Vastned Retail (VASTN) Q3 2024 TU earnings summary

Executive summary

• Achieved strategic objectives, including successful completion of divestment program and strong support (>99.9%) for intended merger with Vastned Belgium.

• Maintained high operational performance with 98.0% occupancy as of 30 September 2024.

• Halted active divestment program after €132.6 million in asset sales, all above book value.

• Management focused on finalizing the merger, effective 1 January 2025.

Financial highlights

• 44 new leases signed in 2024, representing €5.1 million in rental income (7.1% of total theoretical rent).

• Rent decrease on new leases and renewals was 2.3%, mainly due to renegotiated Dutch contracts, but still above ERV.

• Interim dividend of €1.70 per share to be paid on 6 December 2024.

Outlook and guidance

• Reiterates expected direct result for 2024 in the range of €1.75 to €1.85 per share.

• Focus remains on operational excellence and completing the merger.