Half-Year Results 2023
Vastned reports continued strong operational performance in first half 2023
Outcome strategic reorientation: divesting parts of the portfolio will create most value for all stakeholders
Highlights H1 2023
• Direct result H1 2023 of € 0.95 per share (€ 0.98 in H1 2022)
• Indirect result of € 1.59 negative per share (€ 1.32 positive in H1 2022)
• Occupancy rate of 98.2%, stable at a high level (98.5% in H1 2022)
• Like-for-like gross rental income increased by 7.4% (1.4% in H1 2022)
• Value of property portfolio slightly decreased by 1.8% compared with 31 December 2022
• Loan-to-value ratio of 44.7% as at 30 June 2023 (43.0% as at 30 June 2022)
• Interim dividend of € 0.57 per share; 60% pay-out ratio in line with dividend policy
• Outlook: Vastned reiterates its expected range of direct result of € 1.95 to € 2.05 per share for the full year 2023
• Outcome strategic reorientation: divesting parts of the portfolio will create most value for all stakeholders
Hoofddorp, 27 July 2023 – Vastned, the listed European retail property company, continues its strong operational performance despite economic uncertainties. Vastned reports a direct result for H1 2023 of € 0.95 per share, in line with the € 0.98 per share reported in H1 2022 and a continued high occupancy rate at 98.2%. Like-for-like gross rental income increased by 7.4% as a result of indexation. The value of the property portfolio decreased by 1.8% during H1 2023, mainly reflecting higher yields in key markets based on the higher level of interest rates assumed. As a result, Vastned reports a € 1.59 negative indirect result per share for H1 2023.
‘We are pleased to deliver stable and predictable operational results for the ninth consecutive quarter. Our portfolio continues to attract a high level of tenant interest, also in these uncertain market circumstances, reflected in a high and stable occupancy rate. Given the robust results in the first half of 2023, we reiterate our outlook for 2023 and expect the direct result to be in the range of € 1.95 to € 2.05 per share.
As announced in February, we have conducted a strategic reorientation in the past months. We have undertaken a thorough process of evaluating and analysing the different strategic options for Vastned. Ultimately, we have concluded that divesting specific parts of our portfolio at the right price, will unlock immediate value for all our stakeholders, including shareholders. It will improve our balance sheet and financial ratios, which will create more flexibility to shape the future portfolio of Vastned. Furthermore, we will continue to explore a new structure, also in light of the dual listing and the potential upcoming changes to the Dutch FBI-regime.’
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 € 1.4 billion as at 30 June 2023.