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Home Invest Belgium NV
Earnings Release • Feb 13, 2025
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Earnings Release
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13/02/2025 17:40 Regulated information
0 RESULTATEN 2022
• Qualitative residential real estate portfolio
- Increase in the fair value of the real estate portfolio to € 881.79 million on 31 December 2024.
- The investment properties available for rent consist of 91.5% of residential real estate.
- Delivery of the residential project Den Dam in Antwerpen with 37 sustainable residential units.
- Delivery of the residential project City Square in Hasselt with 37 sustainable residential units.
- More than 50% of the investment properties available for rent are younger than 10 years; more than 80% are younger than 20 years.
• Low average energy consumption of the housing portfolio
- The homes in the property portfolio have an average primary energy consumption of 114 kWh/m²/year on 31 December 2024.
- Home Invest Belgium's ambition is to further reduce the average primary energy consumption of the residential portfolio to <100 kWh/m²/year by 31 December 2026.
- In comparison, the average energy consumption of the residential market is 283 kWh/m²/year in the Brussels Capital Region. Only 22% of the market is below 150 kWh/m²/year; only 9% of the market is below 95 kWh/m²/year.
• Strong rental market results in high occupancy rate
- Strong residential rental market with high demand for quality housing.
- An average occupancy rate of 98.2% in 2024.
- Lfl (like-for-like) rent growth of 3.3% In 2024.
• Continued growth in EPRA earnings
- 9.3% increase in EPRA earnings to € 23.16 million in 2024 (compared to € 21.18 million in 2023).
- 2.8% increase in EPRA earnings per share to € 1.16 in 2024 (compared to € 1.13 in 2023).
| EPRA earnings per share | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| Full Financial year | € 0.77 | € 0.89 | € 0.99 | € 1.08 | € 1.13 | € 1.16 |
• Continued increase in operating margin
- Increase in operating margin to 76.8% in 2024 (compared to 73.0% in 2023).
| EPRA earnings per share | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| Full Financial year | 63.7% | 67.4% | 71.9% | 71.8% | 73.0% | 76.8% |
• Net Asset Value per share (NAV)
- The EPRA NTA per share Increased by 15.7% to € 23.56 on 31 December 2024 (compared to € 20.36 on 31 December 2023).
• Sale transactions announced for a total net sales price of more than € 45 million
- Sale transactions announced for a total net sale price of more than € 45 million. The net sale price of these sales transactions is 23% above the last estimated fair value (31 December 2023).
• Stable debt ratio and strong liquidity position
- Debt ratio of 47.19% (RREC Royal Decree) and 46.30% (IFRS) on 31 December 2024.
- The financing cost in 2024 amounts to 2.18%.
- Home Invest Belgium has € 61 million of available credit lines.
- The company does not have credit lines or bonds maturing in 2025 or in the first half of 2026. The next maturity dates are in the second half of 2026. The ongoing development pipeline is fully funded.
• Outlook 2025 and distribution to the shareholders
- For 2025, Home Invest Belgium expects EPRA earnings per share of € 1.16 (or at least stable compared to 2024).
- Given Home Invest Belgium's strong operating results, a distribution to shareholders of € 1.14 per share will be proposed for financial year 2024 (compared to € 1.12 for 2023), an increase for the 25th consecutive year.
- The distribution to shareholders will consist of the combination of:
- o a gross dividend of € 1.02 per share (an increase of € 0.01 compared to € 1.01 for FY 2023) that will be proposed to the annual general meeting on 6 May 2025.
- o a € 0.12 per share reduction in shareholders' equity (an increase of € 0.01 compared to € 0.11 for 2023) that will require the decision of an extraordinary general meeting.
- For the coming years, the board envisages a distribution policy based on an average increase equal to or higher than the long-term inflation.
| 1. | REAL ESTATE PORTFOLIO4 | ||
|---|---|---|---|
| 2. | CONSOLIDATED KEY FIGURES6 | ||
| 3. | NOTES TO THE CONSOLIDATED KEY FIGURES8 | ||
| 3.1. | NOTES TO THE CONSOLIDATED INCOME STATEMENT…………………………………………………………………………………….8 | ||
| 3.2. | NOTES TO THE CONSOLIDATED BALANCE SHEET………………………………………………………………………………………………9 | ||
| 3.3. | FUNDING STRUCTURE…………………………………………………………………………………….…………………………………………………………………10 | ||
| 4. | ACTIVITY REPORT 12 | ||
| 4.1 | RENTAL ACTIVITIES……………………………………………………………………………………………………………………………………………………………. 12 | ||
| 4.2 | RENOVATION AND DEVELOPMENT PROJECTS……………………………………………………………………………………….……………12 | ||
| 4.3 | SALES………………………………………………………………………………………………………………………………………………………………………………………….14 | ||
| 4.4 | ENERGY EFFICIENCY OF THE HOUSING PORTFOLIO…………………………………………………………………………………………14 | ||
| 5. | STOCK MARKET ACTIVITY 15 | ||
| 6. | STATUTORY AUDITOR'S REPORT 16 | ||
| 7. | DISTRIBUTION TO SHAREHOLDERS17 | ||
| 8. | OUTLOOK 18 | ||
| 9. | CONSOLIDATED FINANCIAL STATEMENTS FOR 202319 | ||
| 10. | ALTERNATIVE PERFORMANCE MEASURES22 | ||
| 11. | SHAREHOLDER'S CALENDAR 26 |
On 31 December 2024, Home Invest Belgium holds a real estate portfolio1 of € 881.79 million, compared to € 780.93 million on 31 December 2023, or an Increase of 12.9%.
