Half-Year Report 2022
Vastned maintains strong operational and financial performance
Highlights H1 2022
- Positive earnings of € 2.30 per share (€ 0.50 negative in H1 2021)
- Direct result in H1 2022 of € 0.98 per share (€ 0.88 in H1 2021)
- Indirect result in H1 2022 of € 1.32 per share (€ 1.38 negative in H1 2021)
- Collection rate further increased to 97.6%
- Occupancy rate increased to 98.5%
- Like-for-like gross rental income increased by 1.4% compared with H1 2021
- Value of property portfolio increased by 1.0% compared with 31 December 2021
- Loan-to-value ratio of 43.0% as at 30 June 2022
- Focus remains on operational performance and maintaining high quality of portfolio with right tenant mix
- Interim dividend of € 0.59 per share; 60% payout ratio in line with dividend policy
- Outlook: Vastned reiterates its expected direct result for the full year 2022 between € 1.95 to € 2.05 per share
Hoofddorp, 28 July 2022 – Vastned, the listed European retail property company, has maintained its strong operational and financial performance despite economic uncertainties due to persistently high energy prices, rising inflation and increased recession fears in Europe. Vastned is reporting positive earnings for H1 2022 of € 2.30 euro per share and a direct result for H1 2022 of € 0.98 euro per share, an increase of over 11% compared with the € 0.88 per share reported in H1 2021. The collection rate further increased to 97.6%, and the occupancy rate increased to 98.5%. The value of the property portfolio increased 1.0% during H1 2022, mainly reflecting lower yields in key markets combined with relative stability across most other valuation factors.
Vastned delivered another strong quarter in terms of the company’s operational performance and interim results. Retailers in both ‘phygital’ and physical brands are showing a healthy demand for retail property. Moreover, transaction values are stabilizing, resulting in a slightly higher valuation of our property portfolio. Our performance has again demonstrated that Vastned has a high-quality portfolio with attractive, distinctive properties in prime locations in “winning cities”. We will approach the second half of the year cautiously as a result of the economic situation, which could potentially affect our tenants. Despite the economic uncertainties, we reiterate our expectations for the full year 2022 provided in our Q1 trading update.
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 € 1.5 billion at the end of the first half of 2022.