Vastned: EPRA result of €1.56 per share over nine months, dividend of €1.90 maintained
Over the first nine months of 2026, Vastned generated an EPRA result of €1.56 per share, and its board of directors maintained a dividend forecast of €1.90 gross for the fiscal year. For a real estate investment trust specializing in retail and city-center residential properties, these two figures matter to shareholders: EPRA result measures recurring performance, while the planned dividend represents expected distributed income.
The announcement, released on October 26, 2026 at 6:00 p.m., comes with a reduction in the debt ratio and a revaluation of the portfolio. The occupancy rate remains at 99.0%. The debt ratio is declining, the portfolio value is increasing and the occupancy rate remains stable, while the company has confirmed its annual forecasts.
EPRA result of €1.56 per share over nine months
The EPRA result, a reference indicator for listed real estate investment trusts that excludes in particular changes in building values, stands at €1.56 per share over the first nine months of 2026. This amount is calculated on the basis of 16.7 million shares entitled to dividend, compared to 16.2 million in the previous fiscal year.
The increase in the number of shares is a parameter to keep in mind: earnings per share are now distributed over a broader base. The press release publishes this earnings per share for nine months, but provides no comparison with the same period in 2025.
On the operational side, the portfolio occupancy rate remained stable at 99.0%. For a real estate investment trust, this level means that virtually all rentable space generates rental income.
Debt ratio declining and portfolio revalued by 1.5%
The EPRA LTV debt ratio (the relationship between debt and the value of real estate assets) stands at 38.2%, compared to 39.1% on December 31, 2025. The fair value of the real estate portfolio increased by €18.6 million on a constant scope basis, representing a gain of 1.5% compared to the end of fiscal year 2025.
These two data points are linked by design. The value of assets constitutes the denominator of the LTV ratio: a revaluation of the property therefore works in the direction of a reduction in this ratio. The 1.5% increase on a constant scope basis reflects an increase in the value of buildings already owned, not an effect of acquisitions.
Vastned describes its balance sheet as "solid" and indicates that this situation allows it to carry out selective investments that create value for shareholders. The company does not quantify these investments in this press release.
Expected EPRA result between €2.05 and €2.15 and dividend of €1.90 gross
Vastned has confirmed its EPRA earnings per share target between €2.05 and €2.15 for fiscal year 2026. The company accompanies this range with an assumption of a stable real estate portfolio: the target therefore assumes the absence of disposals or significant acquisitions that would modify the rental income base.
The board of directors also confirmed a dividend forecast of €1.90 gross per share for fiscal year 2026. This amount compares to €1.85 gross distributed for fiscal year 2025, an amount also mentioned in the annual results published on April 7, 2026.
At the end of these nine months, the EPRA result reaches €1.56 per share, against a confirmed annual target of €2.05 to €2.15. The planned dividend of €1.90 gross is higher than that of the previous fiscal year.
