AI assistant
Nextensa SA — Interim / Quarterly Report 2017
Nov 17, 2017
3982_10-q_2017-11-17_d3c6c9f7-59d4-434f-b6ca-7686b60e3522.pdf
Interim / Quarterly Report
Open in viewerOpens in your device viewer
Leasinvest Real Estate – Interim statement of the manager on the third quarter of the financial year 2017 (01/07/2017-30/09/2017)
Summary
- Strategy focus on two asset classes, retail and offices, and three countries, Luxembourg, Belgium and Austria:
- o Strengthening of the position in Austria and in retail with two acquisitions in Vienna
- o Complete divestment of Swiss retail portfolio and
- o Finalizing divestment of 65% of logistics portfolio in Belgium.
- The outlook for 2017 is confirmed by the figures realized on 30/09 (vs 30/09/16)
- o Stable rental income of € 42.1 million compared to € 42.2 million (-0.2%)
- o The EPRA Earnings* 1 on 30/09 have slightly decreased to € 22 million or € 4.46 per share (-4.1%)
- o The net result has risen from € 25.6 million to € 29.7 million or € 6.01 per share (+16%)
- o Redevelopments in Belgium and Luxembourg remain on schedule.
- 1. Activity report period 01/07/2017-30/09/2017
DIVESTMENTS
Divestment logistics buildings in Belgium
As announced previously, an agreement for the divestment of three logistics buildings had been concluded. In September 2017, two of the in total three leaseholds were granted in favour of a German real estate fund for an amount of € 40 million and related to the buildings Canal Logistics phase 1 (15/09/2017) and Wommelgem (26/09/2017). The global value of the transaction (incl. third leasehold – see below) is in line with the fair value defined by the real estate expert.
On 30/10/2017, the third leasehold was granted in favour of that same German real estate fund, for an amount of € 20 million for the SKF site in Tongres.
Following these divestments, our Belgian logistics portfolio will only comprise different warehouses located at the Riverside Business Park in Anderlecht (Brussels) and at Brixton Business Park in Nossegem/Zaventem, together with the State archives in Bruges.
Leasinvest Real Estate will have divested € 74 million in 2017, or 65% of its global Belgian logistics portfolio valued at € 111 million (on 30/06/2017). The logistics percentage consequently dropped from 14% (on 30/06/2017) to approximately 7%.
1 Alternative Performance Measures (APM) in the sense of the ESMA directive of 5 October 2015 in this press release are indicated with an asterisk (*) and are further explained in the annexes to this press release.
For more information on the global transaction, we refer to the related press release published on last 30/10/2017 (www.leasinvest.be - news – press releases).
DEVELOPMENTS
Grand Duchy of Luxembourg
Redevelopment Boomerang Strassen shopping center
The redevelopment into a retail park of the retail site located Route d'Arlon in Strassen (22,721 m²), runs according to schedule. The completion of the first phase foreseen by end 2017 has in the meanwhile already led to the conclusion of a new rental agreement with an international retailer for 1,715 m2 entering into force on 1/12/2017.
Acquisition Diekirch
Four of the five remaining shops of the shopping arcade located in the city centre of Diekirch were acquired at the end of August 2017 by our Luxembourg subsidiary Leasinvest Immo Lux SA for an amount of € 0.8 million, resulting in all commercial spaces, but one, of this shopping arcade – including the supermarket rented to Match currently being held by the latter.
Belgium
Redevelopment Motstraat 30 into a co-working space based on the "The Crescent" concept
On part of the ground floor in Motstraat Malines the installation works of the business center, according to the successful example of The Crescent in Anderlecht and Ghent, have started. The end of the works is foreseen by beginning of 2018.
Current developments in Brussels CBD - Treesquare and Montoyer 63
The office buildings Treesquare and Montoyer 63, both located in the Brussels CBD, are entirely reconstructed in order to enhance these buildings' market positioning and make these more sustainable (BREEAM certified). The final goal is to hold a high-quality real estate portfolio with well located, agreeable working spaces that perform well at a technical level, are sustainable, and require less maintenance costs. For the project Treesquare negotiations with a number of potential international tenants are ongoing to lease some floors by the end of 2017/beginning of 2018.
LEASES
The occupancy rate has increased from 91.8% on 30 June 2017 to 93.0% on 30 September 2017 and is expected to increase further in the near future.
