Q2 2024 Vastned Retail NV Earnings Call Transcript
Key Points
- Vastned Retail NV (FRA:VB2) maintained a high occupancy rate of 98.6%, indicating strong operational performance.
- The company successfully passed through contracted indexation rates to tenants, resulting in higher rents on new leases and renewals.
- A high rent collection rate of 98.4% was achieved, demonstrating effective rent collection processes.
- The loan-to-value ratio decreased significantly from 44.4% to 40.7%, moving towards the company's long-term goal of below 40%.
- Vastned Retail NV announced an interim dividend of EUR 1.70 per share to be paid in December 2024, reflecting a commitment to shareholder returns.
- Higher interest expenses impacted the direct result, which remained broadly in line with the previous year at EUR 0.92 per share.
- The property portfolio value decreased by 1.1%, affecting the indirect result and net asset value.
- Bankruptcies, including Big Bazar Belgium and Ted Baker, posed challenges, although the impact is expected to be limited.
- The Spanish portfolio faced a vacancy issue with a property in Malaga, which has been vacant since Q1 2024.
- The average interest rate increased from 2.71% to 3.05%, driven by new long-term loans in Belgium at higher rates.
Thank you for standing by. My name is Celine and I will be your conference operator today. At this time, I would like to welcome everyone to the Vastned Half Year Result 2024 Conference Call. (Operator Instructions)
I would now like to turn the call over to CEO, Reinier Walta. Please go ahead.
Thank you. Dear attendees of this analyst meeting and webcast, my name is Reineir Walta. I'm the CEO of Vastned, and I have the pleasure of hosting this meeting and talk you through our half year results for 2024. In addition to presenting the half year results, I will also dedicate time in this call to provide a short overview of strategic actions, which we are currently in the process of executing. I will do this by going through the slides, which are now also made available on our website in the section Investor Relations, Publications and Reports.
After presenting the slides to you
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