- Aedifica said EPRA earnings per share rose 5% to €2.71 in the first half, which it described as highlighting the accretiveness of the Cofinimmo transaction.
- The company said it took control of Cofinimmo on March 10 after 80% of shares were tendered in an exchange offer, and that Cofinimmo was delisted on July 1 after a legal merger.
- Aedifica said it would propose a gross dividend of €4.20 a share for 2026, up 5%. Shareholders will be asked to approve it.
BRUSSELS, Belgium — Aedifica NV/SA reported first-half EPRA earnings per share of €2.71, up 5% from a year earlier, after taking control of fellow Belgian healthcare landlord Cofinimmo.
The Brussels-listed real estate company said in an emailed press release today that EPRA earnings rose 54% to €189.9 million and rental income increased 62% to €292.3 million compared with June 30, 2025.
On a like-for-like basis, rental income rose 1.7% in the first half, Aedifica said. The weighted average unexpired lease term was 15 years and occupancy was 99.1%.
Cofinimmo Combination
Aedifica said it acquired control of Cofinimmo on March 10 after 80% of the shares were tendered during an exchange offer. Cofinimmo was delisted from Euronext on July 1 following a legal merger by absorption into Aedifica. A new board of directors and executive committee have been appointed, the company said.
The first-half figures include Cofinimmo after the March 10 change of control. The legal merger was completed after the June 30 reporting date.
Portfolio and Investments
The real estate portfolio stood at €12.5 billion as of June 30, Aedifica said, including a healthcare portfolio of €11.1 billion across 924 properties in nine countries, serving more than 80,000 end users. The valuation of marketable investment properties rose 0.35% on a like-for-like basis in the first half.
The company said it made €84 million of new investments in the first half. It said a further €111 million was announced over the summer, bringing the year-to-date investment total to €195 million. The investment programme stood at €531 million as of June 30.
Balance Sheet and Outlook
The debt-to-assets ratio was 42.7% as of June 30, including the seasonal effect of the dividend payment, compared with 40.8% on Dec. 31, 2025, Aedifica said. Headroom on committed credit lines was €1,487 million.
The combined entity arranged a €620 million inaugural syndicated credit facility, bringing long-term bank financing contracted to €930 million, the company said. The average cost of debt, including commitment fees, was 1.9%. S&P reconfirmed a BBB+ credit rating with a stable outlook and an A-2 short-term issuer rating.
Aedifica estimated 2026 EPRA earnings at €436 million, or €5.35 a share. It said it would propose a gross dividend of €4.20 a share for the 2026 financial year, up 5%. Shareholders will be asked to approve the dividend.
With the legal merger completed, the company said expected synergies would accelerate further, reaching a full run-rate impact of at least €16 million during 2027.
Aedifica is a Belgian regulated real estate company listed on Euronext Brussels and Euronext Amsterdam. It invests in healthcare real estate across Europe.