Cofinimmo confirms 2025 guidance after in-line first half results
Investing.com -- Belgian real estate investment trust Cofinimmo (EBR:COFB) on Friday reported first-half 2025 EPRA earnings of €122 million, up 2.4% year-over-year, while earnings per share declined slightly to €3.19.
The company confirmed its full-year 2025 guidance of "at least" €6.20 per share, which represents a 4.6% decrease from the previous year.
This guidance accounts for the impact of the scrip dividend and property disposals but excludes potential one-offs related to the planned combination with Aedifica.
Like-for-like rental growth reached 2.8% in the first half, primarily driven by indexation (+3%) and new leases (+0.6%), which more than offset the negative impact from tenant departures (-0.4%) and rent renegotiations (-0.3%).
By segment, healthcare real estate saw like-for-like rental growth of 2.9%, while offices grew 2.2% and distribution networks increased 3.4%.
The company maintained a high overall occupancy rate of 98.6%, with healthcare properties at 99.4%, distribution networks at 99.8%, and a slight improvement in office occupancy to 94.1%, up 30 basis points from the previous quarter.
Property values remained stable on a like-for-like basis in the second quarter, following a marginal 0.1% increase in the first quarter. The healthcare portfolio value increased slightly by 0.1%, distribution networks rose 0.7%, while office values declined 0.2%.
EPRA Net Tangible Asset value per share fell 3% since December 2024 to €90.30, representing a 1% year-over-year decline. The EPRA Net Initial Yield increased by 10 basis points to 5.5%.
Cofinimmo completed €56 million in asset disposals and €36 million in investments during the first half, resulting in net investments of €20 million against a full-year target of €70 million.
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