Grand Duchy of Luxembourg
The occupancy rate of the building Mercator situated Route d'Arlon in the City of Luxembourg, acquired last May, reaches 60% thanks to the letting of an additional floor. Advanced negotiations with potential tenants are ongoing and are expected to be finalized by year-end in order to let the rest of the building
Belgium
With the final signature of a number of new rental contracts, the office part of Tour & Taxis Royal Depot is entirely let, just as it is the case for the retail part on the ground floor.
In the Brixton Business Park in Zaventem, some rental contracts for the industrial part were also extended, which results in a virtual full occupation.
VARIOUS
EPRA Gold Award for Annual financial report 2016
For the 5 th time in a row, Leasinvest Real Estate has been granted an EPRA Gold Award for its Annual financial report 2016. The award is granted to listed real estate companies that follow the EPRA Best Practices Recommendations, in view of improving transparency and comparability of data.
2. Key figures
| Key figures real estate portfolio (1) | 30/09/17 | 30/09/16 | 31/12/16 |
|---|---|---|---|
| Fair value real estate portfolio (€ 1,000) (2) | 883 281 | 819 505 | 859 931 |
| Fair value investment properties, incl. participation Retail | 956 426 | 892 724 | 930 689 |
| Estates (€ 1,000) (2) | |||
| Investment value investment properties (€ 1,000) (3) | 900 805 | 835 283 | 876 747 |
| Rental yield based on fair value (4) (5) | 6.46% | 6.88% | 6.78% |
| Rental yield based on investment value (4) (5) | 6.34% | 6.75% | 6.65% |
| Occupancy rate (5) (6) | 93.00% | 97.50% | 96.77% |
| Average duration of leases (years) | 4.38 | 4.25 | 4.37 |
(1) The real estate portfolio comprises the buildings in operation, the development projects, the assets held for sale, as well as the buildings presented as financial leasing under IFRS.
(2) Fair value: the investment value as defined by an independent real estate expert and of which the transfer rights have been deducted. The fair value is the accounting value under IFRS. The fair value of Retail Estates has been defined based on the share price on 30/09/2017.
(4) Fair value and investment value estimated by real estate experts Cushman & Wakefield / DTZ Winssinger / Stadim / SPG Intercity/ Orag).
(5) For the calculation of the rental yield and the occupancy rate only the buildings in operation are taken into account, excluding the assets held for sale. (6) The occupancy rate has been calculated based on the estimated rental value.
(3) The investment value is the value as defined by an independent real estate expert and of which the transfer rights have not yet been deducted.
Regulated information under embargo till 17/11/2017 – 7.30 AM
| 30/09/17 | 30/09/16 | 31/12/16 | |
|---|---|---|---|
| Net asset value group share (€ 1,000) | 371 891 | 349 997 | 356 407 |
| Number of issued shares | 4 938 870 | 4 938 870 | 4 938 870 |
| Number of shares entitled to the result of the period | 4 938 870 | 4 935 478 | 4 935 478 |
| Net asset value group share per share* | 75.3 | 70.9 | 72.2 |
| Net asset value group share per share based on investment value* | 78.8 | 74.1 | 75.6 |
| Net asset value group share per share EPRA* | 82.8 | 82.2 | 81.9 |
| Total assets (€ 1,000) | 1 006 151 | 939 754 | 988 441 |
| Financial debt | 549 725 | 489 233 | 541 064 |
| Financial debt ratio (in accordance with RD 13/07/2014) | 58.16% | 55.72% | 58.05% |
| Average duration credit lines (years) | 3.34 | 2.73 | 3.94 |
| Average funding cost* (excl. fair value adjustments financial instruments) | 2.93% | 2.93% | 2.90% |
| Average duration hedges (years) | 5.55 | 6.35 | 6.30 |
| 30/09/17 | 30/09/16 | 31/12/16 | |
| Rental income (€ 1,000) | 42 107 | 42 171 | 56 647 |
| Net rental result per share | 8.53 | 8.54 | 11.48 |
| EPRA Earnings* (€ 1,000) (1) | 22 019 | 22 959 | 27 875 |
| EPRA Earnings* per share (1) | 4.46 | 4.65 | 5.65 |
| Net result group share (€ 1,000) | 29 666 | 25 575 | 29 880 |
| Net result group share per share* | 6.01 | 5.18 | 6.05 |
| Comprehensive income group share (€ 1,000) | 41 380 | 10 783 | 18 126 |
| Comprehensive income group share per share* | 8.38 | 2.18 | 3.67 |
(1) EPRA Earnings* consist of the net result excluding the portfolio result* and the changes in fair value of the ineffective hedges.
