AI assistant
Wereldhave N.V. — Earnings Release 2024
Feb 11, 2025
3898_rns_2025-02-11_0964de8c-f78c-4e21-9bee-d1f991724003.pdf
Earnings Release
Open in viewerOpens in your device viewer
Wereldhave
Press release
Results 2024
11 February 2025
better everyday life. Better business
Wereldhave Full Service Centers contribute to a better everyday life for visitors and better business for our partners.
A one-stop location for groceries, shopping, leisure, relaxation, sports, health, work and other daily needs – all supported by smart concepts and digital services. By investing sustainably to meet the needs of customers and local areas, we enrich communities, while caring for the environment, and have a positive effect on the way people live, work and shop. Wereldhave Full Service Centers play a vital role in people’s everyday lives in leading regional cities in the Netherlands, Belgium and France.
better everyday life, better business
Results 2024 Wereldhave N.V.
Key messages
Net profit 2024 at € 140m, highest since 2007
Direct result 2024 at € 1.76 per share, slightly above guidance of € 1.75
Despite Benelux bankruptcies, occupancy rate of core portfolio increased to 97.3%
Disposal of Dutch asset Winkelhof (€ 56m) around book value in 2025
Positive core portfolio valuations (+3.0%), primarily driven by increased market rents (ERVs)
Proposed dividend for 2024 at € 1.25 per share (+4.2%)
Outlook 2025 direct result per share € 1.70-1.80, including negative impact of Dutch taxation and disposal Winkelhof
Results 2024 Wereldhave N.V.
4
Message from our CEO
Wereldhave enjoyed a very decent year of business in 2024, posting € 140m net profit. This result, the strongest since the Global Financial Crisis in 2008, was driven by the operational performance and positive revaluations of our Full Service Centers. Our priority continues to be the roll out of our LifeCentral strategy, with further transformations of our centers due for completion over the next three years. At the same time, we are looking to increase our scale through acquisitions in our core markets, which should benefit our general costs and the cost of capital, while leveraging on a successful retail transformation business model. This will further improve our strong balance sheet, which was recognized by Fitch with an upgraded credit rating to BBB stable in May. Finally, we are glad to report that we have made progress with our capital reallocation, selling one Dutch center (Winkelhof), in February 2025.
Operational strength
Our operational teams performed well throughout the year. We had to deal with several bankruptcies in both Belgium and the Netherlands, of which Blokker and, recently, Lunch Garden were the largest. They followed a string of Belgian bankruptcies during the first quarter. Achieving a 99% all-time high occupancy rate for Belgian centers, despite the bankruptcies, reflects our leasing skills while in The Netherlands, we have already re-leased four out of seven Blokker locations. We have agreed with the new owners of Lunch Garden to continue at four locations, at a higher rent, and to stop at two others, which gives us the opportunity to continue the implementation of our LifeCentral transformations at these sites.
For all bankruptcies combined, we forecast an improved rent compared with the previous lease while tenant quality will obviously improve.
These trends underpin our view that the leasing market continues to polarize. Post-Covid, several "expected" bankruptcies are being replaced by new entrants or expanding formulas, now that online retail is losing market share in our core markets. Our retailers enjoyed 4% growth in retail sales during 2024. Our Full Service Centers did particularly well with retail sales increasing 5% and footfall up by 8%.
LifeCentral strategy momentum building
Although we had no new Full Service Center (FSC) completions scheduled for 2024, our teams are working hard on deliveries for 2025 (Phase 1 of our Kronenburg center in Arnhem and Nivelles in Belgium), while making significant progress on existing businesses, including leasing. We are also studying a new project to extend our current center in Liège, which is set to begin once our capital and construction costs have fallen sufficiently. In Full Service Center Presikhaaf, we celebrated the opening of health&fit, our healthcare cluster, and several new retailers have signed up for our fresh food concept every.deli in Hoofddorp and Nieuwegein. In our FSC Vier Meren in Hoofddorp, we generated a leasing spread of +10%, mainly driven by new deals with Intertoys and Yellow Gym. Deals such as these continue to improve the resilience of our portfolio, with daily life retail now comprising 68% of our floor space, compared with approximately 50% when the strategy was launched.
We are glad to report that we have now sold the Winkelhof shopping center in Leiderdorp around book value to a Dutch investor. The center had been on our "sell" list since 2022 as it did not make our internal rate of return (IRR) threshold of 8%, nor could it meet our ambitious environmental, social and governance (ESG) targets.
Strong balance sheet acknowledged by rating agency
The newly assigned BBB credit rating from Fitch recognizes and rewards all the actions that we have taken in recent years to strengthen our balance sheet. The new rating has had an immediate recurring savings effect on interest costs, via rating triggers in our Revolving Credit Facilities (RCFs). The disposals executed in 2020 and 2021 truly marked the financial turnaround and are now enabling us to arrange new credit facilities at competitive terms. In July 2024, we reached agreement with several institutions for new US Private Placements (USPP) totaling € 119m, with a weighted average term of five years and at an average cost below 5%. During the third quarter, we agreed the refinancing of a € 50m unsecured facility - due to mature in 2025 - with one of our Belgian core banks, increasing the amount by € 30m. The agreement underscores the banks' confidence in our LifeCentral strategy. The all-in cost is sub 4%, which is very competitive in today's market.
Results 2024 Wereldhave N.V.
5
In 2024 we realized a valuation result of +3.0% on our core portfolio, which mainly concerned the revaluation of our Full Service Centers. The revaluation was driven primarily by estimated rental value (ERV) improvement rather than yield compression. Our loan-to-value now stands at 41.8% which is nearing our 35-40% target. We are working hard on our second Dutch disposal which is now under an exclusivity clause. French disposals remain a priority in 2025, even though no significant progress has been made so far.
Our continued focus on cost efficiencies resulted in a significantly lower EPRA Cost Ratio of 22%, compared with 29% in 2023. We have further optimized our staff and are starting to reap the efficiency benefits from our investments in a new ICT infrastructure.
Unfortunately, the Dutch government budget statement in September ('Prinsjesdag'), which included the 2025 Tax Plan, did not contain any unexpected new measures that would benefit our company. For this reason, we still expect our annual tax burden - due to the abolition of the Dutch REIT regime (FBI) status - to remain in the range that we previously stated, albeit at the higher end.
The growing importance of ESG
We maintained our position as an industry leader in sustainability, demonstrated in part by our 11th consecutive annual five-star Global Real Estate Sustainability Benchmark (GRESB) rating. We also received our ninth consecutive Gold Award in the annual sustainability Best Practices Recommendations from the European Public Real Estate Association (EPRA sBPR). Our ESG program 'A Better Tomorrow' was developed to provide a roadmap from 2020 to 2030, with intermediate targets for 2025. It aligns with United Nations Sustainable Development Goals (SDGs) relevant to Wereldhave and includes elements from leading ESG benchmarks such as GRESB and the Building Research Establishment Environmental Assessment Method (BREEAM). In addition, our improved focus on Green Leases has resulted in their increase from 67% to 74% of our lease contracts in our core portfolio. Lastly, we are signing an increasing number of new financing deals with sustainability linked terms and are increasing capex investments on solar panels, EV chargers and batteries, as this equipment is becoming cheaper and generates double-digit unlevered returns. There is clear financial as well as social momentum to speed up such investments.
Outlook 2025
We expect 2025 to be a fruitful year for Wereldhave with a forecasted direct result per share of € 1.70-1.80, even though we expect to pay € 4m-5m corporate income taxes in the Netherlands and have disposed of our asset in Leiderdorp. We are exploring acquisitions in our core markets (Benelux) which would further increase profits.
Matthijs Storm, CEO
Amsterdam, 11 February 2025
Results 2024 Wereldhave N.V.
