Belgium's Aedifica H1 rental income rises 62% on Cofinimmo merger

Aedifica NV

01/09/2026 06:40

Overview
Belgium-based healthcare REIT's H1 rental income rose 62% yr/yr on Cofinimmo acquisition
EPRA Earnings for H1 climbed 54% yr/yr, driven by merger accretion
Company completed Cofinimmo merger and appointed new board and executive committee

Outlook
Aedifica estimates 2026 EPRA Earnings at €436 mln, or €5.35/share
Company proposes a 2026 dividend of €4.20/share, up 5%
Aedifica expects full run-rate merger synergies of at least €16 mln in 2027

Result Drivers
COFINIMMO MERGER - Company said acquisition and merger with Cofinimmo drove substantial increases in rental income and EPRA Earnings
LIKE-FOR-LIKE GROWTH - Rental income rose 1.7% on a like-for-like basis in H1, indicating underlying portfolio growth
NEW INVESTMENTS - €84 mln of new investments in H1, with €111 mln announced over summer, contributed to portfolio expansion

Company press release: ID:nGNE62DQBB

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
H1 Rental Income
 
EUR 292.30 mln
 
H1 EPRA Earnings
 
EUR 189.90 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 12 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the specialized reits peer group is "buy"
Wall Street's median 12-month price target for Aedifica NV is €81.50, about 20% above its August 31 closing price of €67.90
The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 13 three months ago

Reuters Recommended Reads
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Aug 31 - China's Soho China Limited H1 revenue falls on weak leasing demand

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)