Half Year 2024 Cofinimmo SA Earnings Call Transcript
Key Points
- Healthcare real estate now constitutes 75% of Cofinimmo SA/NV (CFMOF)'s portfolio, earning a spot in the EPRA Healthcare category.
- The company reported excellent operational results for the first six months, surpassing the outlook.
- Cofinimmo SA/NV (CFMOF) has been recognized as one of the most sustainable companies in Europe and globally.
- The company maintains a robust occupancy rate of 98.6% across its property portfolio.
- Cofinimmo SA/NV (CFMOF) achieved a 3% growth in gross rental revenue year-on-year, with a like-for-like rental increase of 2.1%.
- The debt-to-asset ratio increased slightly from 43.8% at the end of 2023 to 45.2% by mid-2024, primarily due to seasonal dividend payments.
- The IFRS net result decreased significantly by 55% from the first half of 2023.
- There was no M&A activity in the healthcare segment during the first half of 2024, indicating a quiet market.
- The office segment experienced a 3.1% depreciation in value, reflecting market condition shifts.
- The company faces challenges in achieving its divestment target of EUR270 million for the year, with many assets still under due diligence.
Hello, and welcome to Cofinimmo 2024 half year results. My name is Alicia, and I will be your coordinator for today's event. Please note this call is being recorded and for the duration of the call your lines will be on listen only. (Operator Instructions)
I will now hand you over to Jean-Pierre Hanin, CEO; and Jean Kotarakos, CFO. Thank you.
Thank you, Alicia, and good morning, everyone, and thank you for joining us today as we dive into Cofinimmo result for the first half of 2024. I'm surrounded by my colleagues, Jean Kotarakos, CFO; Yeliz Bicici, COO; Sebastien Berden, COO; Sophie Grulois, General Counsel; and Roel Dumont, Chief Human Resource Officer.
So I'm on Slide number 3, many information and for the sake of convenience, let me just highlight some of them. Healthcare real estate now makes up 75% of our portfolio, earning us a spot in the EPRA Healthcare category since June of this year
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