| REAL EASTATE PORTFOLIO | 31/12/2024 | 31/12/2023 |
|---|---|---|
| Fair value of investment properties | € 852.98 m | € 755.46 m |
| Investment properties available for rent | € 786.43 m | € 704.89 m |
| Development projects | € 66.55 m | € 50.57 m |
| Investments in associates and joint ventures | € 28.81 m | € 25.47 m |
| TOTAL | € 881.79 m | € 780.93 m |
The fair value of the investment properties available for rent amounts to € 852.98 million across 45 sites.
The total contractual annual rents and the estimated rental value of the vacant space amounts € 37.69 million on 31 December 2024.
The investment properties available for rent are valued by independent real estate experts at an average gross rental yield2 of 5.1%.
Evolution of the fair value of the real estate portfolio
2 Gross rental yield = (contractual rents on a yearly basis + estimated value on vacant spaces / (fair value of the investment properties available for rent).
1 The real estate portfolio includes (i) investment properties and (ii) share in associated companies and joint ventures equity method.
Residential properties accounted for 91.5% of the investment properties available for rent on 31 December 2024.
66.1% of the investment properties available for rent are located in the Brussels Capital Region, 9.3% in the Walloon region, 16.0% in the Flemish Region and 8.6% in The Netherlands.
| CONSOLIDATED KEY FIGURES | (in k €) | |
|---|---|---|
| INCOME STATEMENT | 2024 | 2023 |
| NET RENTAL INCOME | 36,351 | 34,596 |
| OPERATING RESULT BEFORE PORTFOLIO RESULT | 27,916 | 25,253 |
| OPERATING MARGIN 3 | 76.8% | 73.0% |
| XVI. Result sale investment properties | 1,892 | 28 |
| XVIII. Changes in fair value of investment properties | 62,805 | -23,793 |
| XIX. Other portfolio result | -463 | 363 |
| PORTFOLIO RESULT | 64,234 | -23,401 |
| OPERATING RESULT | 92,150 | 1,852 |
| XX. Financial Income | 66 | 95 |
| XXI. Net Interest Charges | -5,851 | -5,121 |
| XXII. Other financial charges | -72 | -96 |
| XXIII. Changes in fair value of financial assets and liabilities | -6,344 | -11,330 |
| FINANCIAL RESULT | -12,201 | -16,452 |
| XXIV. Share in the profit of associated companies and joint ventures | 1,578 | 654 |
| TAXES | -555 | -335 |
| NET RESULTS | 80,972 | -14,281 |
| Exclusion of portfolio result | -64,234 | +23,401 |
| Exclusion of changes in fair value of financial assets and liabilities | +6,344 | +11,330 |
| Exclusion of non EPRA elements of the share in the result of associated companies and joint ventures | +76 | +730 |
| EPRA EARNINGS 4 | 23,159 | 21,181 |
| Average number of shares 5 | 19,888,873 | 18,701,976 |
| NET RESULT PER SHARE (in €) | 4.07 | -0.76 |
| EPRA EARNINGS PER SHARE (in €) | 1.16 | 1.13 |
3 Operating margin = (Operating result before result on portfolio) / (Net rental result).
4 EPRA earnings is the net result excluding the (i) portfolio result (ii) the changes in the fair value of financial assets and liabilities and (iii) the non-EPRA elements of the share in the result of associated companies and joint ventures. This term is used in accordance with the Best Practices Recommendations of EPRA.
5 The average number of shares is calculated excluding the 133.757 own shares held by the company.
| BALANCE | 31/12/2024 | 31/12/2023 |
|---|---|---|
| Shareholders equity (attributable to shareholders of the parent company) | 484,437 | 417,761 |
| Total assets | 901,069 | 807,808 |
| Debt ratio (RREC Royal Decree) 6 | 47.19% | 50.02% |
| Debt ratio (IFRS) 7 | 46.30% | 48.83% |
| PER SHARE | 31/12/2024 | 31/12/2023 |
|---|---|---|
| Number of shares at end of period 8 | 20,066,379 | 19,615,078 |
| Stock price at closing date | 17.16 | 15.50 |
| IFRS NAV per share 9 | 24.14 | 21.30 |
| Premium compared to IFRS NAV (at closing date) | -28.9% | -27.2% |
| EPRA NTA per share 10 | 23.56 | 20.36 |
| Premium compared to EPRA NAV (at closing date) | -27.2% | -23.9% |
6 The debt ratio (RREC Royal Decree) is the debt ratio calculated in accordance with RREC Royal Decree. This means that for the purpose of calculations of the debt ratio, participations in associated companies and joint ventures are processed following the proportionate consolidation method.