6
Summary
Key IFRS financial measures (x € 1,000 unless otherwise noted)
| 2024 | 2023 | Change | |
|---|---|---|---|
| Gross rental income | 166,897 | 157,960 | 5.7% |
| Net rental income | 138,416 | 126,418 | 9.5% |
| Result | 139,764 | 89,309 | 56.5% |
| Basic earnings per share (in €) | 2.66 | 1.97 | 35.0% |
| Weighted average number of ordinary shares outstanding | 43,633,274 | 40,320,434 | 8.2% |
| 31 Dec 2024 | 31 Dec 2023 | Change | |
| Investment property | 2,252,391 | 2,162,411 | 4.2% |
| Cash and cash equivalents | 18,316 | 25,544 | -28.3% |
| Interest-bearing liabilities | 953,142 | 941,362 | 1.3% |
| Equity attributable to shareholders | 1,021,916 | 964,481 | 6.0% |
EPRA and other performance measures (x € 1,000 unless otherwise noted)
| 2024 | 2023 | Change | |
|---|---|---|---|
| Direct result | 91,463 | 84,199 | 8.6% |
| Indirect result | 48,301 | 5,110 | 845.2% |
| Direct result per share (€) | 1.76 | 1.73 | 1.7% |
| Indirect result per share (€) | 0.90 | 0.24 | 275.0% |
| Total return based on EPRA net tangible assets per share (€) | 2.73 | 1.33 | 105.3% |
| Dividend per share (€) | 1.20 | 1.16 | 3.4% |
| Interest coverage ratio | 4.1x | 4.6x | -10.9% |
| EPRA earnings per share (€) | 1.67 | 1.54 | 8.4% |
| EPRA cost ratio including direct vacancy costs (%) | 22.4% | 29.4% | -7.0 pp |
| 31 Dec 2024 | 31 Dec 2023 | Change | |
| Net debt | 934,826 | 915,817 | 2.1% |
| Net loan-to-value (%) | 41.8% | 42.7% | -0.9 pp |
| EPRA loan-to-value (%) | 46.8% | 47.9% | -1.1 pp |
| IFRS net asset value per share (€) | 23.43 | 22.09 | 6.1% |
| EPRA net tangible assets per share (€) | 23.43 | 21.90 | 7.0% |
| EPRA net reinstatement value per share (€) | 26.74 | 25.06 | 6.7% |
| EPRA net disposal value per share (€) | 23.51 | 22.52 | 4.4% |
| Number of ordinary shares in issue | 43,876,129 | 43,876,129 | 0.0% |
| Number of ordinary shares for net asset value | 43,619,965 | 43,661,957 | -0.1% |
| EPRA vacancy rate total portfolio (%) | 3.4% | 4.2% | -0.8 pp |
| EPRA net initial yield (%) | 6.1% | 6.3% | -0.2 pp |
| Shopping Centers portfolio metrics | 31 Dec 2024 | 31 Dec 2023 | Change |
| Number of assets | 21 | 21 | 0.0% |
| Surface owned (x 1,000m2)¹ | 629 | 626 | 0.4% |
| Like-for-like net rental income growth (%) | 3.9% | 7.9% | -4.0 pp |
| Occupancy rate | 97.3% | 96.6% | 0.7 pp |
| Theoretical rent (€/m2) | 254 | 249 | 2.0% |
| ERV (€/m2) | 242 | 232 | 4.3% |
| Footfall growth | 5.5% | 8.2% | -2.7 pp |
| Proportion of mixed-use Benelux (in m2) | 14.7% | 14.1% | 0.6 pp |
¹ Excluding developments
Results 2024 Wereldhave N.V.
7
Direct & Indirect result
| (x € 1,000) | 2024 | 2023 | ||
|---|---|---|---|---|
| Direct result | Indirect result | Direct result | Indirect result | |
| Gross rental income | 166,897 | - | 157,960 | - |
| Service costs charged | 25,224 | - | 26,198 | - |
| Total revenues | 192,121 | - | 184,158 | - |
| Service costs paid | -31,875 | - | -34,475 | - |
| Property expenses | -21,830 | - | -23,265 | - |
| Total expenses | -53,705 | - | -57,740 | - |
| Net rental income | 138,416 | - | 126,418 | - |
| Valuation results | - | 52,902 | - | 17,459 |
| Results on disposals | - | -97 | - | -137 |
| General costs | -10,486 | -3,688 | -10,918 | -7,723 |
| Other income and expense | 380 | -453 | - | -641 |
| Operational result | 128,310 | 48,664 | 115,500 | 8,958 |
| Interest charges | -36,860 | - | -31,021 | - |
| Interest income | 276 | - | - | - |
| Net interest | -36,584 | - | -31,021 | - |
| Other financial income and expense | - | -4,266 | - | -3,848 |
| Result before tax | 91,726 | 44,398 | 84,479 | 5,110 |
| Income tax | -263 | 3,903 | -280 | - |
| Result | 91,463 | 48,301 | 84,199 | 5,110 |
| Profit attributable to: | ||||
| Shareholders | 76,693 | 39,147 | 69,726 | 9,694 |
| Non-controlling interest | -14,770 | -9,154 | -14,473 | -4,584 |
| Result | 91,463 | 48,301 | 84,199 | 5,110 |
| Result per share (€) | 1.76 | 0.90 | 1.73 | 0.24 |
Direct result
Our direct result for 2024 totaled € 91.5m, representing a direct result per share (DRPS) of € 1.76. Gross rental income amounted to € 166.9m, up from € 158.0 in 2023, which, besides indexation, was largely the result of the acquisition of the Polderplein center in Hoofddorp in December 2023. Our European Real Estate Association (EPRA) cost ratio has decreased significantly from 29.4% in 2023 to 22.4%, a result of improved operational efficiency. Despite the growth of the portfolio, property expenses fell to € 21.8m from € 23.3 in 2023, due primarily to a net release of provisions for bad debts. In 2023, bad debts were a net expense.
Direct general costs amounted to € 10.5m, down from € 10.9m in 2023, so maintaining the savings that have been initiated in recent years.
Net interest expense increased to € 36.6m in 2024, from € 31.0m in 2023. This was due to higher benchmark interest rates, which affected the cost of the variable floating rate portion of our debt portfolio, the refinancing of maturing debt, and the funding cost of the net cashflow related to dividend pay-out, the capital expenditure and the debt financed part of the Polderplein center acquisition.
Indirect result
Our indirect result for 2024 amounted to € 48.3m, due primarily to the significant upward revaluation of € 52.9m in our property portfolio, of which € 31.5m was related to the Belgian portfolio. The indirect result also includes negative fair value adjustments of derivatives of € 4.3m, reorganization costs of € 1.4m and various project-related and other indirect costs of € 2.7m. These were partly offset by a deferred tax income relating to recoverable fiscal losses.
The revaluation of our properties in 2024 represented 2.4% of the portfolio's total like-for-like value, driven mainly by an increase in the estimated rental value (ERV) component in the valuations. Underpinning our strategy, we saw continuing yield compression in our Full Service Centers. By the end of 2024, our portfolio's average EPRA Net Initial Yield (NIY) stood at 6.1% compared with 6.3% a year earlier.
Net asset value and total return per share
As at 31 December 2024, our EPRA net tangible assets (NTA) stood at € 23.43 per share, an increase of 7.0% compared with 2023. Our NTA benefited from our positive direct and indirect result, offset by the dividend of € 1.20 per share paid to shareholders in May 2024. Our total return for 2024 therefore came in at € 2.73 per share.
Results 2024 Wereldhave N.V.
8
Full Service Center Performance
In line with our LifeCentral strategy, we are continuing to transform our shopping centers into Full Service Centers (FSCs). Nine of our locations already qualify as Full Service Centers, with four more currently undergoing transformation. We track the performance of our centers according to their transformation status: ‘Full Service Center’ is used to refer to centers that have already been transformed; ‘In Transformation’ for those undergoing transformation work; and ‘Traditional Shopping Center’ for the remaining locations.
The results show significant positive performance for our Full Service Centers, especially on the leasing side, with new leases signed in line with previous rents, on top of indexation (MGR- minimum guaranteed rent- Uplift), and significantly above the properties’ estimated rental value (ERV).
