Key figures
|
|
2013 |
2014 |
2015 |
2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|---|---|---|---|---|
|
Operational |
||||||||||
|
Fair value of the property portfolio (including solar panels) (in million euros) |
1,273.1 |
1,567.3 |
1,930.0 |
2,203.8 | 2,669.8 | 3,449.6 | 4,175.8 | 4,766.5 | 6,054.3 | 6,656.0 |
|
Total surface area (in m2) (including land in concession) |
4,849,454 |
5,701,562 |
6,613,567 |
7,309,128 | 8,767,182 | 11,843,174 | 12,475,388 | 13,170,851 | 14,911,239 | 16,785,359 |
|
Lettable area (in m2) |
2,137,602 |
2,432,230 |
3,081,943 |
3,375,482 | 3,756,983 | 4,485,050 | 5,038,303 | 5,490,697 | 5,931,807 | 6,681,997 |
|
Gross rental yield (including vacancies)1 (in %) |
8.2 |
8.0 |
7.6 |
7.5 | 7.1 | 6.7 | 6.3 | 6.1 | 5.2 | 5.7 |
|
Average lease term (until first break)2 (in years) |
7.3 |
7.1 |
6.5 |
6.3 | 6.2 | 5.8 | 6.0 | 5.9 | 5.8 | 5.5 |
|
Occupancy rate3 (in %) |
97.4 |
97.6 |
97.5 |
97.0 | 97.4 | 97.5 | 98.1 | 98.6 | 98.6 | 99.1 |
|
Operating margin (in %) |
91.8 |
91.8 |
92.1 |
93.3 | 92.5 | 91.3 | 91.6 | 90.7 | 90.7 | 91.3 |
|
Result (in million euros) |
||||||||||
|
Property result |
89.0 |
101.8 |
129.1 |
139.7 | 154.5 | 187.9 | 216.6 | 242.7 | 278.4 | 319.6 |
|
Operating result (before the result on the portfolio) |
81.8 |
93.5 |
119.0 |
130.2 | 142.8 |
171.6 |
198.3 | 220.1 | 252.6 | 291.8 |
|
Financial result (excluding change in the fair value of the financial instruments) |
-22.1 |
-25.4 |
-27.1 |
-30.3 | -25.7 | -33.0 | -40.2 | -38.7 | -39.9 | -43.4 |
|
EPRA Earnings |
59.6 |
67.3 |
90.9 |
100.8 | 121.4 | 134.4 | 152.4 | 174.5 | 201.2 | 236.3 |
|
Result on the portfolio (including share joint ventures) - Group share |
-0.7 |
19.7 |
47.4 |
31.2 | 101.5 | 208.3 | 277.4 | 187.9 | 730.5 | -101.9 |
|
Change in the fair value of the financial instruments - Group share |
20.80 |
-19.40 |
7.8 |
1.8 | 16.5 | -9.0 | -29.9 | -31.0 | 52.4 | 224.6 |
|
Depreciation and write-down on solar panels (including joint ventures) - Group share |
N/R |
-2.9 |
-3.4 |
-3.5 | -4.2 | -4.8 | -6.2 | -6.8 | -1.8 | -7.2 |
|
Net result (IFRS) - Group share |
79.7 |
64.7 |
142.7 |
130.2 | 235.2 | 328.8 | 393.7 | 324.6 | 982.3 | 351.7 |
|
Financial |
||||||||||
|
Balance sheet total (in million euros) |
1,283.1 |
1,570.3 |
1,970.3 |
2,182.6 | 2,675.3 | 3,483.3 | 4,222.8 | 4,790.4 | 6,106.2 | 7,053.8 |
|
Shareholders' equity (excluding the fair value of financial instruments) (in million euros) |
576.7 |
682.5 |
829.4 |
1,091.7 | 1,281.3 | 1,580.5 | 2,103.9 | 2,353.9 | 3,510.3 | 4,273.4 |
|
Net financial debt (in million euros) |
686.8 |
863.6 |
1,041.7 |
1,045.6 | 1,348.6 | 1,696.0 | 1,851.2 | 2,108.3 | 2,184.4 | 2,393.3 |
|
