Annual Results 2021
Vastned demonstrates resilience and delivers positive results
2021 highlights
- Positive earnings of € 0.84 per share (€ 2.41 negative in 2020)
- Direct result of € 1.93 per share (€ 1.85 in 2020)
- Indirect result of € 1.09 negative per share (€ 4.26 negative in 2020)
- Strong operational performance: occupany rate of 97.9% (2020: 96.5%) and collection rate of 95.7% (2020: 89.6%)
- 92 leases concluded in 2021, with a total rent of € 12.4 million
- Notable new tenant wins include My Jewellery, Bolia, Samsung and Moss Copenhagen
- Like-for-like gross rental income increased by 0.7%
- Value of property portfolio increased 0.2% in H2 2021; decreased by only 1.6% compared to end-2020.
- General expenses decreased significantly in 2021, in line with cost-saving target
- Sale of 12 non-strategic assets in 2021 for € 18.2 million, with a book value of € 17.5 million
- Loan-to-value ratio of 43.0% as at 31 December 2021 (2020: 43.0%)
- Good liquidity position; Vastned remains well within bank covenants
- Total dividend of € 1.73 per share with final dividend of € 1.20 per share; 89.6% pay-out ratio
Hoofddorp, 10 February 2022 – Vastned, the listed European retail property company, has reported positive results despite the impact of COVID-related lockdowns and restrictions in 2021. Vastned reports a direct result for 2021 of € 1.93 per share, which is higher than the € 1.85 per share reported over 2020. The collection rate has improved to 95.7%. Furthermore, the occupancy rate improved to 97.9% and is back to pre-COVID levels. The value of the property portfolio decreased by 1.6% during 2021. In H2 2021, the value of the total portfolio increased by 0.2% compared to the end of H1 2021, providing a first indication that the total value of the property portfolio stabilised in the second half of the year. In 2021, Vastned made good progress with its strategy, improving the tenant mix with an increased focus on digital retailers and creating more mixed-use spaces by adding residential units and small offices above shops. Vastned’s exposure to fashion retail tenants decreased to 46% from 48% in 2020. In 2021, Vastned disposed non-strategic assets for a total amount of € 18.2 million, 3.9% above book value. Given the unpredictability of the COVID-19 pandemic, and the possibility of new variants, many of Vastned’s tenants face an uncertain commercial and financial outlook over the coming year. As such, Vastned is not providing forecasts or guidance on the direct result for the 2022 full year at this stage.
“A direct result per share of € 1.93, a collection rate of 95.7% and an occupancy rate at 97.9% are all indicators of positive performance, especially in the context of the temporary lockdowns and other COVID-19 control measures during the year. The value of our total property portfolio declined only marginally, by 1.6%, and the value even increased in H2 2021, demonstrating the quality and resilience of both our portfolio and our tenant’s businesses.
2021 was the year in which Vastned began implementing its revised strategy, which calls for an increase in the mixed use of our properties and the diversification of the tenant base. Our approach involves working with more digital brands and other strong brands that are seeking to lease attractive, distinctive properties in prime locations within winning cities. We made good progress executing this strategy, in particular with respect to optimising and concentrating the portfolio and achieving an efficient organisation. COVID-19 unfortunately also impacted our business in 2021, and although it remains challenging, we are pleased with our regular and constructive discussions with our tenants and other stakeholders. Together, we were able to successfully navigate these uncertain times.”
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 € 1.44 billion as at 31 December 2021.