Total property return from these nine Full Service Centers was 11.3% in 2024.
| KPI Core portfolio (excluding retail parks) | Full Service Center | In Transformation | Traditional Shopping Center² |
|---|---|---|---|
| Centers in Belgium and Netherlands excluding retailparks | 9 | 4 | 3 |
| Mixed Use Percentage | 17.4% | 14.7% | 8.2% |
| MGR Uplift | 0.0% | -1.2% | -0.8% |
| MGR vs. ERV | 8.5% | 8.5% | 2.7% |
| Tenant Sales vs. 2023 | 4.9% | 2.8% | -0.3% |
| Footfall vs. 2023 | 7.9% | 2.8% | -3.5% |
| Direct Result | 6.5% | 6.4% | 6.4% |
| Valuation Result | 4.8% | 2.4% | 5.3% |
| Total Property Return¹ | 11.3% | 8.8% | 11.7% |
¹ According to MSCI definition, annualized
² Excludes assets, which are in disposal process
Results 2024 Wereldhave N.V.
9
Operations
Building on the strength of our Full Service Centers and the ongoing transformation of other locations, 2024 was a year of solid performance for our operational and commercial teams. Although no new Full Service Center transformations were delivered, we made significant progress in our existing businesses, particularly in leasing, development (Kronenburg, Arnhem in the Netherlands and Nivelles in Belgium) and commercial operations.
Netherlands
The Dutch leasing market is gaining momentum, with sectors such as Food & beverage (F&B), Fashion, and Discount retail driving increased demand for retail spaces. The positive market trend, underpinned by proactive key account management and strong relationships with business partners, is reflected in the variety of package deals signed in 2024. Among the key deals were new and extended leases with Normal, Wibra, Yellow Gym, Fat Phill's Diner, Rousseau Chocolates and ANWB, the Dutch Automobile Association.
Household products store Normal has committed to four new leases, in Arnhem, Capelle aan den IJssel, Heerhugowaard, and Nieuwegein. Wibra, a strong and expansive player, signed new and extended lease agreements for a total of nine Wereldhave centers, giving the discount retailer stores at all 11 of our locations. Food & beverage brand Fat Phill's Diner secured three new locations in Nieuwegein, Capelle aan den IJssel, and Heerhugowaard. Footwear retailer vanHaren is set to open stores in Purmerend and Leiderdorp, while ANWB renewed and extended leases for all their stores with Wereldhave, including Tilburg, Middenwaard, Purmerend, Arnhem, and Hoofddorp. Rousseau Chocolates is set to open new stores in Capelle aan den IJssel, Nieuwegein and Purmerend.
Beyond retail, Wereldhave expanded its mixed-use offering, welcoming new tenants such as fitness chain Yellow Gym, which will open gyms in Hoofddorp and Tilburg. The medical and care suppliers, Evitel, present at the FSC Presikhaaf in Arnhem, and Pharmacy Capelle signed new leases in De Koperwiek, Capelle aan den IJssel. The various health-related tenants making up the "Roerdomp" cluster, will relocate to a new medical center in Cityplaza Nieuwegein by mid-2025.
Following the bankruptcy of Dutch retail chain Blokker in November, Wereldhave successfully re-leased four of their seven former locations by the end of 2024, with negotiations for the remaining three units expected to close in Q1 2025.
In 2024, Wereldhave signed 188 new lease agreements in the Netherlands at an average of 6.8% above market rent (ERV). The combined leasing activities resulted in a significant increase in occupancy to 96.2%. Footfall in 2024 was up 5.5% on the previous year. Tenants reported 4% higher sales in 2024 compared with 2023.
Although no new Full Service Centers were delivered in 2024, several development projects are worth mentioning. Sterrenburg in Dordrecht, opened in 2023, was awarded the annual Kern 2024 development award for the best shopping center in the Netherlands. The center is now fully let, with a mixed-use percentage of around 20%, and tenants including Basic-Fit, Jumbo Foodmarkt, RegioBank and an every.deli cluster with a variety of artisanal fresh food shops. In June, we celebrated the inauguration of the first health & fit cluster at FSC Presikhaaf (Arnhem), reinforcing our commitment to mixed-use innovation. In collaboration with the municipality and development partners, we marked the official start of the FSC transformation of Kronenburg in Arnhem. The first phase of this ambitious project will include a new entrance, an inviting eat&meet square, and a 3,500m² Jumbo supermarket.
The +2.5% revaluation of properties was driven primarily by increased market rents and, to a lesser extent, by yield compression.
Wereldhave continues to strengthen its position in the Dutch leasing market, balancing retail and mixed-use tenants in line with our Full Service Centers strategy for better everyday life and better business.
Belgium
Leasing activity in the Belgian market has shown resilience and growth despite a more challenging environment with a number of bankruptcies. The leasing achievements of retail and office spaces across our portfolio demonstrated remarkable dynamism throughout 2024, with new agreements signed on average at terms significantly above both market value (ERV) and previous rents (MGR uplift).
In 2024, Wereldhave Belgium successfully concluded 56 new leases and renewals for shopping centers, at an average of 10.2% above market rent (ERV). Overall, shopping center occupancy in Belgium peaked to a solid 99.0%. Footfall was up 4.0% compared with 2023 while tenants reported 4% higher sales in 2024 compared with the previous year.
Following several bankruptcies in the retail portfolio, the signing and opening of new high-quality brands has added real value for customers in our centers. New or expanded stores of established brands such as CKS Fashion, New Yorker, Häagen-Dazs, Kiko
Results 2024 Wereldhave N.V.
10
Milano, Courir, Galler, Rituals, and Prego have opened or are set to open soon. As a result of proactive key account management, beauty products retailer Douglas chose our center in Stadsplein, Genk for its second store in Belgium. These strong commercial results reflect the ongoing confidence of retailers in the quality of our portfolio.
Following the recent bankruptcy of Lunch Garden in Belgium, four out of their six locations have already been re-let (at higher rents) as part of the relaunch of the restaurant chain, while the other two locations in Bruges and Courtrai will be included in our LifeCentral transformation program.
The office portfolio at The Sage Antwerp underwent several changes over the past year. Unfortunately, some tenants, including Eschercloud, which had rented 3,261 m², and Game Mania (535 m²), were lost due to bankruptcy, resulting in periods when office spaces were vacant. However, these developments also created opportunities to diversify the portfolio and attract new tenants.
We are pleased to welcome Rhenus Logistics which is occupying 2,534 m² of office space, Odoo (1,094 m²), Buro Nexus (230 m²) and Siemens Healthineers (90 m²). These new lease agreements highlight our ability to offer attractive spaces with extensive facilities that meet market needs. Several existing tenants chose to renew or relocate within the same office building, including Gevers (588 m²) and DESelect (230 m²). These commitments further demonstrate tenant confidence in the quality and flexibility of the facilities Wereldhave offers.
The development works in our center in Bruges are well underway and proceeding according to plan.
The upward revaluation of properties was driven primarily by increased market rents (only partly offset by yield shifts). This resulted in a revaluation of the shopping centers of +3.7%.
France
In 2024, Wereldhave successfully secured 16 new lease agreements across its two centers in France. Highlights include lease extensions for New Yorker and Chaussea at Mériadeck in Bordeaux, a renewal with Foot Locker and the refurbishment of mobile operator Free at Côté Seine in Paris.
The combined occupancy rate of the shopping centers in France increased to a solid 96.9% at the end of 2024. Visitor numbers in France were 6.9% higher than in 2023, boosted by the full operation of the new F&B area in Mériadeck, and the replacement of the Casino hypermarket by Carrefour in Côté Seine, Paris. For comparison, the French market showed only a 1.1% increase in visitors. Tenant sales for 2024 were relatively stable (-1%) versus the same period last year.
Finally, we have finalized the pre-letting of our kiosks project in Côté Seine, Paris. During the second quarter of 2025, we will be opening six new kiosks on the first floor - four will be for food and beverages (F&B) and two will be services-oriented. The visibility of surrounding tenants will also be improved.
Commercial real estate valuations in France were mainly influenced by higher yields, which resulted in a revaluation of our French portfolio of -2.7%.
