Duyuru • Jun 05
Nextensa Announces Reservation Of 196 Residential Units at Bel Towers by Vicinity Nextensa announced that Vicinity Affordable Housing Fund has reserved 196 homes within the Bel Towers project. Developed by Nextensa on the site of the former Proximus towers, Bel Towers is a major urban regeneration project totalling 122,000 m². Located in the heart of Brussels’ North district, the project will combine housing, offices, retail and community facilities within a sustainable, connected environment that is open to the city. The residential component covers approximately 48,000 m² and will comprise 439 residential units, making a significant contribution to strengthening the housing supply in a rapidly evolving neighbourhood. Bel Towers will play an active role in the transformation of this major urban hub. Vicinity’s reservation of 196 residential units marks a significant step forward in the project’s realisation and demonstrates the growing interest in urban developments that combine quality of life, sustainability and accessibility. Board Change • Jun 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 3 highly experienced directors. Independent Non-Executive Director of Leasinvest Real Estate Management SA Jo De Wolf was the last director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Duyuru • May 20
Nextensa NV/SA Approves Gross Dividend, Payable on May 21, 2026 Nextensa NV/SA at its annual general meeting held on 18 May 2026, approved to distribute a gross dividend of EUR 1.00 per share. After deduction of the withholding tax, the net dividend amounts to EUR 0.70 per share. The shares will be traded ex-coupon as from May 19, 2026. The record date is set for May 20, 2026. The dividend will be payable on May 21, 2026. Duyuru • Feb 12
Nextensa Nv/Sa Proposes to Distribute A Dividend Payment Nextensa NV/SA proposed to the ordinary general meeting of shareholders to distribute a dividend of €1.00 per share. Duyuru • Aug 29
An undisclosed buyer acquired 8.99% stake in Retail Estates N.V. (ENXTBR:RET) from Nextensa NV/SA (ENXTBR:NEXTA) for €88 million. An undisclosed buyer acquired 8.99% stake in Retail Estates N.V. (ENXTBR:RET) from Nextensa NV/SA (ENXTBR:NEXTA) for €88 million on August 28, 2025. A cash consideration valued at €66.3 per share will be paid by the buyer. As part of consideration, an undisclosed value is paid towards common equity of Retail Estates N.V.
An undisclosed buyer completed the acquisition of 8.99% stake in Retail Estates N.V. (ENXTBR:RET) from Nextensa NV/SA (ENXTBR:NEXTA) on August 28, 2025. Duyuru • Apr 04
Nextensa NV/SA (ENXTBR:NEXTA) signed an agreement to acquire Two office Towers of Proximus PLC from Proximus PLC (ENXTBR:PROX) for €62.5 million. Nextensa NV/SA (ENXTBR:NEXTA) signed an agreement to acquire Two office Towers of Proximus PLC from Proximus PLC (ENXTBR:PROX) for €62.5 million on April 2, 2025. A cash consideration of €62.5 million will be paid by Nextensa NV/SA. As part of consideration, €62.5 million is paid towards assets of Two office Towers of Proximus PLC. Reported Earnings • Aug 19
First half 2024 earnings released: EPS: €1.39 (vs €1.71 in 1H 2023) First half 2024 results: EPS: €1.39 (down from €1.71 in 1H 2023). Revenue: €65.1m (up 7.4% from 1H 2023). Net income: €14.1m (down 18% from 1H 2023). Profit margin: 22% (down from 28% in 1H 2023). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Aug 03
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to €41.05. The fair value is estimated to be €51.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Earnings per share has declined by 11%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 29% per annum over the same time period. Upcoming Dividend • May 16
Upcoming dividend of €1.05 per share Eligible shareholders must have bought the stock before 23 May 2024. Payment date: 27 May 2024. Trailing yield: 3.1%. Lower than top quartile of German dividend payers (4.6%). Lower than average of industry peers (6.0%). Declared Dividend • Mar 04
Dividend of €1.05 announced Shareholders will receive a dividend of €1.05. Ex-date: 23rd May 2024 Payment date: 27th May 2024 Dividend yield will be 2.4%, which is lower than the industry average of 5.4%. Reported Earnings • Feb 22
Full year 2023 earnings released Full year 2023 results: Revenue: €111.2m (down 33% from FY 2022). Net income: €24.5m (down 66% from FY 2022). Profit margin: 22% (down from 43% in FY 2022). Revenue is forecast to grow 27% p.a. on average during the next 2 years, while revenues in the REITs industry in Europe are expected to remain flat. Duyuru • Oct 27
Luxembourg acquired Darwin II office building from Promobe SA and Nextensa NV/SA (ENXTBR:NEXTA). Luxembourg acquired Darwin II office building from Promobe SA and Nextensa NV/SA (ENXTBR:NEXTA) on October 25, 2023.Luxembourg completed the acquisition of Darwin II office building from Promobe SA and Nextensa NV/SA (ENXTBR:NEXTA) on October 25, 2023. Duyuru • Aug 23
Nextensa NV/SA (ENXTBR:NEXTA) acquired Montoyer 24 from Fedustria. Nextensa NV/SA (ENXTBR:NEXTA) acquired Montoyer 24 from Fedustria on August 22, 2023.Nextensa NV/SA (ENXTBR:NEXTA) complete the acquisition of Montoyer 24 from Fedustria on August 22, 2023. Reported Earnings • Aug 20
First half 2023 earnings released: EPS: €1.71 (vs €3.08 in 1H 2022) First half 2023 results: EPS: €1.71 (down from €3.08 in 1H 2022). Revenue: €60.6m (down 8.2% from 1H 2022). Net income: €17.1m (down 44% from 1H 2022). Profit margin: 28% (down from 47% in 1H 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, while revenues in the REITs industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. New Risk • Aug 18