| EPRA PERFORMANCE MEASURES | 30/09/17 | 31/12/16 |
|---|---|---|
| EPRA Earnings* (in € per share) (1) | 4.46 | 5.65 |
| EPRA NAV* (in € per share) (2) | 82.84 | 81.91 |
| EPRA NNNAV* (in € per share) (3) | 74.50 | 70.93 |
| EPRA Net Initial Yield* (in %) (4) | 5.28% | 5.82% |
| EPRA Topped-up Net initial yield* (in %) (5) | 5.32% | 5.86% |
| EPRA Vacancy* (in %) (6) | 6.69% | 2.87% |
| EPRA Cost ratio* (incl. direct vacancy costs) (in %) (7) | 26.40% | 26.85% |
| EPRA Cost ratio* (excl. direct vacancy costs) (in %) (7) | 23.37% | 24.95% |
(1) The EPRA Earnings*, previously net current result, consists of the net result excluding the portfolio result* and the changes in fair value of the ineffective hedges.
(2) EPRA Net Asset Value* (NAV) consists of the adjusted Net Asset Value*, excluding certain elements that do not fit within a financial model of long-term real estate investments; see also www.epra.com.
(3) EPRA NNNAV* (triple Net Asset Value*): consists of the EPRA NAV*, adjusted to take into account the fair value of the financial instruments, the debts and the deferred taxes; see also www.epra.com.
(4) EPRA Net Initial Yield* comprises the annualized gross rental income based on the current rents at the closing date of the financial statements, excluding the property charges, divided by the market value of the portfolio, increased by the estimated transfer rights and costs for hypothetical disposal of investment properties; see also www.epra.com.
(5) EPRA Topped up Net Initial Yield* corrects the EPRA Net Initial Yield* with regard to the ending of gratuities and other rental incentives granted; see also www.epra.com.
(6) EPRA Vacancy* is calculated on the basis of the Estimated Rental Value (ERV) of vacant surfaces divided by the ERV of the total portfolio; see also www.epra.com.
(7) EPRA Cost ratio* consists of the relation of the operating and general charges versus the gross rental income (including and excluding direct vacancy costs); see also www.epra.com.
www.leasinvest.be
3. Consolidated results period 01/01/17-30/09/17
The rental income is in line with the figures at the end of September last year. The logistics buildings in Wommelgem and Neder-over-Heembeek were divested in the course of September 2017, their contribution being comparable to last year's. The logistics building in Tongres was only divested end October 2017, resulting in the fact that this also fully contributed to the first 3 quarters of 2017. Furthermore, the lack of rental income due to the redevelopment of Montoyer 63 and the reduction in surface of Wolters Kluwer in Malines, was to a large extent compensated by the acquisition of the Frun Park© in Asten in November 2016 and that of the Mercator building at the beginning of May 2017.
Also for those reasons, the rental income at constant portfolio 'like-for-like'* decreases by € 1.9 million or -4.4%.
The gross rental yields have decreased in comparison with end 2016 and amount to 6.46% (6.78% end 2016) based on the fair value, and to 6.34% (6.65% end 2016) based on the investment value. This is mainly due to a lower occupancy rate in comparison with end 2016, mainly relating to the buildings Mercator (60% occupied) and De Mot (73% occupied). An increase of the rental yields compared to 30 June 2017 (6.41% based on the fair value and 6.29% based on the investment value) was recorded because of an improved occupancy of the Mercator building (from 42% to 60%).
The occupancy rate at the end of the third quarter amounts to 93.00% (end 2016: 96.77%). The temporary decrease is due to the relatively low occupancy percentages of Mercator and De Mot. Compared to 30 June 2017 however, an increase (from 91.80% to 93.00%) was achieved due to the improved letting of Mercator since then.
The fair value of the direct real estate portfolio has risen and amounts to € 883.28 million end September 2017 compared to € 859.93 million end December 2016. This is due to the combined effect of the acquisition of the Mercator building for ca € 35 million, the further investments in and partial recognition of capital gains on the projects Treesquare and Montoyer 63, partially compensated by the divestment of the logistics buildings in Neder-Over-Heembeek (Canal Logistics Phase 1) and Wommelgem for an amount of ca € 40 million.
