'Vastned again delivered a strong operational performance, showing the quality of our portfolio, our business and the ongoing efforts of our people to find the right tenants for our properties. The occupancy rate is high at 97.9%, albeit slightly lower than at year-end 2022. The past quarter has seen a significant level of 25 new leases and lease renewals against higher rents.
In February this year we announced to conduct a strategic reorientation in the context of rising interest rates, increasing yields on retail real estate properties and the expected abolishment of the FBI regime as of 2025. This reorientation is currently ongoing.
Vastned has a significant part of the loan portfolio interest exposure hedged, but does have exposure to the increasing short-term interest rates. This implies higher financial expenses over the year. Vastned considers that the continued strong operational performance will balance the impact of the higher interest rates on our financial expenses this year. Vastned now expects a full-year direct result per share of € 1.95 to € 2.05.'
VastNed Retail NV published this content on 11 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 May 2023 05:44:04 UTC.
Vastned Retail N.V. is a European listed property company focusing on the best retail property on the popular high streets of selected European cities with a historic city centre, also referred to as « core city assets ». The tenants of VastNed Retail N.V. include international and national department stores that are leading in their sector; major luxury, fashion and sports brands; supermarkets; and a wide range of other retailers.
By investing in historic city centres Vastned Retail N.V. contributes to the preservation of the cultural heritage in these city centres. Vastned Retail N.V. also provides a positive contribution to the liveability and safety in city centres by creating and renovating residential space above retail units. In this way, the company endeavours to create long-term value for its shareholders, tenants, employees and society as a whole.
At year-end 2023, the group's real estate portfolio amounted to EUR 1,373 million. Over 80% of the portfolio is comprised of property located in the historic centres of selected European cities. The remainder of the portfolio is mostly made up of Belgian retail parks, supermarkets and high-quality retail property in smaller cities in the Netherlands and Belgium.
VASTNED RETAIL N.V. 