7 The debt ratio (IFRS) is calculated in the same manner as the debt ratio (RREC Royal Decree) but based on and conciliating with a consolidated balance in accordance with IFRS where participations in joint ventures and associated companies are processed using the equity method.
8 The average number of shares was calculated excluding 133.757 treasury shares held by the company.
9 IFRS NAV per share = Net Asset Value or net value per share according to IFRS.
10 EPRA NTA per share = Net Tangible Assets per share according to the Best Practices Recommendations from EPRA.
3.1. NOTES TO THE CONSOLIDATED INCOME STATEMENT
NET RENTAL INCOME
In 2024, the net rental result amounts to € 36.35 million (compared to € 34.60 million in 2023).
OPERATING RESULT BEFORE THE PORTFOLIO RESULT
The operating result before portfolio result amounts to € 27.92 million in 2024 (compared to € 25.25 million in 2023).
The operating margin11 amounted to 76.8% in 2024 (compared to 73.0% in 2023).
PORTFOLIO RESULT
In 2024, Home Invest Belgium achieved a portfolio result of € 64.23 million.
The result on sales of investment properties amounted to € 1.89 million in 2024. In this period, Home Invest Belgium sold investment properties for a net selling price totaling € 11.66 million. The net sales value was 19.4% above the latest fair value as estimated by the real estate expert.
Moreover, in 2024, Home Invest Belgium recorded positive changes in the fair value of investment properties for the amount of € 62.81 million. These changes are mainly due to:
- A positive change of € 61.32 million in Belgium, and
- A positive change of € 1.49 million in The Netherlands.
These positive changes in the fair value of investment properties are due to the increase in rents and an adjustment of the valuation methodology by the independent property valuers. 12
The other portfolio result amounted to - € 0.46 million. This item includes changes in deferred taxes.
FINANCIAL RESULT
The net interest costs amounted to € 5.85 million in 2024. The average financing13 cost was 2.18% over the same period.
The changes in the fair value of financial assets and liabilities amounted to € -6.34 million in 2024. These variations are due to a change in the fair value of interest rate swaps.
TAXES
Taxes amounted to € 0.56 million in 2024 (compared to € 0.34 million in 2023).
NET RESULT
11 Operating margin = (Operating result before result on portfolio)/(Net rental result).
12 For more information, please refer to the half-yearly report 2024 as available on the website 'https://corporate.homeinvest.be/media /3i5jij2o/half-year-results-2024_uk.pdf'
13 The average financing cost is = the interest costs including the margin and the cost of hedge instruments and increased by capitalized interest costs divided by the weighted average financial debt over the period in question.
The net result of Home Invest Belgium amounted to € 80.97 million in 2024, or € 4.07 per share.
EPRA EARNINGS
After adjustment of the net result before (i) the portfolio result, (ii) the changes in the fair value of the financial assets and liabilities and (iii) non-EPRA elements of the share in the result of associates and joint ventures, EPRA earnings amount to € 23.16 million in 2024, an increase of 9.3% (compared to € 21.18 million in 2023).
EPRA earnings per share increased by 2.8% from € 1.13 in 2023 to € 1.16 in 2024.
3.2. NOTES TO THE CONSOLIDATED BALANCE SHEET
EQUITY AND NAV PER SHARE
On 31 December 2024, the group's shareholder's equity stood at € 484,43 million, an increase of 16% compared to 31 December 2023.
The IFRS NAV per share decreased by 13.4% to stand at € 24.14on 31 December 2024 (compared to € 21.30 on 31 December 2023).
The EPRA NTA per share decreased by 15.7% to stand at € 23.56 on 31 December 2024 (compared to € 20.36 on 31 December 2023).
3.3. FUNDING STRUCTURE
DEBT RATIO
The debt ratio (RREC Royal Decree) amounts to 47.19% on 31 December 2024. The debt ratio (IFRS) amounts to 46.30%.
Taking into account a maximum permitted debt ratio of 65%, Home Invest Belgium has a debt capacity of € 458.84 million, as defined by the RREC Act to fund new investments.
Considering Home Invest Belgium's strategy to keep the debt ratio below 55% in the medium and long term, Home Invest Belgium has a debt capacity of € 156.49 million to fund new investments.
DEBT COMPOSITION
On 31 December 2024, Home Invest Belgium had € 406.00 million in financial debts, composed of:
- Bilateral credit lines drawn for an amount of € 350.00 million with 7 different financial institutions with well spread maturity dates until 2031. There are no maturity dates in 2025. The next maturity date is in the second half of 2026;
- Bonds for an amount of € 49.00 million with maturity dates between 2028 and 2032.
- Short term treasury notes ("commercial paper") for an amount of € 7.00 million. Notwithstanding the short-term nature of the outstanding commercial paper, the outstanding amount is fully covered by available long-term credit lines (back-up lines).
Maturity dates of financial debts (€ million)
The weighted average remaining duration of the financial debts amounts to 4.5 years.
On 31 December 2024, Home Invest Belgium disposed of € 68.00 million of undrawn available credit lines consisting of:
- € 7.00 million long-term back-up lines covering short-term outstanding treasury notes;
- € 61.00 million available credit lines.
