Brief: NSI FY Net Rental Income Drops To 67.2 Million Euros

NSI NV

28/01/2020 07:58

Jan 28 (Reuters) - NSI NV  NSTEc.AS :
    * FY NET RENTAL INCOME EUR 67.2 MLN VS EUR 69.2 MLN YR AGO
    * FY EPRA EPS OF € 2.64 PER SHARE (STABLE VS FY 2018)
    * FY EPRA NAV OF € 48.0 PER SHARE (UP 20.7% VS YEAR-END
2018)
    * END-FY VACANCY RATE OF 7.1% (DOWN 6.7PP VS Q4 2018)
    * EPRA EPS WILL BE LOWER IN 2020
    * FORECASTS FY 2020 EPRA EPS IN THE RANGE OF EUR 2.30-EUR
2.40
    * LIKELY TO SEE A FURTHER TEMPORARY NEGATIVE EFFECT ON EPRA
EPS
BEYOND 2020 DUE TO DEVELOPMENT PIPELINE  
    * IN 2021, IT IS SET TO LOSE RENTAL INCOME OF VITRUM (EUR
3.6
MLN), AS IT STARTS 18-MONTH REDEVELOPMENT OF THIS ASSET
    * IN 2022, EXPECTS TO LOSE RENTAL INCOME FROM EXISTING
LAANDERPOORT ASSET (€2.7M) FOR A PERIOD OF AROUND 27 MONTHS    
    * AGREEMENT WITH ING ON LAANDERPOORT DEVELOPMENT PROJECT,
START Q1
2022
    * ITS INTERNAL PROJECTIONS SUGGEST THAT EPRA EPS COULD
‘BOTTOM
OUT’ IN FY 2021 OR FY 2022 AND RISE AGAIN IN SUBSEQUENT YEARS AS
THE PROJECTS COMPLETE AND LEASE UP
    * NOW PENCILLING IN EPRA EPS OF CIRCA EUR 2.20 FOR FY 2021,
CIRCA
EUR 2.25 FOR FY 2022, CIRCA EUR 2.55 FOR FY 2023 AND CIRCA EUR
2.75 FOR FY 2024
    * FULL YEAR DIVIDEND IS MAINTAINED AT EUR 2.16

    
 Source text: https://bit.ly/37y5jhz
    
 Further company coverage:  NSTEc.AS  
   


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