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 109% Cash payout ratio: 122% Dividend yield: 5.9% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (3.5% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 109% Cash payout ratio: 122% Board Change • May 18
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Director of Leasinvest Real Estate Management SA Sigrid Hermans was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • May 16
Nextensa NV/SA to Report Fiscal Year 2023 Results on Mar 29, 2024 Nextensa NV/SA announced that they will report fiscal year 2023 results on Mar 29, 2024 Upcoming Dividend • May 11
Upcoming dividend of €1.82 per share at 5.5% yield Eligible shareholders must have bought the stock before 18 May 2023. Payment date: 22 May 2023. Trailing yield: 5.5%. Within top quartile of German dividend payers (4.7%). In line with average of industry peers (5.2%). Reported Earnings • Feb 17
Full year 2022 earnings released Full year 2022 results: Revenue: €148.5m (up 60% from FY 2021). Net income: €71.3m (up 34% from FY 2021). Profit margin: 48% (down from 57% in FY 2021). The decrease in margin was driven by higher expenses. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 1 highly experienced director. Independent Director of Leasinvest Real Estate Management SA Marcia De Wachter was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Oct 03
Investor sentiment improved over the past week After last week's 17% share price gain to €52.20, the stock trades at a trailing P/E ratio of 9.6x. Average trailing P/E is 7x in the REITs industry in Europe. Total loss to shareholders of 51% over the past three years. Reported Earnings • Aug 19
First half 2022 earnings released: EPS: €3.08 (vs €4.72 in 1H 2021) First half 2022 results: EPS: €3.08. Revenue: €57.4m (up 94% from 1H 2021). Net income: €30.8m (up 10.0% from 1H 2021). Profit margin: 54% (down from 95% in 1H 2021). Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improved over the past week After last week's 16% share price gain to €60.30, the stock trades at a trailing P/E ratio of 11.2x. Average trailing P/E is 10x in the REITs industry in Europe. Total loss to shareholders of 32% over the past three years. Board Change • Jun 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 1 highly experienced director. Independent Director of Leasinvest Real Estate Management SA Marcia De Wachter was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • May 12
Upcoming dividend of €1.75 per share Eligible shareholders must have bought the stock before 19 May 2022. Payment date: 24 May 2022. Trailing yield: 3.9%. Lower than top quartile of German dividend payers (4.2%). Lower than average of industry peers (4.4%). Reported Earnings • Apr 06
Full year 2021 earnings released: EPS: €6.85 (vs €1.30 in FY 2020) Full year 2021 results: EPS: €6.85 (up from €1.30 in FY 2020). Revenue: €93.0m (up 79% from FY 2020). Net income: €53.2m (up €45.6m from FY 2020). Profit margin: 57% (up from 15% in FY 2020). Net asset value (NAV) per share: €79.03 (down 3.9% from FY 2020). The current share price is 11% lower than NAV per share. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. Reported Earnings • Feb 22
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: €55.9m (down 6.5% from FY 2020). Net income: €53.2m (up €45.6m from FY 2020). Profit margin: 95% (up from 13% in FY 2020). Revenue was in line with analyst estimates. Reported Earnings • Aug 23
First half 2021 earnings released: EPS €4.72 (vs €5.18 loss in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €29.6m (up 5.2% from 1H 2020). Net income: €28.0m (up €58.7m from 1H 2020). Profit margin: 95% (up from net loss in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Upcoming Dividend • May 13
Upcoming dividend of €3.68 per share Eligible shareholders must have bought the stock before 20 May 2021. Payment date: 25 May 2021. Trailing yield: 6.6%. Within top quartile of German dividend payers (3.2%). Higher than average of industry peers (3.6%). Reported Earnings • Apr 07
Full year 2020 earnings released: EPS €1.30 (vs €8.42 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €59.8m (down 5.3% from FY 2019). Net income: €7.68m (down 85% from FY 2019). Profit margin: 13% (down from 79% in FY 2019). Net asset value (NAV) per share: €82.20 (down 1.1% from FY 2019). The current share price is 11% lower than NAV per share. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Reported Earnings • Feb 14
Full year 2020 earnings released: EPS €1.30 (vs €8.42 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €59.8m (down 5.3% from FY 2019). Net income: €7.68m (down 85% from FY 2019). Profit margin: 13% (down from 79% in FY 2019). Net asset value (NAV) per share: €82.20 (down 1.1% from FY 2019). The current share price is 11% lower than NAV per share. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 14
New 90-day low: €73.40 The company is down 5.0% from its price of €77.60 on 16 November 2020. The German market is up 11% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the REITs industry, which is down 8.0% over the same period. Analyst Estimate Surprise Post Earnings • Feb 14
Revenue misses expectations Revenue missed analyst estimates by 0.8%. Over the next year, revenue is forecast to grow 14%, compared to a 60% growth forecast for the REITs industry in Germany. Is New 90 Day High Low • Oct 12
New 90-day low: €77.20 The company is down 11% from its price of €86.80 on 14 July 2020. The German market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €147 per share.