The property charges, in line with the growth of the real estate portfolio, have slightly increased from - € 7.18 million end September 2016 to - € 7.26 million, mainly by higher vacancy costs and increased management fees in comparison with the same period last year.
The result on the sale of investment properties end September 2017 amounts to - € 1.33 million (in comparison with € 4.83 million end Q3 2016). On the sale of the building "Vierwinden" a loss of - € 1.92 million was realized in June 2017. On the joint granting of the leaseholds on the buildings in Wommelgem and Neder-Over-Heembeek (Canal Logistics Phase 1), on the other hand, a profit of € 0.59 million was realized. The recorded capital gain on 30 September 2016 was largely due to the sale of Royal 20 in Luxembourg.
The changes in fair value of the investment properties on 30 September 2017 amount to € 6.3 million in comparison with a negative change in value of - € 1.4 million per 30 September 2016. The largest part of the positive revaluation result is the consequence of the gradual recognition of the capital gains on the projects Montoyer 63 and Treesquare (€ 5.8 million) in function of the progress of the works. Furthermore, there are also substantial capital gains on the buildings Mercator, Monnet, Pommerloch and Tour & Taxis Royal Depot, due to higher occupancy rates. On the other hand, there is a significant net depreciation on the Swiss buildings - notwithstanding an increase in value in Swiss Francs - of € 1.4 million due to the Swiss Franc weakening versus the Euro. This negative translation difference is however compensated in the revaluation result on the derivatives (see below).
The financial result amounts to - € 5.9 million end September 2017 in comparison with - € 7.8 million for the same period last year.
The financial income is € 0.3 million lower than last year, due to an exceptional income in 2016 related to the fact that the withholding tax that was wrongfully deducted in 2015 on the dividend on the Retail Estates shares (€ 592K) was recovered in 2016.
Regulated information under embargo till 17/11/2017 – 7.30 AM
The interest charges have increased in comparison with last year (€ 1.5 million), on the one hand, by a higher outstanding debt over the first 3 quarters of 2017 in comparison with the same period last year, and on the other hand, by the start of some forward starting interest rate swaps at the beginning of 2017.
The changes in fair value of the financial assets and liabilities are positive (€ 2.6 million) on 30 September 2017, in contrast to last year on 30 September (- € 0.7 million). This evolution is nearly entirely due to the Swiss Franc weakening versus the Euro in the course of 2017 (mainly in the third quarter), which led to a positive revaluation of the cross currency swaps concluded to limit the exchange rate risk on the CHF.
The EPRA Earnings* are - € 0.9 million lower than last year, which is mainly due to a lower financial result (no exceptional recovery of withholding tax in 2017 relating to previous years, in combination with higher net interest charges), partially compensated by lower corporate taxes.
These corporate taxes are substantially lower than last year (- € 0.6 million) due to merging of Tour &Taxis Koninklijk Pakhuis SA with Leasinvest Real Estate SCA per end 2016.
The net result amounts to € 29.67 million at the end of the third quarter 2017 compared to € 25.58 million end September 2016. In terms of net result per share*, this results in € 6.01 per share end September 2017, compared to € 5.18 end September 2016.
At the end of the third quarter of the financial year 2017, shareholders' equity, group share (based on the fair value of the investment properties) amounts to € 371.89 million (end 2016 € 356.41 million). The net asset value per share* excl. the impact of fair value adjustments on financial instruments (EPRA NAV*) amounts to € 82.8 end September 2017 in comparison with € 81.9 end 2016.
The changes in the effective part of the fair value of the effective hedges were positive for € 9.9 million, mainly because the interest rate curve increased again.
End September 2017 the net asset value per share stands at € 75.3 (31/12/16: € 72.2) and the closing price of the Leasinvest Real Estate share amounts to € 99.87, or 32.6% higher than the net asset value.
After the divestment through the granting of leaseholds on the buildings in Wommelgem and Neder-Over-Heembeek (Canal Logistics Phase 1) in the course of September 2017, the debt ratio on 30 September 2017 decreased to 58.16% (59.92% on 30 June 2017). This means that the nominal financial debts recorded in the balance sheet on 30 September 2017 (€ 549.7 million) are only slightly higher than on 31 December 2016 (€ 541.1 million).