HEDGES
On 31 December 2024, 87.9% of financial debts (for an amount of € 357.0 million) had a fixed interest rate, using Interest Rate Swaps as hedging instruments, among other things.
The fixed interest rates have a weighted average remaining duration of 4.9 years.
The total value of the hedges at closing date was positive for an amount of € 12.32 million due to an increase in interest rates after conclusion of the hedges.
Through its hedging policy, the board of directors wishes to protect the company against potential increases in interest rate.
4.1 RENTAL ACTIVITIES
Home Invest Belgium saw another strong residential rental market in FY 2024 with high demand for quality housing in the regions in which it operates. This resulted in a high occupancy rate. The average occupancy rate14 of investment properties available for rent is 98.2%. The lfl (like-for-like) rental growth was 3.3% in 2024.
4.2 RENOVATION AND DEVELOPMENT PROJECTS
Completion of Den Dam - Antwerp - Belgium
In March 2024 Home Invest completed Den Dam residential project in Antwerp. The project consists of 37 residential units with a contemporary and sustainable design that perfectly meets the needs of the rental market.
The project has a total lettable area of 3,719 m² and consists of 37 residential units (24 apartments, 9 studios and 4 houses) and 1 commercial space. There are 38 underground parking spaces, and 84 bicycle parking spaces provided. The residential project also features a common courtyard.
Den Dam is close to the Spoor Noord park with playgrounds, a skate park, a terrace where concerts are held and surrounded by restaurants and Antwerp's Sportpaleis.
This building fits into Home Invest Belgium's sustainability policy. It is powered by 123 solar panels (with a total capacity of 54 kWp). 6 air heat pumps provide the building with heating. Each unit has underfloor heating. All units have an energy label A, with an average primary energy consumption of 38 kWh/m²/year.
Commercialisation was started in mid-February 2024. To date, all properties have been let.
14 The average occupancy rate represents the average percentage, over a given period, of the contractual rents of the leased premises, in relation to the sum of the contractual rents of the leased premises plus estimated rental value of the unleased premises. The occupancy rate is calculated excluding (i) buildings under renovation, (ii) buildings that are the subject of initial marketing and (iii) buildings for sale.
Completion of the project City Square - Hasselt – Belgium
In June 2024, Home Invest Belgium completed the residential project City Square in Hasselt. The project includes 37 residential units spread over five floors. Most of the flats have water views and all residents have access to the private roof garden.
The Kanaalkom, the 'gateway' to Hasselt, features stylish shops, good restaurants, trendy bars and the underground Blauwe Boulevard car park. Escalators and lifts provide access to the quays around the Kanaalkom or the Gelatine Boulevard, with the Grote Markt within walking distance.
Sustainability and quality of life are central to the design of this project. No fossil fuels are used to generate domestic hot water and heating. Two communal heat pumps are connected to the geothermal KWO system. This is an underground city loop with a summer/winter energy transfer. The advantage of this is a significantly smaller 'carbon footprint'. Together with the solar panels on the green roof, the average primary energy consumption is estimated at 39.9 kWh/m²/year.
Progress Jourdan 95 - Saint-Gilles (Brussels) - Belgium
The Jourdan 95 project concerns the redevelopment of an existing office building into 46 apartments and 61 parking spaces located at Rue Jourdan 95, 1060 Saint-Gilles.
A The structural works and techniques have been completed. Finishing work is currently underway. Completion of the project is expected by Q1 2025.
Progress City Dox (Lot 4) - Anderlecht (Brussels) - Belgium
In November 2021, Home Invest Belgium purchased from Atenor building lot LOT 4 of the CITY DOX project in Anderlecht.
Ideally located just off the Vaartdijk in Anderlecht, LOT 4 is part of the largescale CITY DOX project along the Brussels-Charleroi canal. LOT 4 will be developed into 163 residential units and 2.700 m² of space for production.
The structural work and the exterior joinery have been completed. Engineering and finishing works are in progress. Construction is well underway and completion is expected by Q2 2025.
Renovation Charles Woeste – Jette (Brussels) - Belgium
Home Invest Belgium has started the thorough renovation of its building Charles Woeste located in Jette.
The building, part of Home Invest Belgium's property portfolio since 1999, consists of 2 blocks with a total of 92 flats and 30 parking spaces.
The renovation will be done in 2 phases: block 1 with 48 flats; block 2 with 42 flats. Home Invest Belgium aims to improve both the energy performance of the building and the living comfort in the flats.
Completion of the renovation project is scheduled for Q1 2026.
4.3 SALES
In 2024, Home Invest Belgium announced sales transactions for a total net sales price of more than € 45 million. The net sale price of these sales transactions is 23% above the last estimated fair value (31 December 2023).
On 29 January 2024, Home Invest Belgium announced that it had entered into an agreement for the sale of the City Gardens building located in Leuven. The agreement was concluded under usual suspensive conditions. The realisation of the suspensive conditions has since been completed, and the sale was completed in January 2025.