Occupancy rates
| Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | |
|---|---|---|---|---|---|
| Belgium | 98.2% | 97.1% | 96.6% | 97.5% | 99.0% |
| Netherlands | 95.5% | 95.3% | 95.2% | 95.4% | 96.2% |
| Core portfolio | 96.6% | 96.0% | 95.8% | 96.3% | 97.3% |
| France | 96.6% | 94.6% | 94.6% | 95.3% | 96.9% |
| Shopping centers | 96.6% | 95.9% | 95.7% | 96.2% | 97.3% |
| Offices (Belgium) | 84.7% | 85.5% | 84.0% | 85.8% | 85.4% |
| Total portfolio | 95.8% | 95.3% | 94.9% | 95.6% | 96.6% |
Results 2024 Wereldhave N.V.
11
Overview operational performance
| # of contracts | Leasing volume | MGR vs. ERV | MGR uplift | Occupancy rate | LFL NRI growth | |
|---|---|---|---|---|---|---|
| Shopping centers | ||||||
| Belgium | 56 | 9.6% | 10.2% | 7.8% | 99.0% | 1.2% |
| Netherlands | 188 | 18.7% | 6.8% | -3.2% | 96.2% | 6.7% |
| Core portfolio | 244 | 15.0% | 7.7% | -0.5% | 97.3% | 4.1% |
| France | 16 | 10.4% | -16.2% | -36.1% | 96.9% | 2.1% |
| Total | 260 | 14.7% | 6.1% | -2.0% | 97.3% | 3.9% |
Change in visitors (yoy comparison of quarterly figures)
| Shopping centers | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 |
|---|---|---|---|---|---|
| Belgium | 3.6% | 4.4% | 4.5% | 3.0% | 4.0% |
| Netherlands | 6.6% | 6.6% | 4.2% | 6.3% | 5.0% |
| Core portfolio | 5.9% | 5.4% | 4.3% | 5.5% | 4.7% |
| France | 5.5% | 10.0% | 5.0% | 6.7% | 9.9% |
| Overall | 5.8% | 6.5% | 4.4% | 5.6% | 5.4% |
Portfolio, disposals & investments
Wereldhave's strategy is focused on anticipating long-term trends and transforming our locations into strong, future-proof Full Service Centers. To maximize long-term value creation for shareholders, we focus only on those centers that will deliver above market total returns. We call this our LifeCentral strategy, which we are rolling out at a controlled pace across our portfolio.
There were no major changes to the composition of our real estate portfolio in 2024.
In February 2025, we agreed the sale of Winkelhof shopping center in Leiderdorp at book value to a Dutch investor. The rationale for this disposal was that it did not make our internal rate of return (IRR) threshold of 8%, nor could it meet our ambitious environmental, social and governance (ESG) targets.
Net rental income
| (x € 1,000) | 2024 | 2023 | Change |
|---|---|---|---|
| Belgium | 50,911 | 50,914 | 0.0% |
| Netherlands | 72,864 | 63,019 | 15.6% |
| Core portfolio | 123,775 | 113,933 | 8.6% |
| France | 8,340 | 8,096 | 3.0% |
| Total shopping centers | 132,115 | 122,029 | 8.3% |
| Offices | 6,301 | 4,389 | 43.6% |
| Total | 138,416 | 126,418 | 9.5% |
Portfolio overview
| Number of assets | Surface owned^{1} | Annualized gross rent^{1,2} | Net value | Revaluation | EPRA NIY | |
|---|---|---|---|---|---|---|
| Belgium | 8 | 215.7 | 55.9 | 892.1 | 3.7% | 5.9% |
| Netherlands | 11 | 369.1 | 83.6 | 1,082.9 | 2.5% | 6.3% |
| Core portfolio | 19 | 584.8 | 139.5 | 1,975.0 | 3.0% | 6.1% |
| France | 2 | 43.7 | 11.7 | 174.7 | -2.7% | 5.1% |
| Total shopping centers | 21 | 628.5 | 151.2 | 2,149.7 | 2.5% | 6.0% |
| Offices | 2 | 62.7 | 8.3 | 102.7 | -0.2% | 7.4% |
| Total | 23 | 691.2 | 159.5 | 2,252.4 | 2.4% | 6.1% |
1 Excluding developments
2 As per 31 December 2024, excluding parking income
Results 2024 Wereldhave N.V.
12
Full Service Center transformations & development portfolio
Full Service Center transformations are undertaken on a step-by-step basis – an agile approach that reduces risks during development. In 2023, we delivered four Full Service Centers, taking us to nine in total. Thanks to the speed with which we have executed our LifeCentral strategy to date, we were able to take our time with transformations in 2024, spreading capital expenditure and avoiding high construction costs and interest rates. In 2024, we nonetheless continued work on phase 1 of our transformation of Kronenburg in Arnhem, in addition to the Cityplaza transformation in Nieuwegein, and began work on Middenwaard in Heerhugowaard and Nivelles Shopping in Nivelles.
Development pipeline
| LifeCentral Developments (In €m) | Total investment | Actual costs to date | Estimated capex in 2025 and after | Unlevered IRR | (Planned) Delivery |
|---|---|---|---|---|---|
| Committed | |||||
| Kronenburg | 23 | 11 | 12 | 8% | 2025 |
| Other FSC transformations | 21 | 18 | 3 | >8% | 2025/2026 |
| Total | 44 | 29 | 19 |
Equity & net asset value
As at 31 December 2024, shareholders' equity – including non-controlling interests – amounted to € 1,264.5m (compared with € 1,199.2m as at 31 December 2023). The number of outstanding shares remained unchanged at 43,876,129 ordinary shares. A total of 256,164 treasury shares were held by the Company.
| € per share | 31 December 2024 | 31 December 2023 | Change |
|---|---|---|---|
| IFRS NAV | 23.43 | 22.09 | 6.1% |
| EPRA NRV | 26.74 | 25.06 | 6.7% |
| EPRA NTA | 23.43 | 21.90 | 7.0% |
| EPRA NDV | 23.51 | 22.52 | 4.4% |
Financing & capital allocation
We continued our funding activities in 2024, significantly improving our debt maturity profile. In January, a new, well-established bank, agreed to an initial participation of € 25m in our corporate syndicated Revolving Credit Facility. In July, we agreed new US Private Placements (USPP) with four institutions, totaling € 119m, with a weighted average tenor of five years and a weighted average cost below 5%. Wereldhave Belgium extended a total of € 65m in credit facilities with a Belgian bank, comprising € 30m maturing in 2028 and € 35m in 2029. Also in Belgium, a credit facility of € 50m, set to expire in 2025, was refinanced and extended by two term loans of € 40m with maturity dates in 2028 and 2029.
In May, Fitch upgraded Wereldhave's credit rating to BBB. The rating, which recognizes the actions we have taken in recent years to strengthen our balance sheet, had an immediate recurring savings effect on interest costs, via rating triggers in our Revolving Credit Facilities (RCFs).
As at 31 December 2024, interest-bearing debt totaled € 953.1m, which, together with a cash balance of € 18.3m, resulted in a net debt position of € 934.8m. Undrawn borrowing capacity increased to € 263m, following the various refinancing activities.
Our net loan-to-value (LTV) ratio improved to 41.8%, compared with 42.7% at year-end 2023, due largely to positive asset revaluations. As at 31 December 2024, Wereldhave's gross LTV stood at 42.7%, 1.2 percentage point lower than at year-end 2023 and well below our bank covenant limit of 60%. The entire debt portfolio is unencumbered.
Our disciplined capital allocation framework is focused on maintaining a strong balance sheet, delivering outperforming
Results 2024 Wereldhave N.V.
13
long-term value growth for shareholders through investments and returning appropriate dividends to shareholders. We are continuing to target an LTV ratio of between 35-40%, by disposing of our remaining two French assets and through selected Dutch disposals.
To maintain acceptable leverage and long-term growth, our management's policy is to allocate our Company's recurring income in part to finance the investments needed under the LifeCentral strategy, and in part in dividends to shareholders.
Strategic developments
Full Service Center Transformations
In line with our LifeCentral strategy, we continue to transform our centers into Full Service Centers. Nine of our commercial centers now qualify as Full Service Centers (FSCs). Meanwhile, we have invested more than 70% of our planned LifeCentral capital expenditures. At present, there are four ongoing transformations. These are being undertaken in separate phases so as to spread capital expenditure, with full completion planned for 2026. Our FSCs continue to perform well on their KPIs, including total return, net promoter score (NPS), leasing spread, footfall and occupancy. By the end of 2024, 15% of our core portfolio was devoted to mixed-use tenants, compared with 14% at year-end 2023. The daily life tenant base increased to 68% of our rent roll, up from 66% in 2023, further increasing the defensive character of our rent roll.
