Q1 EPRA result of € 19.8 million, an increase of 16% YoY
EPRA EPS of € 0.98
+ 3% YoY
Weighted avg. # of shares: + 12%
Net results at € 34.6 million
Includes € 11.5 million of positive property revaluations
Net results: € 1.72 per share
Earnings guidance upgraded
5
2024 EPRA EPS guidance confirmed at € 4.55
excl. possible positive FBI impact (fiscal year 2023)
Total capex of c. € 260 million
Dividend guidance: € 3.60 per share excl. a potential exceptional dividend (80% of FBI one-off)
2025 EPRA EPS guidance up to € 4.75 (previously € 4.65)
excl. possible positive FBI impact (fiscal year 2024)
Total capex of c. € 200 million
2023-25developments gradually contributing to results
Guidance up thanks to earlier than initially expected completion dates of some projects in the pipeline
EPS growth
€ 0.45*
4.75
4.55
€4.45
€ 4.10
2022
2023
2024e
2025e
* EPS 2023: € 0.45 one-offs
(cash + untapped credit
Strong fundamentals
6
Strong balance sheet…
EPRA LTV at 34.8%
(end 2023: 33.5%)
Adj. Net Debt/EBITDA at 6.8x (stable vs. end 2023)
EPRA NTA at € 76.0
(+6% YoY, end 2023 at € 74.4)
Long term funding: c. 6.5 years avg. remaining maturity of debt & hedging contracts, both
Hedge ratio of 97%
Cost of debt at 2.3%
70% of the in November '23 raised capital invested in one quarter (€ 87 mio)
Strong liquidity with € 220 mio immediately available
funding
lines)
Strong fundamentals
7
… supported by solid portfolio valuation
Positive L-f-L portfolio valuation in Q1:
0.5%
EPRA NIY stable at 5.09% (+3 bps vs. end 2023)
Mainly driven by development margins
Positive L-f-L portfolio valuation FY 2023:
1.4%
Higher ERV (+ 8%) more than compensates modest yield expansion
Peak-to-Trough(June '22 -> June '23): - 0.9%
Q1 portfolio growth - 87 M€ capex
8
Construction started in Q1
Acquired in Q1
Erembodegem (BE)
9,000 sqm GLA extension
Pre-letto Movianto
Investment budget: € 8 mio
Tongeren III (BE)
Phase 2, third building
14,000 sqm GLA, pre-let
Investment budget: € 8 mio
Hamburg (DE)
Logistics park: 63,500 sqm GLA
Investment budget: € 50 mio
Rent reversion potential
Redevelopment potential
100% Occupancy
9
100% occupancy
for 5th quarter in a row
> 99% since 2018
L-f-L rental growth + 4%
Indexation: + 3%
Renegotiations: + 1%
Sustainability highlights - Montea operations
ON THE WAY TO NET-ZERO
TARGETS Greenhouse gas emissions:
CO2Neutral
since 2021
CO2NET-ZERO
IN 2030
ACTIONS
Green electricity:
100%
Carbon footprint:
3.5
tCO2/FTE
in 2023 (reduction of 19% compared to 2022)
Electric fleet:
61% in 2023
100% 2027
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Montea COMM.VA published this content on
07 May 2024 and is solely responsible for the information contained therein. Distributed by
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07 May 2024 16:14:09 UTC.
Montea NV is a regulated company under Belgian law specializing in logistical and semi-industrial property, in Belgium, the Netherlands, France and Germany. The company is a benchmark player in this market. Montea NV simply provides its customers with the space they need to grow through versatile and innovative real estate solutions.
At the end of 2023, its portfolio amounted to EUR 2,280.3 million in market value, divided between real estate assets (92 different sites with a total floor area of 1,959,242 m2; EUR 2,085.2 million), development projects (EUR 113.7 million) and solar panels (EUR 81.4 million).
MONTEA NV 
