Vitura (VTR) H2 2024 earnings summary

Executive summary

• Portfolio valued at €877m, comprising 170,000 sq.m across four large, fully office-certified properties.

• 21,500 sq.m let in 2024, representing 14% of the portfolio; 15,500 sq.m leased in Q1 2025.

• Sale of controlling interest in Passy Kennedy and Office Kennedy holding companies in July 2024.

• Energy consumption reduced by 36% since 2013, aligning with 2030 targets.

Financial highlights

• Rental income rose 9% year-over-year on a like-for-like basis, reaching €43.1m in 2024.

• EPRA yield at 5.6%; weighted average lease term (WALT) of 5.7 years.

• EPRA NTA at Dec. 31, 2024, was €275.3m (€16.1/share) after Kennedy sale, down from €523.0m in 2023.

• Net rental income on a like-for-like basis was €37.8m in 2024, nearly flat year-over-year.

• Cash flow on a like-for-like basis declined to €6.5m from €9.4m in 2023.

Outlook and guidance

• Focus on portfolio expansion, proactive asset management, and leasing of vacant units.

• Continued emphasis on value creation and environmental initiatives.