Vitura: 2024 Annual Results

PARIS--(BUSINESS WIRE)--Regulatory News:

Vitura (Paris:VTR):

“As in previous years, 2024 was particularly challenging for the real estate market due to geopolitical, macroeconomic and financial conditions. Nonetheless, our portfolio performed well, with a number of leases to renowned tenants confirming the attractiveness of our assets. Our premium repositioning strategy now in place at three campuses, with the roll out of hotel-level amenities particularly appreciated by our tenants, is reaping its rewards. By refocusing our portfolio, our debt should remain well controlled and stand us in good stead to create value for our shareholders over the long term,” said Jérôme Anselme, Vitura’s Chief Executive Officer.

Brisk letting activity driven by large corporate clients and tenant loyalty

2024 was a dynamic year for Vitura with leases on 18,500 sq.m (12% of the portfolio), including almost 10,000 sq.m to new tenants, mainly at Europlaza and Rives de Bercy.

In 2025, Europlaza, which is located in the heart of Europe’s leading business district and offers amenities inspired by hotel standards, will welcome Paris-Dauphine University – PSL for its Dauphine Executive Education program. CCF Holdings (formerly My Money Bank) has also renewed its lease for 4,000 sq.m. The tower’s occupancy rate was 91% at December 31, 2024.

At the Rives de Bercy campus, a lease was signed with Air Liquide for 6,600 sq.m, or 21% of the surface area, less than three months after its full renovation in 2023.

Thanks to these signings and renewals, the Group has maintained an average remaining lease term of 5.7 years, demonstrating the effectiveness of its asset repositioning strategy and its ability to meet the needs of international groups for medium and large surface areas.

The overall building occupancy rate was 69% at December 31, 2024, compared with 66%¹ at December 31, 2023, an increase of +3 points.

In March 2025, a new lease covering 15,500 sq.m, or 50% of Rives de Bercy, was signed with the BPCE group. This will increase the building’s occupancy rate to 71% and the portfolio occupancy rate to 78%.

Sale of a controlling interest in Passy Kennedy and Office Kennedy

On July 9, 2024, Vitura sold a controlling interest in the companies holding the Passy Kennedy and Office Kennedy properties to an asset manager. Vitura retains a non-controlling interest of around 7% and may be entitled to value created by the redeveloped properties.

Following the sale, Vitura deconsolidated all the assets and liabilities relating to these companies in an amount of €364 million and €211 million, respectively. The value of the shares sold amounted to €14 million. The consolidated financial statements show a loss of €139 million, plus a negative impact for these companies of €3 million in 2024, i.e., a total amount of €142 million.

Key financial figures

Rental income was €43.1 million, up +9% year on year (on a like-for-like basis), driven by the impact of new leases, with index-linked rent increases contributing +5%.

EPRA earnings represented €2.7 million at December 31, 2024 vs. €7.8 million at December 31, 2023 on a like-for-like basis (excluding the companies holding the Passy Kennedy and Office Kennedy assets, which were deconsolidated). This €5 million decrease reflects the €1.2 million rise in net operating income and the €6.5 million increase in financial expenses resulting from the shareholder loan, set up at the end of 2023 to help cover the Group’s cash requirements, and the acquisition of hedging instruments to hedge against changes in the Euribor. At December 31, 2024, 100% of debt was hedged at a rate of 0.30%, keeping financial expenses under control.

The estimated portfolio value (excluding transfer taxes) was €877 million at year-end, down 8% on a like-for-like basis over the previous 12 months due to the rise in capitalization rates in all sectors, and in line with market trends.

EPRA NTA stood at €275 million at December 31, 2024, vs. €523 million one year earlier. This decrease reflects the deconsolidation of the companies holding the Passy Kennedy and Office Kennedy assets (negative €142 million impact) and changes in the portfolio value (negative €108 million impact). At December 31, 2024, EPRA NTA stood at €16.1 per share.

The Group’s IFRS consolidated net debt stood at €600 million at December 31, 2024, down €217 million compared with 2023 due to the repayment of borrowings linked to the companies holding the Passy Kennedy and Office Kennedy properties (€205 million decrease) and the amortization of loans (€12 million decrease). Some 85% of the Group’s borrowings is made up of green loans, a proportion that Vitura aims to increase to 100%.

Due to the negative impact of changing yields on asset values, the loan-to-value ratio fell to 68%. This should be considered in relation to the potential yield of 5.6%. Discussions are underway with Hanami’s banking pool to extend the maturity of the €90 million debt (representing 15% of the Group's debt).

On April 2, 2025, the Board of Directors approved the parent company and consolidated financial statements as at December 31, 2024 and the statutory audit is underway.

An ambitious CSR policy recognized

Vitura remains committed to achieving carbon neutrality by 2050. It is continuing to roll out an energy efficiency plan for each property in the portfolio, including automated data collection and measures to raise awareness and train stakeholders in energy issues. Working closely with Vitura’s teams, tenants have drawn up effective action plans in this area.

In 2024, the Group reduced its greenhouse gas emissions by 61% and its energy consumption by 36% compared to 2013.

Thanks to its proactive approach to sustainable development, Vitura was awarded an excellent score of 92/100 by the GRESB (Global Real Estate Sustainability Benchmark), an organization that assesses the CSR practices of real estate companies worldwide. Vitura ranks second among listed office property companies in France, having been ranked world number 1 four times. As a result, Vitura has maintained its 5-star rating, placing it in the top 10% of the highest-rated listed European companies.

Vitura also received two Gold Awards from the European Public Real Estate Association (EPRA) for the quality and transparency of its financial and non-financial reporting. Vitura is also ISO 14001‑certified.

Appointment to the Board of Directors

John Kukral intends to seek renewal of his directorship at the 2025 Shareholders’ Meeting, but not his term of office as Chairman of the Board of Directors, which expires at the close of the 2025 Shareholders’ Meeting.

The Board has decided to keep the functions of Chairman of the Board of Directors and Chief Executive Officer separate.

Accordingly, the Board of Directors has unanimously decided to appoint Michael Profenius as Chairman of the Board of Directors for the remainder of his term of office as a director, which expires at the close of the 2028 Shareholders’ Meeting, with effect from the close of the 2025 Shareholders’ Meeting.

Key figures

About Vitura

Created in 2006, Vitura is a listed real estate company (“SIIC”) that invests in prime office properties in Paris and Greater Paris. The total value of the portfolio was estimated at €877 million at December 31, 2024 (excluding transfer duties).

Thanks to its strong commitment to sustainable development, the Company’s leadership position is recognized by ESG rating agencies. Vitura ranks second among France’s listed office property companies in the 2024 GRESB ranking, and has been ranked world number 1 four times. It has also received two Gold Awards from the European Public Real Estate Association (EPRA) for the quality and transparency of its financial and non-financial reporting. Vitura is ISO 14001-certified.

Vitura is a REIT listed on Euronext Paris since 2006, in compartment B (ISIN: FR0010309096).

Visit our website to find out more: www.vitura.fr/en

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APPENDICES

Reconciliation of Alternative Performance Measures (APM)

IFRS Income Statement (consolidated)

IFRS Balance Sheet (consolidated)

IFRS Statement of Cash Flows (consolidated)

French GAAP Income Statement

French GAAP Balance Sheet