4. Important events after the closing of the third quarter 20172
Acquisition retail buildings in Austria
On 16/10/2017, Leasinvest Real Estate, through its Austrian subsidiaries, has acquired 100% of the shares of two Austrian companies, Kadmos Immobilien Leasing GmbH and Adrestos Beteiligungsverwaltungs GmbH. These companies hold respectively a DIY store Hornbach Baumarkt of 13,300 m² and 10 stores with a global surface of 11,000 m² in a retail park 'Gewerbepark Stadlau' situated in the City of Vienna (district no 22 Stadlau), both very well located retail sites with an important footfall and holding leading positions in the City of Vienna.
The value of these two buildings amounts to € 56.2 million, which is lower than the fair value defined by our real estate expert. The average duration of the rental contracts is 9.3 years. The different indexed rental contracts are concluded with renowned international and local retailers, among which the most important are Hornbach Baumarkt, Lidl, Intersport, DM (drugstore), CCC (shoes) and TK Maxx (clothing). The global occupancy rate stands at 100% and represents a total annual rent income of € 3.2 million for the two sites.
2 For more information we refer to the press release of 30/10/2017 (www.leasinvest - news – press releases).
Regulated information under embargo till 17/11/2017 – 7.30 AM
This acquisition is financed, on the one hand, by the partial divestment of our logistics portfolio and, on the other hand, by the integral divestment of our Swiss retail portfolio (see below).
Together with the acquisition end 2016 of the retail park Frun Park© Asten located in Linz (Austria) the portfolio of Leasinvest Real Estate in Austria currently amounts to nearly € 100 million, or 10% of the global portfolio.
Strategic divestment of Swiss portfolio
On 5/10/2017, the three 100% let peripheral retail stores situated in Etoy, Villeneuve and Yverdon-les-Bains (Vaud Canton) were sold to a Swiss private investor for an amount of CHF 48 million based on a gross yield slightly over 5%.
After nearly three years, the Swiss portfolio could not be increased due to the rise of the Swiss franc at the beginning of 2015, resulting in immediate strongly negative interest rates spurring local real estate players to invest their funds in Swiss real estate and continuously decreasing real estate yields as a consequence. These reasons made Leasinvest prefer divesting in Switzerland in favour of Austria.
Before Swiss capital gain taxation and sales costs, the divestment of these three buildings results in a slight capital gain compared to the initial acquisition value.
5. Outlook
As already mentioned in the half-year financial report 2017, except for extraordinary circumstances, the company expects to realize a lower net result and EPRA earnings* in 2017 in comparison with 2016, due to a temporary decrease in rental income as a consequence of the total renovation of the buildings Treesquare and Montoyer 63 and the sale of the logistics buildings. Notwithstanding this evolution, the company expects to be able to maintain the dividend over 2017 at the same level as that of 2016.
For more information, contact Leasinvest Real Estate Leasinvest Real Estate JEAN-LOUIS APPELMANS MICHEL VAN GEYTE Chief Executive Officer Chief Investment Officer T: +32 3 238 98 77 T: +32 3 238 98 77 E: [email protected] E: [email protected]
On LEASINVEST REAL ESTATE SCA
Public BE-REIT (SIR/GVV) Leasinvest Real Estate SCA invests in high quality and well-located retail buildings and offices in the Grand Duchy of Luxembourg, Belgium and Austria.
At present (including the transactions after the closing of the 3 rd quarter 2017) the total fair value of the directly held real estate portfolio of Leasinvest amounts to € 901 million on 30 October 2017, spread across the Grand Duchy of Luxembourg (52%), Belgium (38%) and Austria (10%).
Moreover, Leasinvest is one of the most important real estate investors in Luxembourg.
The public BE-REIT is listed on Euronext Brussels and has a market capitalization of € 480 million (value 16 November 2017).