During 2024, Home Invest Belgium sold 5 non-strategic buildings located in Ghent, Liège and Brussels. These sales were realised for a net sales price totalling € 11.67 million. A net capital gain of € 1.89 million was realised on these sales compared to the last fair value and a distributable capital gain of € 2.80 million compared to the acquisition value (plus capitalised investments).
The realised capital gains compared to the acquisition value (plus capitalised investments) contribute positively to the company's distributable result, which forms the basis for the payment of the dividend.
4.4 ENERGY EFFICIENCY OF THE HOUSING PORTFOLIO
The housing units in the property portfolio have an average primary energy consumption of 114 kWh/m²/year on 31 December 2024.
Home Invest Belgium's ambition is to further reduce the average primary energy consumption of the residential portfolio to <100 kWh/m²/year by 31 December 2026.
In comparison, the average energy consumption of the residential market is 283 kWh/m²/year in the Brussels Capital Region. Only 22% of the market is below 150 kWh/m²/year; only 9% of the market is below 95 kWh/m²/year. 15
15 Source: Bruxelles Environnement, "Certification PEB des habitations individuelles" (data 2022).
EVOLUTION OF THE SHARE PRICE
Home Invest Belgium's shares have been listed on the Euronext Brussels continuous market since 16 June 1999 and are part of the BEL Small Index. Since 19 September 2022, the HOMI-share has been included in the FTSE EPRA NAREIT Global Real Estate Index.
On 31 December 2024, the Home Invest Belgium share stood at € 17.16 (compared to € 15.50 on 31 December 2023).
SHAREHOLDER STRUCTURE
The table below lists the shareholders of Home Invest Belgium who hold more than 3% of the company's shares. Notifications applying to the Belgian Transparency Law (Law of May 2nd 2007 regarding the disclosure of major holdings) can be found on the company's website.
Based on the transparency notifications received, information from shareholders' register and information received from shareholders at the date of this half-year report, Home Invest Belgium's shareholder structure is as follows:
| SHAREHOLDERS | NUMBER OF SHARES | % OF THE CAPITAL |
|---|---|---|
| Group Van Overstraeten16 (*) | 6,122,785 | 30.3% |
| AXA SA17 (*) | 3,507,465 | 17.4% |
| Serge Van Overtveldt & Patricia Henry de Frahan (*) | 628,748 | 3.1% |
| Own shares | 133,757 | 0.7% |
| Other shareholders | 9,807,381 | 48.6% |
| Total | 20,200,136 | 100.0% |
(*) Based on the latest known information received from the shareholder.
The stichting Administratiekantoor Stavos is controlled 100% by Liévin, Hans, Johan and Bart Van Overstraeten.
16 Stavos Real Estate BV is 100% controlled by the partnership BMVO 2014.
The partnership BMVO 2014 is controlled 100% by Stichting Administratiekantoor Stavos.
17 AXA Belgium SA is a subsidiary of AXA Holdings Belgium SA itself a subsidiary of AXA NV.
TOTAL RETURN OF HOME INVEST BELGIUM COMPARED TO THE BEL 20 AND EPRA EUROZONE INDEX
EVOLUTION OF THE SHARE PRICE AND GROSS DISTRIBUTION PER SHARE
The statutory auditor EY, represented by Mr. Joeri Klaykens, has confirmed that the control of the consolidated financial statements, which have been drafted in accordance with the international Financial Reporting Standards as accepted within the European Union, are entirely finished and did not lead to substantial corrections which would have appeared regarding accounting details, integrated into the consolidated financial statements and in the present press release, and which would have led to changes.
Given the strong operating results of Home Invest Belgium, a distribution to shareholders of € 1.14 per share (compared to € 1.12 for 2023) will be proposed for financial year 2024, an increase for the 25rd consecutive year.
The distribution to shareholders will consist of the combination of:
- a gross dividend of € 1.02 per share (an increase of € 0.01 compared to € 1.01 for FY 2023) to be proposed to the annual general meeting of May 6, 2025.
- a reduction in shareholders' equity of € 0.12 per share (an increase of € 0.01 compared to € 0.11 for FY 2023) that requires the decision of an extraordinary general meeting. This distribution will consist in part of a capital reduction and in part of a distribution of reserves (In accordance with article 18, paragraph 7 of the Income Tax Code).
The board envisages a payout policy based on an average increase equal to or greater than long-term inflation. This is based on:
- the constant indexed rent flow from existing investment properties;
- the control of the operational costs of the company;
- the company's hedging policy, which provides good visibility on interest charges and makes them assessable in the medium term;
- the existing pipeline of project developments.
Furthermore, the board points to the significant reserves the company has built up over the years as a safety cushion for the future.
In 2024, Home Invest Belgium's operating results again developed positively.
The residential rental market continues to grow steadily in the cities where Home Invest Belgium is active, mostly thanks to:
- a long-term urbanization trend, marked by demographic growth in big cities, including both young and older people, leading to increased demand for housing;
- an increasing number of tenants in big cities, due to factors including an increasing need for flexibility and a change in attitudes to private property and concepts of urban sharing;
Home Invest Belgium owns a sustainable portfolio given its young age. More than 50% of the investment properties available for rent are younger than 10 years. Given the quality and the location of the properties in predominantly large urban areas, Home Invest Belgium is well positioned to take on a leading role in the favorable trends of the residential market.
