Lighthouse Properties (LTE) H1 2024 earnings summary

Executive summary

• Distributable earnings reached 1.2166 EUR cents per share for 1H2024, with a 100% payout ratio and a scrip alternative available.

• Net asset value (NAV) per share decreased to 41.46 EUR cents from 42.00 EUR cents at FY2023.

• Direct property portfolio value increased 60% year-over-year to EUR 1.03 billion following acquisitions, with Iberian exposure rising to 77%.

• Tenant sales rose 3.6% compared to the prior period, with direct property portfolio earnings in line with forecasts.

• Three mall acquisitions secured (Salera, H2O, Alegro Montijo), two closed in 1H2024, and one expected to close in August 2024.

Financial highlights

• Shares in issue increased to 1,853,993,105 from 1,778,496,596 year-over-year.

• Distribution per share was 1.2166 EUR cents, up from 0.6187 EUR cents year-over-year.

• Property rental and related revenue for 1H2024 was EUR 41.3 million, up from EUR 38.1 million in 1H2023.

• Profit attributable to equity holders for 1H2024 was EUR 15.0 million, down from EUR 19.4 million in 1H2023.

• Loan-to-value (LTV) ratio at 21.08%, with indicative LTV post-acquisitions/disposals at 26.25%.

Outlook and guidance

• FY2024 total distribution forecast at approximately 2.50 EUR cents per share, subject to acquisition timing and interest rates.

• Further Iberian mall acquisition expected to close in 4Q2024, with financial resources secured.

• LTV ratio expected to rise to ~26.3% post-Alegro Montijo acquisition and Planet Koper disposal.