9M 2021 Trading Update

Vastned delivered an improved operational performance

  • Delivered an improved operational performance in 9M 2021 with a higher occupancy rate and further increase of the collection rate
  • Occupancy rate of the portfolio increased to 97.6% as at 30 September 2021 from 96.2% (30 June 2021)
  • 70 new leases were signed in 9M 2021, representing rental income of € 8.6 million (compared to 21 in 9M 2020)
  • Limited rent decrease of 3.1% on average on new leases and lease renewals
  • Collection rate increased to 94% in 9M 2021 compared with 90% in H1 2021
  • Strategy execution on track with continued cost control, developing more mixed-use and adding new non-fashion retail tenants such as My Cosmetik, Bolia and Samsung
  • Vastned sold 11 non-strategic assets in 9M 2021 for € 16.8 million, with a book value of € 16.0 million
  • Outlook: direct result 2021 of € 1.85 to € 1.90 per share, tightening the range from the previous range of € 1.80 to € 1.90 per share

Amsterdam, 27 October 2021 – Vastned, the listed European retail property company, announces an improved operational performance for the first nine months of 2021, with a higher occupancy rate at 97.6% and further improvement of the collection rate at 94%. In the first nine months, a total of 70 new leases was signed, representing a total annual rental income of € 8.6 million or 12% of total theoretical rent. The average decrease in rent for the new leases was limited (3.1% over the first 9 months). Vastned is now forecasting a 2021 direct result between € 1.85 and € 1.90 per share.

Our strategy execution is on track and we continue to look at new opportunities to diversify and improve our tenant mix with more non-fashion and digital brands, add more mixed-use by adding apartments and small offices and increase our cost control. New retail tenants like My Cosmetik in Bordeaux, Bolia in Lille and Samsung in Breda are great additions. In September we moved to our new offices in Hoofddorp as planned.

We feel encouraged by the improved operational performance Vastned delivered during the quarter, with leasing activity, occupancy and collection rates improving further across our portfolio and countries. Now COVID-19 lockdowns have been lifted everywhere in Europe, most of our retail tenants have experienced a strong recovery in high street footfalls and retail spending, which eventually is expected to positively impact future discussions on rents and other conditions. We also see increased demand for inner-city residential units, particular in larger cities and with demand from expats returning on top of the housing shortage in many European cities. These developments give confidence to tighten our forecasted range to 1.85-1.90 of direct result per share for the full year.
Reinier Walta, CEO Vastned