Against this background, the board of directors confirms its confidence in the long-term prospects of the company.
For 2025 Home Invest Belgium expects an increase of the EPRA earnings per share of € 1.16 (or at least stable compared to 2024).
CONSOLIDATED INCOME STATEMENT
| (in k €) | 2024 | 2023 |
|---|---|---|
| I. Rental Income | 36,505 | 34,794 |
| III. Rental-related expenses | -154 | -198 |
| NET RENTAL RESULT | 36,351 | 34,596 |
| IV. Recovery of property charges | 234 | 231 |
| V. Recovery of charges and taxes normally payable by the tenant on let properties | 1,138 | 941 |
| VII. Charges and taxes normally payable by the tenant on let properties | -3,709 | -3,643 |
| VIII. Other incomes and expenses related to letting | 0 | 0 |
| PROPERTY RESULT | 34,013 | 32,125 |
| IX. Technical costs | -1,026 | -1,187 |
| X. Commercial costs | -697 | -583 |
| XI. Taxes and charges on unlet properties | -112 | -177 |
| XII. Property management costs | -1,490 | -1,796 |
| XIII. Other property costs | 0 | 0 |
| PROPERTY COSTS | -3,324 | -3,743 |
| PROPERTY OPERATING RESULT | 30,689 | 28,381 |
| XIV. General corporate expenses | -3,029 | -3,386 |
| XV. Other operating incomes and expenses | 256 | 258 |
| OPERATING RESULT BEFORE PORTFOLIO RESULT | 27,916 | 25,253 |
| XVI. Result sale investment properties | 1,892 | 28 |
| XVIII. Changes in fair value of investment properties | 62,805 | -23,793 |
| XIX. Other portfolio result | -463 | 363 |
| PORTFOLIO RESULT | 64,234 | -23,401 |
| OPERATING RESULT | 92,150 | 1,852 |
| XX. Financial income | 66 | 95 |
| XXI. Net interest charges | -5,851 | -5,121 |
| XXII. Other financial charges | -72 | -96 |
| XXIII. Changes in fair value of financial assets and liabilities | -6,344 | -11,330 |
| FINANCIAL RESULT | -12,201 | -16,452 |
| XXIV. Share in the result of associates and joint ventures | 1,578 | 654 |
| PRE-TAX RESULT | 81,528 | -13,946 |
| XXV. Corporation Tax | -555 | -335 |
| XXVI. Exit tax | 0 | 0 |
| TAXES | -555 | -335 |
| NET RESULT | 80,937 | -14,281 |
|---|---|---|
| NET RESULT ATTRIBUTABLE TO THE PARENT COMPANY | 80,937 | -14,281 |
| Exclusive portfolio result | -64,234 | +23,401 |
| Exclusive changes in the fair value of the financial assets | +6,344 | +11,330 |
| Exclusive non EPRA earnings in the share of the result of associates and joint ventures | +76 | +730 |
| EPRA EARNINGS | 23,159 | 21,181 |
| Average number of shares 18 | 19,888,873 | 18,701.796 |
| NET RESULT PER SHARE | 4.07 | -0.76 |
| EPRA EARNINGS PER SHARE | 1.16 | 1.13 |
18 The average number of shares was calculated excluding the own shares held by the company.
| 2024 | 2023 | |
|---|---|---|
| NET RESULT | 80,937 | -14,281 |
| Other elements from the global result | 0 | 0 |
| GLOBAL RESULT | 80,937 | -14,281 |
CONSOLIDATED BALANCE SHEET
| (in k €) | 31/12/2024 | 31/12/2023 |
|---|---|---|
| ASSETS | ||
| I. Non-current assets | 896,507 | 801,323 |
| B. Intangible assets | 570 | 577 |
| C. Investment properties | 852,978 | 755,460 |
| D. Other tangible assets | 45 | 68 |
| E. Non-current financial assets | 14,103 | 19,678 |
| F. Lease receivables | 0 | 73 |
| I. Investments in associated companies and joint ventures | 28,811 | 25,468 |
| II. Current assets | 4,562 | 6,485 |
| B. Financial current assets | 388 | 425 |
| C. Lease receivables | 73 | 69 |
| D. Trade receivables | 1,283 | 1,732 |
| E. Tax receivables and other current assets | 1 | 159 |
| F. Cash and cash equivalents | 1,252 | 2,609 |
| G. Deferred charges and accrued income | 1,566 | 1,491 |
| TOTAL ASSETS | 901,069 | 807,808 |
| SHAREHOLDER'S EQUITY | 484,437 | 417,761 |
|---|---|---|
| I. Shareholders' equity attributable to shareholders of parent company | 484,437 | 417,761 |
| A. Capital | 102,042 | 101,810 |
| B. Share premium account | 70,441 | 64,633 |
| C. Reserves | 230,981 | 265,599 |
| D. Net result of the financial year | 80,973 | -14,281 |
| II. Minority interests | 0 | 0 |
| LIABILITIES | 416,633 | 390,047 | |
|---|---|---|---|
| I. Non-current liabilities | 402,108 | 328,832 | |
| A. Provisions | 0 | 0 | |
| B. Non-current financial debts | 398,691 | 326,609 | |
| a. | Financial debts | 349,914 | 277,884 |
| b. | Financial leasing | 0 | 0 |
| c. | Others | 48,777 | 48,725 |
| C. Other non-current financial liabilities | 731 | 0 | |
