Trading update 9M 2023

Vastned continues to deliver strong operational results


Highlights 9M 2023

-    Vastned continues to deliver a strong operational performance

-    Occupancy rate increases to very high level of 98.8% (98.2% in H1 2023) across the portfolio

-    67 New leases signed, representing annual rental income of € 14.3 million (approximately 18% of total)

-    Divestment process as part of the strategic reorientation progressing

-    Outlook: Vastned re-iterates its expected range of direct result of € 1.95 to € 2.05 per share for the full year 2023

-    After balance sheet date: Vastned sold non-strategic assets for € 2.2 million, with a book value of € 2.0 million

Hoofddorp, 26 October 2023 – Vastned, the listed European retail property company is delivering strong operational results. With a further increasing occupancy rate, passing on indexation based on inflation and high leasing activity, the company is optimising the income from the current portfolio. The company re-iterates the expectation of its direct result per share for 2023 to be in the range of between € 1.95 and € 2.05. 

The company’s continued strong performance, its high-quality portfolio with a stable and attractive tenant base and its proactive approach to existing and new tenants, provide Vastned with the opportunity to focus on strategic actions following the strategic reorientation. The announced divestment process is progressing, with a number of smaller divestments in the Netherlands and Belgium, while the focus is on larger divestments to take place.

Negotiations on refinancing of our debt maturities for next year are ongoing in the Netherlands and Belgium. The new financing arrangements for our refinancing needs in 2024, will provide Vastned with financial security and stability and bring more variance to the maturity profile of our debt portfolio.

While the market circumstances have changed significantly, Vastned continues to deliver strong and predictable operational results. Our teams have been busy and successful in finding suitable new tenants for a number of our properties that had become vacant, resulting in a high level of leasing activity and the highest occupancy rate in years across our portfolio. With these new deals and rent renewals, Vastned secured new rental contracts well above market rents. In combination with the long duration of the contracts this secures stable and predictable rental income going forward. 

At the same time, we are executing the strategic actions that we identified in our strategic reorientation with divestments of non-strategic assets and positioning ourselves for a new structure in the light of the dual listing and to minimize the impact of the abolishment of the FBI regime as per January 2025.

Reinier Walta, CEO of Vastned