Cofinimmo (COFB) Q3 2024 earnings summary

Executive summary

• Net result from core activities (EPRA Earnings) up 3% to €182M; net result group share up 9% to €42M compared to the same period last year.

• Portfolio valued at €6.2B, with 75% invested in healthcare real estate across nine countries; office portfolio focused on Brussels CBD, setting new prime rent records.

• High occupancy rate of 98.3% and long average lease term of 13 years; strong sustainability recognition with multiple awards and certifications.

• Gross dividend outlook for 2024 confirmed at €6.20/share; targeting EPRA EPS > €6.40/share.

Financial highlights

• Gross rental revenues up 2.3% year-over-year; like-for-like growth of 2.1%; operating margin at 83.7%.

• Net result from core activities per share at €4.88 (includes -€0.80/share from divestments and capital increases).

• Debt-to-assets ratio at 44.7% as of 30.09.2024; average cost of debt remains low at 1.4%.

• EPRA Net Initial Yield at 5.6%; EPRA vacancy rate at 1.8%.

• Portfolio fair value change limited to -0.3% in Q3, indicating stabilisation.

Outlook and guidance

• 2024 net result from core activities (EPRA EPS) expected to exceed €6.40/share; gross dividend for 2024 confirmed at €6.20/share.

• Debt-to-assets ratio expected below 44% by year-end.

• Net-zero investment target for 2024, with €215M gross investments offset by €215M divestments.

• Average cost of debt projected to remain around 1.5%.