| F. Deferred taxes - liabilities | 2,686 | 2,223 | |
| a. | Exit Tax | 0 | 0 |
| b. | Others | 2,686 | 2,223 |
| II. Current liabilities | 14,525 | 61,215 | |
| B. Current financial debts | 7,809 | 51,795 | |
| a. | Financial debts | 0 | 0 |
| b. | Financial leasing | 0 | 0 |
| c. | Others | 7,809 | 51,795 |
| C. Other current financial liabilities | 0 | 0 | |
| D. Trade debts and others current debts | 3,873 | 6,121 | |
| b. | Others | 3,873 | 6,121 |
| E. Other current liabilities | 132 | 104 | |
| F. Accrued charges and deferred income | 2,711 | 3,195 | |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 901,070 | 807,808 |
Home Invest Belgium has used Alternative Performance Measures (APM) within the meaning of the Guidelines issued by the European Securities and Markets Authority (ESMA) on 5 October 2015 in its financial communication for many years. A number of these APMs are recommended by the European Public Real Estate Association, EPRA, while others were established by the sector or by Home Invest Belgium to provide the reader with a better understanding of the company's results and performances.
Performance indicators that are defined by the IFRS or by law, and indicators that are not based on items in the income statement or the balance sheet, are not considered to be APMs.
HEDGING RATIO
Definition:
This is the percentage of financial debt with a fixed interest rate compared to the total financial debt. The numerator corresponds to the sum of fixed-rate borrowing plus floating-rate debts after conversion into fixedrate debts via IRS contracts at the closing date. The denominator corresponds to the total amount of financial debt drawn on the closing date.
Purpose:
A significant portion of the company's financial debts are concluded at floating rates. This APM is used to measure the risk associated with interest rate fluctuations and its potential impact on the results.
| (in € k) | 31/12/2023 | 31/12/2022 |
|---|---|---|
| Fixed-rate financial debt | 89,000 | 129,000 |
| Floating rate debt converted into fixed-rate debt through IRS contracts | 268,000 | 223,000 |
| Total fixed-rate debt | 352,000 | 352,000 |
| Total floating-rate debt | 357,000 | 352,000 |
| Total debt | 49,000 | 26,000 |
| Coverage rate | 87.93% | 93.12% |
AVERAGE INTEREST COST
Definition:
The interest costs (including the credit margin and the cost of the hedging instruments) divided by the weighted average financial debt over the period in question. The numerator corresponds to the sum of the net interest costs included in item XXI of the income statement, after the addition of the capitalized interest. The denominator corresponds to the average financial debt calculated over the period.
Purpose:
The company is partly financed by financial debt. This APM is used to measure the average finance cost of these financial debts.
| (in € k) | 31/12/2024 | 31/12/2023 |
|---|---|---|
| Net interest costs (heading XXI) | 5,851 | 5,121 |
| Capitalized interest cost | 2,704 | 2,565 |
| Total cost of financial debt | 8,555 | 7,686 |
| Weighted average debt | 392,106 | 387,453 |
| Average Interest cost | 2.18% | 1.98% |
EPRA NAV METRICS
Definition:
EPRA published the new Best Practice Recommendations for financial disclosures of listed real estate companies in October 2019. EPRA NAV is being replaced by three new Net Asset Value indicators: EPRA Net Reinstatement Value (NRV), EPRA Net Tangible Assets (NTA) and EPRA Net Disposal Value (NDV). The EPRA NAV indicators are obtained by adjusting the IFRS NAV in such a way that any shareholders receive the most relevant information about the value of the company's assets and liabilities.
Purpose:
- EPRA NRV: displaying the resources required to reconstitute the company through the investment markets based on the current capital and financing structure, including transfer taxes;
- EPRA NTA: displaying a NAV in which the real property and other investments have been revalued to their respective fair values, excluding certain items that are not expected to materialise into a longterm investment property business model;
- EPRA NDV: represents the NAV of the company in a scenario when all assets are being sold, and this scenario results in the value of any deferred taxes, debts and financial instruments being realised.
