A successful year despite difficult circumstances
- Net rental income increased by 6.4% to €62.6 million (€58.9 million at the end of 2022).
- Net income per share from core activities decreased by 3.3% to €4.71 (€4.87 at the end of 2022).
- Solid balance sheet with a debt ratio of 29.6% (28.6% at the end of 2022).
- Net asset value per share is 78.07 euros (-1.2% compared to 2022: 78.99 euros).
- EPRA occupancy across the portfolio increased from 0.9% to 96.1% (95.2% at the end of 2022).
- Dividend proposal: maintain a payout ratio of 87% (gross 4.10 euros – net 2.87 euros per share).
- Accounts for 18.6% of Belle Ile’s consolidated assets.
- New funding amounting to €85 million.
Compared to 2022, net rental income increased by 6.4% to €62.6 million. This was also driven by good leasing activity with 75 transactions. Due to the increase in market interest rates, the impact of insolvency on debtors and the impact of the non-recovery of certain costs in the office portfolio, net income from core activities amounted to €4.71 per share in 2023. Previously published range.
EPRA occupancy for the retail portfolio was 98.2% as of December 31, 2023, compared to 97.7% as of December 31, 2022. Particularly in our office portfolio, we were able to conclude good deals, which allowed us to increase our occupancy rate from 81.5% to 84.7%. Across the investment property portfolio, EPRA’s occupancy rate was 96.1% as of December 31, 2023, compared to 95.2% in the same period last year.
The net asset value per share before dividend distributions was €78.07 at 31 December 2023 (2022: €78.99).
The debt ratio was 29.6% as of December 31, 2023, compared to 28.6% as of December 31, 2022.
In December 2023, the Company obtained a loan extension from KBC totaling €20 million and received a credit letter from BNP Paribas for a loan renewal expiring in April 2024. This credit letter was signed on behalf of our company after December 31st. 2023.
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2023 press release results