Improving customer experience
We frequently compile and analyze customer feedback. These insights help guide our plans for improving the tenant mix of our centers, their look, ambience, public spaces, concepts and services. Feedback from customer surveys is also used in the transformation of our Full Service Centers and for business planning in general. Our net promoter score (NPS) over 2024 saw a minor decrease, due to rounding, of 1 point compared with 2023, ending the year at +23. However, completed Full Service Centers outperformed in terms of NPS and are clearly appreciated by visitors. To further improve the customer experience, we have started working with a new feedback tool in selected Belgian and Dutch centers. By channeling customer feedback from different sources into a single dashboard, the new tool should facilitate follow-up by center management teams. If it proves successful, the tool will be introduced across other centers.
In the summer of 2024, we opened the healthcare-cluster 'health & fit' in cooperation with tenants, creating a new visiting incentive for the Presikhaaf Full Service Center. A second healthcare cluster is set to open in Cityplaza in Nieuwegein, the Netherlands, in 2025.
After successful roll-outs in Belgium, we are now piloting our first Recycle Wall in Winkelhof, the Netherlands while a completely refurbished the point service hub opened in July in Nivelles. Our fragrance concept, a feature of all our Belgian centers, will be introduced in Nieuwegein and Purmerend in the Netherlands. The parking garage at Eggert Center in Purmerend was renovated and reopened, and a new parking concept introduced in Presikhaaf, Arnhem and Cityplaza in Nieuwegein. Our pilot eat&meet square in Eggert Center, opened in 2023, has been a success, boosting tenant turnover, and will be expanded in 2025. In addition, the Play&Relax area in Genk has been refurbished to enhance the visitor experience.
We are also focused on improving the tenant experience. After analyzing the results of a customer satisfaction survey across our tenants and business partners, we are further tailoring our business to meet their needs. The survey revealed high satisfaction among our key accounts in core countries, reflecting strong partnerships and collaboration. Following feedback from smaller business partners on areas for operational improvement, we are taking steps to enhance the clarity of communication on financial matters, streamline our invoicing, and improve customer service and follow-up procedures.
In 2024, we actively supported over 65 tenants with tailored store opening events and commercial marketing activities designed to drive footfall and boost sales. The strong local reach and high traffic in our centers have led to increasing interest from tenants to partner with us on these retailer marketing initiatives.
Results 2024 Wereldhave N.V.
14
Environmental, Social & Governance (ESG)
Central to our ESG work is 'A Better Tomorrow', our 2030 sustainability program, which is linked to our LifeCentral strategy.
A Better Tomorrow
Our ESG program A Better Tomorrow was developed to provide a roadmap from 2020 to 2030, with intermediate targets for 2025. It aligns with the Sustainable Development Goals (SDGs) that are relevant to Wereldhave and includes elements from leading ESG benchmarks such as the Global Real Estate Sustainability Benchmark (GRESB), the leading global ESG benchmark for real estate, and the Building Research Establishment Environmental Assessment Method (BREEAM). The program is based on three specific focus areas, each with their own clear ambitions:
- Better Footprint - reduce carbon emissions by 30% by 2030 for all business premises and land under Wereldhave's operational control (Science Based Targets Initiative approved) and become Paris Proof by 2045 (Dutch Green Building Council approved)
- Better Nature - 100% of assets have action plans to mitigate the physical effects of climate change and double the surface of so-called 'vegetation roofs' and green spaces
- Better Living - contribute at least 1% of net rental income to socio-economic and social inclusion initiatives and aim for zero safety incidents at Wereldhave centers.
In 2024, we received several awards related to the 'A Better Tomorrow' program. With a score of 92/100, we retained our 5-star rating from GRESB for the eleventh consecutive year, a significant achievement given the ever-increasing benchmark requirements and strong peer performance. Wereldhave also received its ninth consecutive Gold Award in the annual Sustainability Best Practices Recommendations from the European Public Real Estate Association (EPRA sBPR).
This continued recognition of benchmarks such as GRESB and EPRA reinforces our belief that we are on the right track and validates our ongoing investments in, and commitment to, sustainability. GRESB enables us to benchmark our sustainability performance against industry peers and provides further guidance for our strategic direction and goal setting. 'A Better Tomorrow,' provides a clear strategic roadmap for our company and operations.
In 2024, our project teams prepared for the changes in sustainability reporting and disclosure regulations, in line with the EU Taxonomy and the Corporate Sustainability Reporting Directive (CSRD). This was completed with a successful readiness evaluation by consultancy firm BDO.
We also completed a Physical Climate Risk Assessment aligned with the EU Taxonomy and Framework for Climate Adaptive Buildings (FCAB).
Outlook
We forecast a direct result per share of € 1.70-1.80 in 2025, even though we expect to pay € 4-5m in corporate income tax and have sold our asset in Leiderdorp. We are exploring acquisitions in our core markets (Benelux) which could further boost profits.
Conference call / webcast
Wereldhave will host a webcast at 10:00 CET today to present its 2024 results. Access to the webcast will be available through https://www.wereldhave.com/investor-relations/conference-calls-webcasts/. Questions may be forwarded by e-mail to [email protected] prior to the webcast.
Results 2024 Wereldhave N.V.
15
Consolidated statement of financial position
As at 31 December 2024 (before profit appropriation)
| (x € 1,000) | Note | 31 December 2024 | 31 December 2023 |
|---|---|---|---|
| Assets | |||
| Non-current assets | |||
| Investment property | 5 | 2,252,391 | 2,162,411 |
| Property and equipment | 5,601 | 5,455 | |
| Intangible assets | 169 | 162 | |
| Deferred tax assets | 3,903 | - | |
| Derivative financial instruments | - | 10,640 | 14,107 |
| Other financial assets | 6,109 | 6,209 | |
| Total non-current assets | 2,278,813 | 2,188,344 | |
| Current assets | |||
| Trade and other receivables | 52,210 | 49,308 | |
| Current tax assets | 3,478 | 554 | |
| Derivative financial instruments | 3,777 | 13,775 | |
| Cash and cash equivalents | 18,316 | 25,544 | |
| Total current assets | 77,781 | 89,181 | |
| Total assets | 2,356,594 | 2,277,525 | |
| (x € 1,000) | Note | 31 December 2024 | 31 December 2023 |
| --- | --- | --- | --- |
| Equity and Liabilities | |||
| Equity | |||
| Share capital | 43,876 | 43,876 | |
| Share premium | 1,759,213 | 1,759,213 | |
| Other reserves | -897,013 | -918,028 | |
| Result for the year | 115,840 | 79,421 | |
| Attributable to shareholders | 1,021,916 | 964,481 | |
| Non-controlling interest | 242,550 | 234,752 | |
| Total equity | 1,264,466 | 1,199,233 | |
| Non-current liabilities | |||
| Interest-bearing liabilities | 7 | 809,773 | 796,568 |
| Derivative financial instruments | 13,314 | 20,334 | |
| Other long-term liabilities | 29,802 | 27,698 | |
| Total non-current liabilities | 852,889 | 844,600 | |
| Current liabilities | |||
| Trade and other payables | 85,128 | 85,819 | |
| Current tax liabilities | 7,503 | 3,079 | |
| Interest-bearing liabilities | 7 | 143,369 | 144,794 |
| Derivative financial instruments | 3,239 | - | |
| Total current liabilities | 239,239 | 233,692 | |
| Total equity and liabilities | 2,356,594 | 2,277,525 |
Results 2024 Wereldhave N.V.
