Earnings Release • Nov 13, 2015
Earnings Release
Open in ViewerOpens in native device viewer
| Occupancy rate 98.10% Occupancy rate (excl. rental guarantees on |
Portfolio spread | Contractual rents on annual basis (incl. rental guarantees on vacant property) |
|---|---|---|
| vacant property) 95.00% |
77% (inner-city) 23% (periphery) |
10.08 MEUR |
| NAV per share | Debt ratio | Fair value of the real estate portfolio |
Embargo till 13/11/2015 - 18:00
| Property portfolio | 30/09/2015 | 30/12/2014 | |
|---|---|---|---|
| Fair value of the real estate portfolio1 | KEUR | 167,574 | 139,218 |
| Total gross surface | (m²) | 67,332 | 58,029 |
| Contractual rents on an annual basis (incl. rental guarantees on | KEUR | 10,076 | 8,638 |
| vacant property) | |||
| Contractual rents on an annual basis (incl. rental guarantees on | KEUR | 10,271 | 8,664 |
| vacant property) + estimated rental value of vacant property to | |||
| which no rental guarantee applies | |||
| Gross portfolio yield2 | 6.01% | 6.20% | |
| Occupancy rate3 | 98.10% | 99.70% | |
| Occupancy rate (excl. rental guarantees on vacant premises)4 | 95.00% | 96.03% |
| Consolidated balance sheet | 30/09/2015 | 30/12/2014 | |
|---|---|---|---|
| Shareholders' equity (excl. minority interests) | KEUR | 79,733 | 75,699 |
| Debt ratio (Under the RREC Act)5 | 50.52% | 45.39 |
| Key figures per share | 30/09/2015 | 30/12/2014 | |
|---|---|---|---|
| Total number of shares | 3,466,008 | 3,272,911 | |
| Share closing price | EUR | 25.49 | 25.90 |
| Market capitalization | KEUR | 88,331 | 84,768 |
| Net asset value per share (IFRS) | EUR | 23.00 | 23.13 |
| Premium / discount compared to the IFRS net asset value | 10.8% | 8.5% | |
| Net asset value per share (EPRA) | EUR | 24.67 | 23.87 |
| Premium / discount compared to the EPRA net asset value | 3.3% | 12.0% |
1 The 'fair value' of real estate portfolio is the investment value as defined by an independent chartered surveyor, from which the transfer costs are deducted. The fair value is equivalent to the book value under IFRS.
2 (Contractual rents on an annual basis including rental guarantees on vacant property) / (Fair value of the real estate portfolio).
3 (Contractual rents on an annual basis including lease guarantees on vacant property) / (Contractual rents on an annual basis including rental guarantees on vacant property plus the estimated rental value of vacant property that is not covered by a rental guarantee).
4 (Contractual rents on an annual basis) / (Contractual rents on an annual basis including rental guarantees on vacant property plus the estimated rental value of vacant property that is not covered by a rental guarantee).
5 Calculated in accordance with the Royal Decree of 13 July 2014 pursuant to the Act of 12 May 2014 on regulated real estate companies.
Qrf continued its acquisition strategy in Q3 2015, purchasing retail property in the city centre of Aalst (via the 100% takeover of Imrohem NV). Through this purchase, Qrf now owns 3 retail units and 77 parking spaces with a total gross area of 7,080 m² in the main shopping street of Aalst. The retail units are occupied by international chains such as H&M, M&S Mode and Kruidvat. The parking spaces are managed by Vinci Park.
This acquisition was realized at a yield in line with the market and financed via existing credit lines. The share price of Imrohem NV was calculated on the basis on a total investment value of 17.0 MEUR. The property generates 978 KEUR rental income per year.
978 KEUR rental income per year
7,080 m² gross rental surface area
The Fair Value of the real estate portfolio increased by 20.4% to 167.57 MEUR at 30 September 2015 (against 139.22 MEUR at 30 December 2014). This increase is mainly due to the acquisition of the retail properties located in :
The Occupancy rate of the portfolio declined slightly from 99.70% at 30 December 2014 to 98.10% at 30 September 2015. In the third quarter of 2015 a commercial lease expired for the premise located in Sint-Niklaas, Stationsstraat 39 (formerly leased to Shoeby), and a unit in the Century Center on the Keyserlei in Antwerp became vacant.
The Occupancy rate (excl. rental guarantees on vacant property) declined from 96.03% to 95.00% over the same period.
Contractual rents (including rental guarantees on vacant property) increased however by 16.6%, moving up from 8.64 MEUR at 30 December 2014 to 10.08 MEUR at 30 September 2015).
The above-mentioned acquisition has led to a positive evolution (in line with Qrf's investment strategy) in the breakdown of the portfolio, with inner-city premises now accounting for 77% of the portfolio (the remaining 23% are suburban premises).
Shareholders' equity (excl. minority interests) grew by 5.3% from 75.70 MEUR at 30 December 2014 to 79.73 MEUR at 30 September 2015.
The Debt ratio increased from 45.39% to 50.52% over the same period.
Net asset value per share (IFRS) declined 0.5% from 23.13 EUR at 30 December 2014 to 23.00 EUR at 30 September 2015. Net asset value per share (EPRA) increased 3.3% from 23.87 EUR to 24.67 EUR over the same period.
Qrf intends to continue following the strategy, i.e. Qrf will continue to grow through acquiring retail properties in "golden mile" shopping areas, i.e. inner-city streets with major catchment areas. In doing so, Qrf is targeting cities with a catchment area of at least 50,000 consumers and specific streets with high numbers of passers-by.
On the basis of the current portfolio and currently known information and subject to material changes in the market environment the company expects to realise a higher net current result per share in 2015 compared to 2014. This should allow Qrf to maintain the gross dividend of 1.30 EUR per share for fiscal year 2015.
This press release contains forward-looking statements involving risks and uncertainties, including statements regarding Qrf's plans, targets, expectations and intentions. Readers are reminded that such forward-looking statements involve known and unknown risks and are subject to major corporate, economic and competitive uncertainties to a large extent outside the control of Qrf. Should one or more of these risks or uncertainties materialize, or should assumptions used prove incorrect, the final results could substantially vary from those anticipated, expected, estimated or projected. Qrf consequently assumes no responsibility for the accuracy of these forecasts.
Anneleen Desmyter (CEO) [email protected] +32 3 233 52 46 +32 476 98 21 94
Preben Bruggeman (CFO) [email protected] +32 496 15 80 44
Retailers or vendors of inner-city real estate:
Bert Weemaes (COO) [email protected] +32 477 47 79 11
Qrf is a listed Belgian REIT (GVV/SIR) specialized in the niche market of retail properties. More specifically, the company focuses on the acquisition, development and leasing of centrally located city premises, within areas known as the "golden mile" - inner-city streets with major catchment areas. In doing so, Qrf targets cities with a catchment area of at least 50,000 consumers and specific streets with high numbers of footfall. As at 30 September 2015, the real estate portfolio consisted of 40 retail properties with a total Fair Value of 168 MEUR.
Qrf has been listed on Euronext Brussels (QRF:BB) since December 2013. At 30 September 2015, the company's market capitalization was 88 MEUR.
For more information and the latest press releases, please visit our website: www.qrf.be or our linkedin page: www.linkedin.com/company/qrf
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.