Annual Results 2023
Vastned reports continued strong operational results in 2023
Bridge financing to facilitate Vastned's transition to future portfolio
Highlights Full Year 2023
- Direct result 2023 of € 2.01 per share (€ 2.05 in 2022)
- Indirect result of € 3.13 negative per share (€ 0.22 negative in 2022)
- IFRS result of € 1.12 negative per share (€ 1.83 positive in 2022)
- Occupancy rate up to 99.0% (98.6% year-end 2022)
- Like-for-like gross rental income 8.6% positive
- Value of property portfolio decreased by 3.2% compared with year-end 2022
- Loan-to-value ratio of 44.4% as at 31 December 2023 (43.4% year-end 2022)
- Bridge financing to cover € 240 million loan maturities as per September 2024
- Total dividend of € 1.85 per share proposed (€ 1.85 per share in 2022); 92% pay-out of direct result
- As Vastned is going through a transition, it provides no guidance on the direct result for the 2024 full year at this stage
Hoofddorp, 15 February 2024 – Vastned, the listed European retail property company, continues its strong operational performance. Vastned reports a direct result for 2023 of € 2.01 per share, in line with the outlook of € 1.95 - € 2.05 per share. Mainly as a result of a decrease in the property portfolio's value by 3.2%, the IFRS result per share was € 1.12 negative compared to € 1.83 positive in 2022. The occupancy rate further improved across the portfolio to 99.0%.
“Vastned achieved strong operational results for the year 2023. As a result of the high occupancy rate and indexation of rents on existing contracts, Vastned was able to increase gross rental income from € 66.4 million to € 72.1 million, mainly driven by an 8.6% like-for-like gross rental growth. This growth was off-set by higher financing costs and slightly higher expenses, resulting in a minor decrease of the direct result for the year 2023 from € 35.2 million in 2022 to € 34.4 million."
"The strong operational results are a solid foundation for Vastned for the future and also to execute on the strategic initiatives. The first steps of this strategic reorientation have been taken in 2023 and early 2024. Total divestments amounted to € 8.2 million. The properties were sold at more than 22% above the book value of the divested properties, which shows the attractiveness of our portfolio. Vastned will continue the process of further divestments in 2024."
"In parallel, we have been able to realise the refinancing of € 125 million of external debt in Belgium with a mix of three- and five-year extensions of the maturity date. At holding level, we arranged a bridge loan to cover the € 240 million of maturities due in September 2024. This provides Vastned with the flexibility to execute its strategic actions, following the strategic reorientation, including the ongoing review of opportunities to adapt the structure of Vastned to work to a preferred single listing."
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 company's property portfolio had a value of € 1,373 million as at 31 December 2023.
