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Investing.com -- Shares of Aedifica (EBR:AED) climbed 1% after the company reported earnings per share (EPS) that exceeded both its own guidance and consensus estimates.
The real estate investment trust announced an EPRA EPS of €4.93, surpassing its forecast and aligning closely with analyst expectations. The company’s 2025 guidance for EPRA EPS of €5.01 matches analyst projections and is slightly above the consensus by 1.4%.
Aedifica’s financial results showed a solid performance, with like-for-like (LFL) rental growth of 3.3%, mainly attributed to indexation. The increase in asset values by 0.7% year-on-year (YoY), with a 0.38% rise in the fourth quarter, contributed to the company’s positive outlook. The group highlighted the beginning of a "new cycle," marked by higher occupancy rates and improved rent covers for operators.
The firm’s full-year 2024 EPRA Earnings reached €234.6 million, a 6.8% increase YoY, translating to €4.93 per share, which is a slight 1.7% decrease YoY. This figure meets the company’s updated October guidance of "above €4.90" and is marginally higher than the JEF and consensus estimates of €4.92 and €4.90, respectively.
Aedifica proposed a dividend per share (DPS) for 2024 at €3.90, which aligns with analyst estimates but is 2% lower than the consensus, suggesting a payout ratio of 79% of the EPRA Earnings.
Looking ahead to 2025, Aedifica aims for EPRA earnings of €238 million, or €5.01 per share, indicating a 1.6% YoY increase. This target is consistent with the JEF forecast and exceeds the consensus estimate by 1.4%. The anticipated DPS for 2025 is set at €4.00, compared to JEF’s estimate of €3.90 and the consensus of €3.96.
The group’s report also noted year-on-year increases in operator occupancy rates, ranging from 53 basis points in Belgium to 373 basis points in Germany, showcasing the company’s strengthening position in the market.
With an EPRA loan-to-value (LTV) ratio, excluding real estate transfer taxes (RETTs), at 40.55%, Aedifica appears to be on a stable financial footing as it enters this new growth cycle.
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