ANNEX I: Reconciliation tables EPRA APMs per 30 September 2017
| EPRA Earnings (€ 1 000) | 30/09/17 | 30/09/16 |
|---|---|---|
| Net Result – Group share as mentioned in the financial statements | 29 666 | 25 575 |
| Net Result per share - Group share as mentioned in the financial statements (in | ||
| €) | 6.01 | 5.18 |
| Adjustments to calculate the EPRA Earnings | -7 647 | -2 616 |
| To exclude: | ||
| (i) Changes in fair value of investment properties and assets held for sale | -6 332 | 1 378 |
| (ii) Result on the sale of investment properties | 1 330 | -4 826 |
| (vi) Changes in fair value of financial instruments | -2 645 | 733 |
| (viii) Deferred taxes | 0 | 99 |
| EPRA Earnings | 22 019 | 22 959 |
| Number of registered shares in the result of the period | 4 938 870 | 4 935 478 |
| EPRA Earnings per share (in €) | 4.46 | 4.65 |
| EPRA NAV (€ 1 000) | 30/09/17 | 31/12/16 |
| NAV according to the financial statements | 371 891 | 356 407 |
| NAV per share according to the financial statements (in €) | 75.3 | 72.2 |
| To exclude | ||
| (i) Fair value of the financial instruments | 37 230 | 48 152 |
| EPRA NAV | 409 121 | 404 559 |
| Number of registered shares in the result of the period | 4 938 870 | 4 935 478 |
| EPRA NAV per share (in €) | 82.8 | 82.0 |
| EPRA Triple Net Asset Value (€ 1 000) | 30/09/17 | 31/12/16 |
| EPRA NAV | 409 121 | 404 559 |
| Corrections: | ||
| (i) Fair value of the financial instruments | -37 230 | -48 152 |
| (ii) Revaluation of debts at FV | -3 951 | -6 349 |
| EPRA NNNAV | 367 940 | 350 058 |
| Number of registered shares in the result of the period | 4 938 870 | 4 935 478 |
| EPRA NNNAV per share (in €) | 74.5 | 70.9 |
| EPRA Net Initial Yield (NIY) and Topped up Net Initial Yield (topped up NIY) (€ 1 000) |
30/09/17 | 31/12/16 | |
|---|---|---|---|
| Investment properties and assets held for sale | 865 426 | 859 931 | |
| To exclude: | |||
| Development projects | -48 439 | -30 663 | |
| Real estate available for lease | 816 987 | 829 268 | |
| Impact FV of estimated transfer rights and costs resulting from hypothetical disposal of investment properties |
1 191 | 444 | |
| Estimated transfer rights and costs resulting from hypothetical disposal of investment properties |
7 857 | 9 167 | |
| Investment value of properties available for lease | B | 824 844 | 838 435 |
| Annualized gross rental income | 54 490 | 56 540 | |
| Annualized property charges | -10 967 | -10 933 | |
| Annualized net rental income | A | 43 523 | 45 607 |
| Gratuities expiring within 12 months and other lease incentives | 358 | 317 | |
| Annualized and adjusted net rental income | C | 43 881 | 45 924 |
| EPRA NIY | A/B | 5.28% | 5.44% |
| EPRA Topped up NIY | C/B | 5.32% | 5.48% |
| EPRA Vacancy (€ 1 000) | 30/09/17 | ||||
|---|---|---|---|---|---|
| Offices | Logistics | Retail | Total | ||
| Rental surface (in m²) | 119 539 | 100 529 | 176 977 | 397 045 | |
| Estimated Rental Value of vacant spaces | A | 3.00 | 0.19 | 0.48 | 3.67 |
| Estimated Rental Value of total portfolio | B | 21.95 | 6.57 | 26.32 | 54.84 |
| EPRA Vacancy | A/B | 13.67% | 2.89% | 1.82% | 6.69% |
| EPRA Vacancy (€ 1 000) | 31/12/16 | ||||
|---|---|---|---|---|---|
| Offices | Logistics | Retail | Total | ||
| Rental surface (in m²) | 110 897 | 162 011 | 176 977 | 449 885 | |
| Estimated Rental Value of vacant spaces | A | 1.24 | 0.17 | 0.22 | 1.63 |
| Estimated Rental Value of total portfolio | B | 19.34 | 9.38 | 28.15 | 56.87 |
| EPRA Vacancy | A/B | 6.41% | 1.81% | 0.78% | 2.87% |
| EPRA cost ratio (€ 1 000) | 30/09/17 | 31/12/16 | |
|---|---|---|---|
| Other rental-related income and expenses | -1 947 | -2 554 | |
| Property charges | -7 255 | -9 438 | |
| General corporate overhead | -2 040 | -3 220 | |