16
Consolidated income statement
for the year ended 31 December 2024
| (x € 1,000) | Note | 2024 | 2023 |
|---|---|---|---|
| Gross rental income | 166,897 | 157,960 | |
| Service costs charged | 25,224 | 26,198 | |
| Total revenue | 192,121 | 184,158 | |
| Service costs paid | -31,875 | -34,475 | |
| Property expenses | -21,830 | -23,265 | |
| Net rental income | 9 | 138,416 | 126,418 |
| Valuation results | 52,902 | 17,459 | |
| Results on disposals | -97 | -137 | |
| General costs | -14,174 | -18,641 | |
| Other income and expense | -73 | -641 | |
| Operating result | 176,974 | 124,458 | |
| Interest charges | -36,860 | -31,021 | |
| Interest income | 276 | - | |
| Net interest | -36,584 | -31,021 | |
| Other financial income and expense | -4,266 | -3,848 | |
| Result before tax | 136,124 | 89,589 | |
| Income tax | 3,640 | -280 | |
| Result for the year | 139,764 | 89,309 | |
| Result attributable to: | |||
| Shareholders | 115,840 | 79,421 | |
| Non-controlling interest | 23,924 | 9,888 | |
| Result for the year | 139,764 | 89,309 | |
| Basic earnings per share (€) | 2.66 | 1.97 | |
| Diluted earnings per share (€) | 2.65 | 1.97 |
Results 2024 Wereldhave N.V.
17
Consolidated statement of comprehensive income
for the year ended 31 December 2024
| (x € 1,000) | 2024 | 2023 |
|---|---|---|
| Result | 139,764 | 89,309 |
| Items that may be recycled to the income statement subsequently | ||
| Effective portion of change in fair value of cash flow hedges | -6,405 | -6,183 |
| Changes in fair value of cost of hedging | 773 | -664 |
| Items that will not be recycled to the income statement subsequently | ||
| Remeasurement of post-employment benefit obligations | -337 | -131 |
| Total comprehensive income | 133,795 | 82,331 |
| Attributable to: | ||
| Shareholders | 109,983 | 72,487 |
| Non-controlling interest | 23,812 | 9,844 |
| 133,795 | 82,331 |
Results 2024 Wereldhave N.V.
Consolidated statement of changes in equity
for the year ended 31 December 2024
| (x € 1,000) | Attributable to shareholders | Total equity | ||||||
|---|---|---|---|---|---|---|---|---|
| Share capital | Share premium | General reserve | Hedge reserve | Cost of hedging reserve | Total attributable to shareholders | Non-controlling interest | ||
| Balance as at 1 January 2023 | 40,271 | 1,711,033 | -871,726 | 9,137 | 987 | 885,683 | 237,581 | 1,123,243 |
| Comprehensive income | ||||||||
| Result | - | - | 79,421 | - | - | 79,421 | 9,888 | 89,309 |
| Remeasurement of post-employment obligations | - | - | -87 | - | - | -87 | -44 | -131 |
| Effective portion of change in fair value of cash flow hedges | - | - | - | -6,183 | - | -6,183 | - | -6,183 |
| Changes in fair value of cost of hedging | - | - | - | - | -664 | -664 | - | -664 |
| Total comprehensive income | - | - | 79,334 | -6,183 | -664 | 72,487 | 9,844 | 82,331 |
| Transactions with shareholders | ||||||||
| Proceeds from share issue | 3,605 | 48,180 | - | - | 51,785 | - | 51,785 | |
| Purchase of treasury shares | - | - | -731 | - | - | -731 | - | -731 |
| Equity-settled share-based payment | - | - | 1,752 | - | - | 1,752 | - | 1,752 |
| Dividends | - | - | -46,494 | - | - | -46,494 | -12,653 | -59,147 |
| Balance at 31 December 2023 | 43,876 | 1,759,213 | -837,865 | -1,046 | 303 | 964,481 | 234,752 | 1,199,233 |
| Balance at 1 January 2024 | 43,876 | 1,759,213 | -837,865 | -1,046 | 303 | 964,481 | 234,752 | 1,199,233 |
| Comprehensive income | ||||||||
| Result | - | - | 115,840 | - | - | 115,840 | 23,924 | 139,764 |
| Remeasurement of post-employment obligations | - | - | -225 | - | - | -225 | -112 | -337 |
| Effective portion of change in fair value of cash flow hedges | - | - | - | -6,405 | - | -6,405 | - | -6,405 |
| Changes in fair value of cost of hedging | - | - | - | - | 773 | 773 | - | 773 |
| Total comprehensive income | - | - | 115,615 | -6,405 | 773 | 109,983 | 23,812 | 133,795 |
| Transactions with shareholders | ||||||||
| Purchase of treasury shares | - | - | -3,237 | - | - | -3,237 | - | -3,237 |
| Equity-settled share-based payment | - | - | 1,741 | - | - | 1,741 | - | 1,741 |
| Dividends | - | - | -52,466 | - | - | -52,466 | -12,329 | -64,795 |
| Change non-controlling interest | - | - | 1,414 | - | - | 1,414 | -3,685 | -2,271 |
| Balance as at 31 December 2024 | 43,876 | 1,759,213 | -774,798 | -7,451 | 1,076 | 1,031,916 | 242,550 | 1,264,466 |
Results 2024 Wereldhave N.V.
19
Consolidated cash flow statement
for the year ended 31 December 2024
| (x € 1,000) | 2024 | 2023 |
|---|---|---|
| Operating activities | ||
| Result | 139,764 | 89,309 |
| Adjustments: | - | - |
| Valuation results | -52,902 | -17,459 |
| Net interest | 36,584 | 31,021 |
| Other financial income and expense | 4,266 | 3,848 |
| Results on disposals | 97 | 137 |
| Taxes | -3,640 | 280 |
| Amortization | 1,178 | 1,338 |
| Other movements | 2,117 | 1,644 |
| Cash flow from operating activities before changes in working capital | 127,464 | 110,118 |
| Movement in trade and other receivables | -3,713 | -11,645 |
| Movement in trade and other payables | 1,857 | 13,891 |
| Interest paid | -33,270 | -29,699 |
| Interest received | 276 | - |
| Income tax | -259 | -120 |
| Net cash from operating activities | 92,355 | 82,545 |
| Cash flow from investment activities | ||
| Proceeds from disposals direct investment properties | -97 | 9,674 |
| Acquisition of subsidiary, net of cash acquired | - | -3,266 |
| Investments in investment property | -39,233 | -103,497 |
| Investments in equipment | -103 | -1,137 |
| Investments in financial assets | 110 | -413 |
| Investments in intangible assets | -74 | - |
| Net cash from investing activities | -39,397 | -98,639 |
| Cash flow from financing activities | ||
| Proceeds from interest-bearing debts | 278,193 | 184,116 |
| Repayment interest-bearing debts | -267,220 | -95,900 |
| Movements in other long-term liabilities | -856 | -1,006 |
| Other movements in reserves | -3,236 | -777 |
| Transactions non-controlling interests | -2,272 | - |
| Dividend paid | -64,795 | -59,148 |
| Net cash from financing activities | -60,186 | 27,285 |
| Net change in cash and cash equivalents | -7,228 | 11,191 |
| Cash and cash equivalents as at 1 January | 25,544 | 14,353 |
| Cash and cash equivalents as at 31 December | 18,316 | 25,544 |
Results 2024 Wereldhave N.V.
20
Notes to the consolidated financial information
1 Reporting entity
Wereldhave N.V. ("the Company") is an investment company that invests in real estate (shopping centers and offices). The property portfolio of Wereldhave N.V. and its subsidiaries ("the Group") is located in Belgium, France and the Netherlands. The Group is principally involved in leasing investment property under operating leases. The property management is performed by Group management companies. The Company is a limited liability company incorporated and domiciled in the Netherlands. The address of the Company's registered office is Nieuwe Passeerdersstraat 1, 1016 XP Amsterdam. The shares of the Company are listed on the Euronext Stock Exchange in Amsterdam.
2 Tax status
Wereldhave N.V. has the tax status of an investment company (FBI status) in accordance with section 28 of the Dutch "Wet op de Vennootschapsbelasting 1969". This status assumes that the Group is (almost) exclusively engaged in portfolio investment activities. As a consequence, corporation tax is due at a rate of 0% in the Netherlands, provided that certain conditions are met. The main conditions concern the requirement to distribute the taxable result as a dividend and restrictions with regard to the leverage. The taxable result of Wereldhave N.V. must be distributed as a dividend to its shareholders within eight months after the year during which the result was made. In general terms, the leverage restrictions imply that investments in real estate (including qualifying real estate companies) may only be financed through debt up to a maximum of 60% of their value. For investments in other assets the maximum level of debt allowed is only 20%. There is no requirement to include capital gains arising from the disposal of investments, in the result to be distributed.