| 31/12/2024 | ||||
|---|---|---|---|---|
| (in € k) | EPRA NTA | EPRA NRV | EPRA NDV | |
| IFRS NAV (shareholders of the group) | 484,437 | 484,437 | 484,437 | |
| (v) | Deferred taxes in respect of increases in the fair value of investment properties |
2,686 | 2,686 | |
| (vi) | Fair value of financial instruments | -13,759 | -13,759 | |
| (viii.b) | Intangible fixed assets | -570 | ||
| (x) | Fair value of fixed rate debt | 5,300 | ||
| (xi) | Transfer taxes | 45,323 | ||
| NAV | 472,793 | 518,687 | 489,737 | |
| Number of shares | 20,066,379 | 20,066,379 | 20,066,379 | |
| NAV per share | 23.56 25.85 |
24.39 |
| 31/12/2023 | ||||
|---|---|---|---|---|
| (in € k) | EPRA NTA | EPRA NRV | EPRA NDV | |
| IFRS NAV (shareholders of the group) | 417,761 417,761 |
417,761 | ||
| (v) | Deferred taxes in respect of increases in the fair value of investment properties |
2,223 | 2,223 | |
| (vi) | Fair value of financial instruments | -20,103 | -20,103 | |
| (viii.b) | Intangible fixed assets | -576 | ||
| (x) | Fair value of fixed rate debt | 5,067 | ||
| (xi) | Transfer taxes | 25,303 | ||
| NAV | 399,305 | 425,184 | 422,828 | |
| Number of shares | 19,615,078 | 19,615,078 | 19,615,078 | |
| NAV per share | 20.36 21.68 |
21.56 |
EPRA EARNINGS (PER SHARE)
Definition:
The EPRA earnings is the net result (share group) excluding the (i) portfolio result, (ii) the changes in the fair value of financial assets and liabilities, and (iii) the non-EPRA elements of the share in the results of associates and joint ventures. The term is used in accordance with the Best Practices Recommendations of EPRA.
Purpose:
This APM measures the underlying operational result of the company, without regard to the result of the change in the value of the assets or liabilities on the portfolio, capital gains or losses on the sale of investment properties and the other portfolio result.
Reconciliation:
| (in € k) | 31/12/2024 | 31/12/2023 |
|---|---|---|
| NET RESULT (GROUP SHAREHOLDERS) (IFRS) | 80,972 | -14,281 |
| - Excluding: Result of sales of investment properties (ii) | -1,892 | -28 |
| - Excluding: Variations in the fair value of properties (i) | -62,805 | +23,793 |
| - Excluding: Other portfolio result (viii) | +463 | -363 |
| - Excluding: Variations in the fair value of financial assets and liabilities (vi) | +6,344 | +11,330 |
| - Excluding : non-EPRA elements in the share of the result of associated companies and joint ventures (ix) |
+76 | +730 |
| EPRA EARNINGS | 23,159 | 21,181 |
| Average number of shares | 19,888,873 | 18,701,976 |
| EPRA EARNINGS PER SHARE | 1.16 | 1.13 |
OPERATING MARGIN
Definition:
This alternative performance indicator measures the company's operational profitability as a percentage of rental income and is calculated by dividing the "operating result before the result on the portfolio" by "the net rental income".
Purpose:
This APM is used to assess the operating performance of the company.
| (in € k) | 31/12/2024 | 31/12/2023 |
|---|---|---|
| Operating result before portfolio result | 27,916 | 25,253 |
| Net rental income | 36,351 | 34,596 |
| Operating margin | 76.80% | 73.00% |
2024
Online publication of the annual financial report on the website Friday 4 april 2025 Annual shareholders' meeting of the financial year 2024 Tuesday, 6 May 2025 Final dividend financial year 2024 – Ex date Monday 12 May 2025 Final dividend financial year 2024 – Record date Tuesday 13 May 2025 Final dividend financial year 2024 – Payment date Wednesday 14 May 2025 Interim statement: results as at 31 March 2025 Wednesday 21 May 2025 Half-yearly financial report: results as at 30 June 2025 Wednesday 3 September 2025 Interim statement: results as at 30 September 2025 Thursday 13 November 2025
FOR ADDITIONAL INFORMATION
| Preben Bruggeman | |
|---|---|
| Chief Financial Officer |
Ingrid Quinet Chief Legal Officer
Tel: +32.2.740.14.51 E-mail: [email protected] www.homeinvestbelgium.be Home Invest Belgium Woluwedal 46, Bus 11 B – 1200 Brussels
ABOUT HOME INVEST BELGIUM
Home Invest Belgium is the largest professional lessor of residential real estate in Belgium. The company builds, rents and maintains most of its buildings under its own management. As constructor and long-term owner, Home Invest Belgium guarantees a qualitative residential experience to its tenants.
With more than 25 years of experience, 45 buildings in its portfolio – half of which are less than 10 years old - and more than 2.500 residential units, Home Invest Belgium has a wide range and in-depth expertise. The company uses them to live up to its declared ambition to become the 'landlord of choice' for all its tenants, regardless of their stage of life or lifestyle. This translates into high-quality and sustainable rental housing, communal areas and services for tenants and rent rates in line with the market prices.
Home Invest Belgium is a Belgian public regulated real estate company (GVV/SIR) specialised in the acquisition, sale, development, letting and management of residential real estate. On 31 December 2024 Home Invest Belgium held a real estate portfolio worth € 882 million in Belgium and the Netherlands.
Home Invest Belgium has been listed on Euronext Brussels [HOMI] since 1999. On 31 December 2024, the market capitalisation amounted to € 347 million. The HOMI-share is part of the BEL Small index and the FTSE EPRA NAREIT Global Real Estate Index.