance, reporting a direct result for H1 2024 of € 0.92 per share, broadly in line with € 0.95 per share reported in H1 2023 and a continued high occupancy of 98.6%. Further divestments have strengthened the balance sheet of Vastned by reducing the Loan-to-value ratio.
Vastned is on track with the execution of its strategic actions. With the signing of the joint merger documentation, the previously announced intention to merge Vastned with and into Vastned Belgium has taken the next step.
"During the first half year of 2024, Vastned has successfully managed to deliver on its strategic actions. We worked on addressing the immediate refinancing needs and on improving the financial ratios via divestments. We also made significant steps toward changing the group structure. With our announced intention to merge Vastned Retail N.V. with and into Vastned Belgium NV, we aim to simplify the structure of the company and combine the strengths of our balanced and well positioned real estate portfolios.
We look forward to execute all remaining steps for this transition in the second half year. It will allow Vastned to continue delivering long-term stable and predictable results for our shareholders under Belgian Management. It will create a company that will be flexible to seize future opportunities that are likely to arise in the ever evolving real estate markets.
In the meantime it is important for Vastned to focus on what we do best: ensure that we keep the occupancy high by selecting high-quality tenants for all of our properties. In this light we are optimistic about the future. We see that strong global brands are performing well, as consumers are coming back to the high streets. In addition, we also see more demand for boutique shops that have a unique offering to clientele in larger cities like Amsterdam, Paris and Madrid. Combined with an increasing presence of physical shops of brands that have started initially as online-only webshops, the demand for well-located properties remains strong."
Reinier Walta, CEO Vastned
Vastned is a European publicly listed property company (Euronext Amsterdam: VASTN) focusing on the best property in the popular shopping areas of selected European cities with a historic city centre where shopping, living, working and leisure meet. Vastned's property clusters have a strong tenant mix of international and national retailers, food & beverage entrepreneurs, residential tenants, and office tenants. The property portfolio had a size of approximately € 1,236 million as at 30 June 2024.
Download:
https://press.vastned.com/download/57b8672d-9667-4b69-a8df-95d2430e9acc/2024.07.25pressreleasehy2024.pdf
• Strong operational performance with a direct result H1 2024 of € 0.92 per share (€ 0.95 in H1 2023)
• Occupancy rate up to 98.6% (98.2% in H1 2023)
• Like-for-like gross rental income growth 2.9% compared to H1 2023
• Indirect result of € 1.69 negative per share (€ 1.59 negative in H1 2023)
• IFRS total result of € 0.77 negative per share (€ 0.64 negative in H1 2023)
• Vastned and Vastned Belgium have signed Joint Merger Documentation on 17th June
• Vastned further divested assets for € 5.6 million after H1 2024, bringing total divestments to € 131.7 million
• Outlook: Vastned reiterates its expected range of direct result of € 1.75 to € 1.85 per share for the full year 2024
Hoofddorp, 25 July 2024 - Vastned, the listed European retail property company, has continued its strong operational performance, reporting a direct result for H1 2024 of € 0.92 per share, broadly in line with € 0.95 per share reported in H1 2023 and a continued high occupancy of 98.6%. Further divestments have strengthened the balance sheet of Vastned by reducing the Loan-to-value ratio.
Vastned is on track with the execution of its strategic actions. With the signing of the joint merger documentation, the previously announced intention to merge Vastned with and into Vastned Belgium has taken the next step.
"During the first half year of 2024, Vastned has successfully managed to deliver on its strategic actions. We worked on addressing the immediate refinancing needs and on improving the financial ratios via divestments. We also made significant steps toward changing the group structure. With our announced intention to merge Vastned Retail N.V. with and into Vastned Belgium NV, we aim to simplify the structure of the company and combine the strengths of our balanced and well positioned real estate portfolios.
We look forward to execute all remaining steps for this transition in the second half year. It will allow Vastned to continue delivering long-term stable and predictable results for our shareholders under Belgian Management. It will create a company that will be flexible to seize future opportunities that are likely to arise in the ever evolving real estate markets.
In the meantime it is important for Vastned to focus on what we do best: ensure that we keep the occupancy high by selecting high-quality tenants for all of our properties. In this light we are optimistic about the future. We see that strong global brands are performing well, as consumers are coming back to the high streets. In addition, we also see more demand for boutique shops that have a unique offering to clientele in larger cities like Amsterdam, Paris and Madrid. Combined with an increasing presence of physical shops of brands that have started initially as online-only webshops, the demand for well-located properties remains strong."
Reinier Walta, CEO Vastned
Vastned is a European publicly listed property company (Euronext Amsterdam: VASTN) focusing on the best property in the popular shopping areas of selected European cities with a historic city centre where shopping, living, working and leisure meet. Vastned's property clusters have a strong tenant mix of international and national retailers, food & beverage entrepreneurs, residential tenants, and office tenants. The property portfolio had a size of approximately € 1,236 million as at 30 June 2024.
Download:
https://press.vastned.com/download/57b8672d-9667-4b69-a8df-95d2430e9acc/2024.07.25pressreleasehy2024.pdf
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