In 2023, the Dutch government enacted a bill to amend the tax regime that is applicable to fiscal investment institutions (FBI regime). As a result of this amendment, Dutch real estate investors that previously benefited from the 0% corporate income tax rate under the FBI regime will become subject to the regular 25.8% Dutch corporate income tax rate as per 1 January 2025. The tax base of the real estate investment is reset to fair market value as per 31 December 2024, therefore no temporary differences on valuation of assets or liabilities are recognized per 31 December 2024. The change enables the Company to recover fiscal losses carried forward for which a deferred tax asset is recognized in 2024.
The subsidiaries in Belgium (OGVV status) and France (SIIC status) have a similar status. In Belgium the net value of one single asset may not exceed 20% of the total Belgium portfolio. The Group's largest asset in Belgium, Belle-Ile, is below this threshold of 20% as at 31 December 2024.
3 Accounting policies
The accounting principles applied for preparation of this press release are based on International Financial Reporting Standards (IFRS) as adopted by the European Union (EU-IFRS) and Part 9 of Book 2 of the Dutch Civil Code. The accounting policies are consistent with those of the annual financial statements for the year ended 31 December 2023, unless otherwise stated. The figures in this press release are unaudited.
The Group presents a separate 'statement of profit or loss' and 'other comprehensive income'. The Group reports cash flows from operating activities using the indirect method. Interest received and interest paid is presented within operating cash flows. The acquisitions of investment properties are disclosed as cash flows from investing activities as this most appropriately reflects the Group's business activities.
The consolidated financial information for the period ended 31 December 2024 has been prepared on a going concern basis, applying a historical cost convention, except for the measurement of investment property and derivative financial instruments that have been measured at fair value.
The preparation of the financial information in conformity with EU-IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group's accounting policies. Changes in assumptions may have a significant impact on the financial information in the period during which the assumptions changed. Management believes that the underlying assumptions are appropriate.
Results 2024 Wereldhave N.V.
21
The preparation of this consolidated financial information requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group's accounting policies. Changes in assumptions may have a significant impact on the consolidated financial information in the period during which the assumptions changed.
Management believes that the underlying assumptions used for the preparation of the financial information are appropriate.
The consolidated financial information for the period ended 31 December 2024 have been prepared on a going concern basis, applying a historical cost convention, except for the measurement of investment property and derivative financial instruments that have been measured at fair value.
The preparation of these consolidated financial information in conformity with EU-IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group's accounting policies. Changes in assumptions may have a significant impact on the consolidated financial information in the period during which the assumptions changed. Management believes that the underlying assumptions are appropriate.
Change in accounting policy and disclosures
New and amended standards adopted by the Group
Except as described below, the accounting policies applied are consistent with those of the annual financial statements for the year ended 31 December 2023. The following standards became effective as of 1 January 2024, but did not have an impact on the consolidated financial information:
- Lease liability in a Sale and Leaseback – Amendments to IFRS 16
- Classification of Liabilities as Current or Non-Current – Amendments to IAS 1
- Sale or contribution of assets between investor and its associate or joint venture – Amendments to IFRS 10 and IAS 28
- Supplier Finance Agreements, impact on Statement of Cash Flows and Disclosures of Financial Instruments – Amendments to IAS 7 and IFRS 7
New standards and interpretations not yet adopted
A number of new standards, amendments to standards and interpretations are effective for annual periods beginning after 1 January 2024, and have not been applied in preparing the financial information:
- Lack of Exchangeability – Amendments to IAS 21
- Presentation and Disclosure in Financial Statements – IFRS 18
- Subsidiaries without Public Accountability: Disclosures – IFRS 19
- Classification and Measurement of Financial Instruments – Amendments to IFRS 9 and IFRS 7
These amendments are not expected to have a significant impact on the Company's consolidated financial information.
Results 2024 Wereldhave N.V.
22
4 Segment information
Geographical segment information 2024
| (x € 1,000) | Belgium | France | Netherlands | Total |
|---|---|---|---|---|
| Result | ||||
| Gross rental income | 70,444 | 10,968 | 85,485 | 166,897 |
| Service costs charged | 10,148 | 2,900 | 12,176 | 25,224 |
| Total revenue | 80,592 | 13,868 | 97,661 | 192,121 |
| Service costs paid | -14,125 | -4,319 | -13,431 | -31,875 |
| Property expenses | -9,255 | -1,209 | -11,366 | -21,830 |
| Net rental income | 57,212 | 8,340 | 72,864 | 138,416 |
| Valuation results | 31,545 | -4,879 | 26,236 | 52,902 |
| Results on disposals | -95 | -2 | -97 | |
| Net result from investment properties | 88,662 | 3,461 | 99,098 | 191,221 |
| General costs | -14,174 | |||
| Other income and expense | -73 | |||
| Operating result | 176,974 | |||
| Net interest | -36,584 | |||
| Other financial income and expense | -4,266 | |||
| Income tax | 3,640 | |||
| Result | 139,764 | |||
| Investment properties | ||||
| Investment properties | 994,864 | 174,657 | 1,082,870 | 2,252,391 |
| Investments & purchases | 11,424 | 3,400 | 22,258 | 37,082 |
| Gross rental income by type of property | ||||
| Shopping centers | 62,887 | 10,968 | 85,485 | 159,340 |
| Offices | 7,557 | 7,557 | ||
| 70,444 | 10,968 | 85,485 | 166,897 |
Results 2024 Wereldhave N.V.
23
Geographical segment information 2023
| (x € 1,000) | Belgium | France | Netherlands | Total |
|---|---|---|---|---|
| Result | ||||
| Gross rental income | 70,195 | 10,917 | 76,847 | 157,960 |
| Service costs charged | 10,019 | 3,600 | 12,579 | 26,198 |
| Total revenue | 80,214 | 14,517 | 89,426 | 184,158 |
| Service costs paid | -15,145 | -4,460 | -14,869 | -34,475 |
| Property expenses | -9,766 | -1,960 | -11,539 | -23,265 |
| Net rental income | 55,303 | 8,096 | 63,019 | 126,418 |
| Valuation results | -5,915 | -8,352 | 31,726 | 17,459 |
| Results on disposals | -122 | - | -16 | -137 |
| Net result from investment properties | 49,267 | -255 | 94,729 | 143,740 |
| General costs | -18,641 | |||
| Other income and expense | -641 | |||
| Operating result | 124,458 | |||
| Net interest | -31,021 | |||
| Other financial income and expense | -3,848 | |||
| Income tax | -280 | |||
| Result | 89,309 | |||
| Investment properties | ||||
| Investment properties | 952,363 | 176,235 | 1,033,813 | 2,162,411 |
| Investments & purchases | 16,474 | 9,198 | 127,958 | 153,630 |
| Gross rental income by type of property | ||||
| Shopping centers | 62,721 | 10,917 | 76,847 | 150,486 |
| Offices | 7,474 | - | - | 7,474 |
| 70,195 | 10,917 | 76,847 | 157,960 |
Results 2024 Wereldhave N.V.
24
5 Investment property
| (x € 1,000) | Investment property in operation | Lease incentives | Investment property under construction | Total Investment property |
|---|---|---|---|---|
| 2024 | ||||
| Balance as at 1 January | 2,142,476 | 5,340 | 14,595 | 2,162,411 |
| Purchases | 1,582 | - | - | 1,582 |
| Investments | 34,859 | - | 641 | 35,500 |
| From (to) development properties | 809 | - | -809 | - |
| Valuations | 60,364 | - | -7,462 | 52,902 |
| Other | 33 | -37 | - | -4 |
| Balance at 31 December | 2,240,123 | 5,303 | 6,965 | 2,252,391 |
| 2023 | ||||
| --- | --- | --- | --- | --- |
| Balance at 1 January | 1,958,955 | 4,949 | 36,166 | 2,000,070 |
| Purchases | 85,742 | - | - | 85,742 |
| Investments | 59,687 | - | 8,201 | 67,888 |
| From (to) development properties | 29,772 | - | -29,772 | - |
| Disposals | -9,123 | - | - | -9,123 |
| Valuations | 17,459 | - | - | 17,459 |
| Other | -16 | 391 | - | 375 |
| Balance at 31 December | 2,142,476 | 5,340 | 14,595 | 2,162,411 |
The revaluation during the period is mainly driven by an increase of market rents in the valuations.
