– Office market momentum positive, with new office leases signed on average circa 4% ahead of ERV
– EPRA vacancy rate for Q3 2021 stable at 7.8% (5.6% excluding strategic vacancy)
– Solid balance sheet with LTV at 32.6%, vs 29.2% at December 2020
– EPRA EPS of € 1.78, with net rents up 4.8% ex Laanderpoort on a like-for-like basis
– EPRA EPS guidance confirmed at € 2.30 - € 2.35 for FY 2021
KEY FINANCIAL METRICS1
REVENUES AND EARNINGS
Q3 2021 Q3 2020 Change
Gross rental income 58,893 57,325 2.7%2
Net rental income 47,201 44,483 6.1%2
Direct investment result 34,665 33,079 4.8%
Indirect investment result 11,672 -57,856 -120.2%
Total investment result 46,337 -24,777 -287.0%
Earnings per share 2.38 -1.30 -283.1%
EPRA earnings per share 1.78 1.73 2.9%
EPRA cost ratio (incl. direct vacancy costs) 27.7% 30.2% -2.5 pp
EPRA cost ratio (excl. direct vacancy costs) 25.6% 28.2% -2.6 pp
Outlook for 2021
The H1 report CEO comments stated: ‘Over the past 18 months
corporates have seen confirmed what the office is ultimately for: a
great place for collaboration, identity and culture, but also a place
that helps to attract talent and caters to their well-being’.
At NSI we not only state this, but are also acting on it ourselves. We
will be moving our NSI Head Office to Centerpoint in Amsterdam in
late November, leaving Hoofddorp, to make a fresh start with the
team for the post-Covid period.
The cumulative rent collection rate for Q1-Q3 is 98.4%, with the
rate for Offices/HNK at 99.5%. We have agreed customised solutions for some retailers at our two remaining retail assets, acknowledging that covid has disrupted trade, in particular for F&B operators.
We have unconditionally agreed the disposal of Stationade in
Leiden and Park Office in Rotterdam, with transfer foreseen in Q4
2021, and we have started the marketing of our two remaining
retail assets, in Heerlen and Rotterdam. The aim is to have sold the
remaining tail (eight assets; book value of € 95m) by mid/late 2022.
With most of the year behind us we are still very comfortable with an
EPRA EPS guidance range of € 2.30-2.35 per share for 2021. This
underpins a stable dividend of € 2.16 per share for the full year.
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