Loan-to-value (in %) |
54.4 |
56.0 |
55.2 |
48.4 | 51.3 | 50.0 | 45.0 | 45.0 | 36.7 | 35.4 |
|
Gearing ratio (proportional) (in line with the GVV/SIR Royal Decree) (in %) |
55.1 | 56.7 | 56.8 | 50.5 | 53.1 | 51.8 | 46.7 | 46.6 | 38.1 | 37.6 |
| Net debt / EBITDA (adjusted) (in x) | 8.1 | 8.8 | 8.5 | 7.9 | 8.6 | 9.0 | 8.0 | 8.3 | 7.9 | 7.1 |
|
Average cost of debt (in %) |
3.6 |
3.5 |
2.9 |
2.8 | 2.6 | 2.4 | 2.2 | 2.1 | 2.0 | 1.9 |
|
Interest Coverage Ratio4 (in x) |
3.6 |
3.3 |
4.2 |
4.1 | 4.9 | 4.6 | 4.5 | 4.9 | 5.6 | 5.9 |
|
Details per share (in euros) |
||||||||||
|
Gross dividend |
0.46 |
0.49 |
0.57 |
0.61 | 0.64 | 0.69 | 0.74 | 0.80 | 0.88 | 1.00 |
|
EPRA Earnings |
0.55 |
0.59 |
0.71 |
0.76 | 0.80 | 0.86 | 0.93 | 1.00 | 1.10 | 1.25 |
|
Result on the portfolio (including share joint ventures) - Group share |
-0.01 |
0.17 |
0.37 |
0.23 | 0.67 | 1.33 | 1.69 | 1.08 | 4.00 | -0.54 |
|
Change in the fair value of financial instruments - Group share |
-0.19 |
-0.17 |
0.06 |
0.01 | 0.11 | -0.06 | -0.18 | -0.18 | 0.29 | 1.19 |
|
Depreciation and write-down on solar panels - Group share |
N/R |
-0.03 |
-0.03 |
-0.03 | -0.03 | -0.03 | -0.04 | -0.04 | -0.01 | -0.04 |
|
Net result (IFRS) - Group share |
0.74 |
0.56 |
1.12 |
0.98 | 1.55 | 2.10 | 2.40 | 1.87 | 5.38 | 1.86 |
|
EPRA NAV |
5.1 | 5.6 | 6.4 | 7.3 | 8.3 | 10.2 | 12.8 | 14.3 | 20.1 | 20.7 |
|
IFRS NAV5 |
4.7 |
5.0 |
5.9 |
6.9 | 8.0 | 9.8 | 12.2 | 13.5 | 19.0 | 20.9 |
|
Share price |
7.5 |
9.0 |
11.6 |
12.1 | 13.4 | 16.4 | 23.2 | 28.3 | 42.2 | 26.7 |
Some figures are rounded up or down, so totals in some tables may not represent exact arithmetical totals of the figures preceding them.
- Calculated by dividing annualised contractual gross (cash) rents by fair value. The fair value is the value of the property investments after deduction of transaction costs (mainly transfer tax).
- Including the solar panels, which are included in the remaining weighted average term of the Green Energy Certificates.
- Calculated based on the rental values of the leased properties and the non-leased surfaces, including the income from solar panels. Ongoing projects and/or renovation are not considered.
- Defined as operating result (before the result on the portfolio) divided by interest charges minus interest and dividends collection minus compensation for financial leasing and others.
- IFRS NAV: Net asset value before profit distribution of the current year in accordance with the IFRS balance sheet. The IFRS NAV is calculated as the shareholders’ equity a s per IFRS divided by the number of shares entitled to dividend on the balance sheet date. This refers to the net value in line with the GVV/SIR legislation.