| Other operating charges and income | 124 | 1 | |
| EPRA costs including rental vacancy costs | A | -11 118 | -15 211 |
| Direct costs of rental vacancy | 1 278 | 1 080 | |
| EPRA costs excluding rental vacancy costs | B | -9 840 | -14 131 |
| Rental income | C | 42 107 | 56 647 |
| EPRA Cost ratio (including direct vacancy) | A/C | -26.40% | -26.85% |
| EPRA Cost ratio (excluding direct vacancy) | B/C | -23.37% | -24.95% |
ANNEX II: Reconciliation tables other APMs per 30 September 2017
| Result on the portfolio (€ 1 000) | 30/09/17 | 30/09/16 |
|---|---|---|
| Result on sale of investment properties | -1 330 | 4 826 |
| Changes in fair value of investment properties | 6 332 | -1 378 |
| Latent taxes on portfolio result | 0 | 0 |
| Result on the Portfolio | 5 002 | 3 448 |
| Net result – group share (amount per share) | 30/09/17 | 30/09/16 |
|---|---|---|
| Net Result - group share (€ 1 000) | 29 666 | 25 575 |
| Number of registered shares in circulation | 4 938 870 | 4 935 478 |
| Net Result - group share per share | 6.01 | 5.18 |
| Net Asset value based on fair value (amount per share) | 30/09/17 | 31/12/16 |
|---|---|---|
| Shareholders' equity attributable to the shareholders of the parent company (€ 1 000) | 371 891 | 356 407 |
| Number of registered shares in circulation | 4 938 870 | 4 938 870 |
| Net Asset Value (FV) group share per share | 75.3 | 72.2 |
| Net Asset Value based on investment value (amount per share) | 30/09/17 | 31/12/16 |
|---|---|---|
| Shareholders' equity attributable to the shareholders of the parent company (€ 1 000) | 371 891 | 356 407 |
| Investment value of the investment properties per 31/12 (€ 1 000) | 900 805 | 876 747 |
| Fair value of the investment properties per 31/12 (€ 1 000) | 883 281 | 859 931 |
| Difference Investment value – Fair value per 31/12 (€ 1 000) | 17 524 | 16 816 |
| TOTAL | 389 415 | 373 223 |
| Number of registered shares in circulation | 4 938 870 | 4 938 870 |
| Net Asset Value (IV) group share per share | 78.8 | 75.6 |
| Changes in gross rental income at constant portfolio (like-for-like) | 30/09/17 vs. 30/09/16 |
31/12/16 vs. 31/12/15 |
|---|---|---|
| Gross rental income at the end of the previous reporting period (€ 1 000) | 42 171 | 50 113 |
| 2016 – 2017 changes to be excluded | 1 846 | 5 407 |
| - Changes following acquisitions | 2 090 | 6 048 |
| - Changes following divestments | -244 | -641 |
| Gross rental income at closing date reporting period (€ 1 000) | 42 107 | 56 011 |
| Change like for like (€ 1 000) | -1 910 | 491 |
| Change like for like (%) | -4.5% | 1.0% |
Regulated information under embargo till 17/11/2017 – 7.30 AM
| Average funding cost in % | 30/09/17 | 31/12/16 |
|---|---|---|
| Interest charges on an annual basis (€ 1 000) | -15 351 | -13 654 |
| Commitment fees on an annual basis (€ 1 000) | -967 | -1 309 |
| Interest paid incl. commitment fees on an annual basis (€ 1 000) | -16 317 | -14 963 |
| Weighted average withdrawn debt (€ 1 000) | 557 261 | 515 417 |
| Average funding cost in % | 2.93% | 2.90% |
| Comprehensive income – Group share (amount per share) | 30/09/17 | 30/09/16 |
|---|---|---|
| Net result - Group share (€ 1,000) | 29 666 | 25 575 |
| Other elements of comprehensive income | 11 714 | -14 792 |
| Changes in the effective part of the fair value of authorized cash flow hedges according to | ||
| IFRS | 9 949 | -16 644 |
| Changes in the effective part of the fair value of financial assets available for sale | 1 413 | 1 852 |
| Changes in the reserve for treasury shares | 281 | 0 |
| Other | 71 | 0 |
| Comprehensive income – Group share | 41 380 | 10 783 |
| Number of registered shares in circulation | 4 938 870 | 4 935 478 |
| Comprehensive income – Group share per share | 8.38 | 2.18 |