Key assumptions relating to valuations:
| Belgium | France | Netherlands | |
|---|---|---|---|
| 31 December 2024 | |||
| Total market rent per sqm (€) | 237 | 287 | 226 |
| EPRA Net Initial Yield | 6.0% | 5.1% | 6.3% |
| EPRA vacancy rate | 3.0% | 5.4% | 4.8% |
| Average vacancy period (in months) | 11 | 12 | 11 |
| Bandwidth vacancy (in months) | 8-24 | 6-18 | 0-18 |
| 31 December 2023 | |||
| Total market rent per sqm (€) | 216 | 277 | 223 |
| EPRA Net Initial Yield | 6.5% | 4.8% | 6.3% |
| EPRA vacancy rate | 3.9% | 3.4% | 4.5% |
| Average vacancy period (in months) | 12 | 12 | 11 |
| Bandwidth vacancy (in months) | 6-17 | 9-15 | 2-15 |
Results 2024 Wereldhave N.V.
25
6 Net asset value per share
The authorized capital consists of 75,000,000 million shares each with a nominal value of € 1. As at 31 December 2024, a total of 43,876,129 ordinary shares were issued.
| 31 December 2024 | 31 December 2023 | |
|---|---|---|
| Equity available for shareholders (x € 1,000) | 1,021,916 | 964,481 |
| Number of ordinary shares | 43,876,129 | 43,876,129 |
| Purchased shares for remuneration | -256,164 | -214,172 |
| Number of ordinary shares for calculation net asset value | 43,619,965 | 43,661,957 |
| Potential ordinary shares to be issued | 84,105 | 68,493 |
| Number of ordinary shares diluted for calculation net asset value | 43,704,070 | 43,730,450 |
| Net asset value per share (x € 1) | 23.43 | 22.09 |
| Net asset value per share diluted (x € 1) | 23.38 | 22.06 |
7 Interest-bearing liabilities
| (x € 1,000) | 31 December 2024 | 31 December 2023 |
|---|---|---|
| Long term | ||
| Bank loans | 289,107 | 387,137 |
| Private placements | 488,731 | 377,548 |
| Bonds | 31,935 | 31,883 |
| 809,773 | 796,568 | |
| Short term | ||
| Bank loans | 16,600 | 655 |
| Private placements | 90,719 | 101,389 |
| Treasury notes | 36,050 | 42,750 |
| 143,369 | 144,794 | |
| Total interest-bearing liabilities | 953,142 | 941,362 |
| (x € 1,000) | 31 December 2024 | 31 December 2023 |
| --- | --- | --- |
| Balance as at 1 January | 941,362 | 856,803 |
| New funding | 278,193 | 184,116 |
| Repayments | -267,220 | -95,900 |
| Use of effective interest method | 585 | 707 |
| Exchange rate differences | 222 | -4,364 |
| Balance as at 31 December | 953,142 | 941,362 |
The carrying amount and fair value of long-term interest-bearing debt is as follows:
| (x € 1,000) | 31 December 2024 | 31 December 2023 | ||
|---|---|---|---|---|
| carrying amount | fair value | carrying amount | fair value | |
| Bank loans and private placements | 809,773 | 803,668 | 796,568 | 774,443 |
| Total | 809,773 | 803,668 | 796,568 | 774,443 |
Results 2024 Wereldhave N.V.
26
8 Fair value measurement
The following table provides the fair value measurement hierarchy of the Group's assets and liabilities:
| (x € 1,000) | Total | Quoted prices (Level 1) | Observable input (Level 2) | Unobservable input (Level 3) |
|---|---|---|---|---|
| 31 December 2024 | ||||
| Assets measured at fair value | ||||
| Investment property in operation | 2,245,426 | - | - | 2,245,426 |
| Investment property under construction | - | - | - | - |
| Financial assets | ||||
| Derivative financial instruments | 14,417 | - | 14,417 | - |
| Liabilities for which the fair value has been disclosed | ||||
| Interest-bearing debt | 947,037 | - | 947,037 | - |
| Derivative financial instruments | 16,553 | - | 16,553 | - |
| 31 December 2023 | ||||
| Assets measured at fair value | ||||
| Investment property in operation | 2,147,816 | - | - | 2,147,816 |
| Investment property under construction | 260 | - | - | 260 |
| Financial assets | ||||
| Derivative financial instruments | 27,882 | - | 27,882 | - |
| Liabilities for which the fair value has been disclosed | ||||
| Interest-bearing debt | 919,237 | - | 919,237 | - |
| Derivative financial instruments | 20,334 | - | 20,334 | - |
9 Rental income by country
| Gross rental income | Property expenses, service costs and operating costs | Net rental income | ||||
|---|---|---|---|---|---|---|
| (x € 1,000) | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
| Belgium | 70,444 | 70,195 | 13,232 | 14,892 | 57,212 | 55,303 |
| France | 10,968 | 10,917 | 2,628 | 2,821 | 8,340 | 8,096 |
| The Netherlands | 85,485 | 76,847 | 12,621 | 13,829 | 72,864 | 63,019 |
| Total | 166,897 | 157,960 | 28,481 | 31,542 | 138,416 | 126,418 |
10 Related parties
The Board of Management, the Supervisory Board and subsidiaries of Wereldhave N.V. are considered to be related parties. The members of the Supervisory Board and of the Board of Management had no personal interest in any of the Company's investments during the year.
Related party transactions were made on terms equivalent to those that prevail in arm's length transactions if such terms can be substantiated.
11 Events after balance sheet date
On 10 February 2024, the Company executed the sale and purchase agreement for Winkelhof in Leiderdorp. The gross proceeds amount to € 56m and transfer of the asset is scheduled to be completed in the second quarter of 2025.
Results 2024 Wereldhave N.V.
27
EPRA Performance measures
The EPRA Best Practices Recommendations published on February 2022 by EPRA's Reporting and Accounting Committee contain recommendations for the determination of key performance indicators of the investment property portfolio. The EPRA Best Practices Recommendations enable standardization, transparency and comparability of listed real estate companies across Europe.
1. EPRA earnings
| (x € 1,000 unless otherwise noted) | 2024 | 2023 |
|---|---|---|
| Earnings per IFRS income statement | 139,764 | 89,309 |
| Adjustments to calculate EPRA earnings, exclude: | ||
| Changes in value of investment properties, development properties held for investment and other interests | -52,902 | -17,459 |
| Profits or losses on disposal of investment properties, development properties held for investment and other interests | 97 | 137 |
| Changes in fair value of financial instruments and associated close-out costs | 4,276 | 3,848 |
| Deferred tax in respect of EPRA adjustments | -3,903 | - |
| Non-controlling interests in respect of the above | -14,580 | -13,816 |
| EPRA Earnings | 72,752 | 62,019 |
| Weighted average number of shares outstanding during period | 43,633,274 | 40,320,434 |
| EPRA earnings per share (in €) | 1,678 | 1,54 |
| Company-specific adjustments: | ||
| Non-current operating expenses | 4,130 | 8,236 |
| Non-controlling interests in respect of the above | -189 | -657 |
| Direct Result | 76,693 | 69,648 |
| Direct Result per share (in €) | 1.76 | 1.73 |
2. EPRA NAV measures
| (x € 1,000 unless otherwise noted) | 31 December 2024 | 31 December 2024 | 31 December 2024 | 31 December 2023 | 31 December 2023 | 31 December 2023 |
|---|---|---|---|---|---|---|
| EPRA NRV | EPRA NTA | EPRA NDV | EPRA NRV | EPRA NTA | EPRA NDV | |
| IFRS Equity attributable to shareholders | 1,021,916 | 1,021,916 | 1,021,916 | 964,481 | 964,481 | 964,481 |
| Diluted NAV and diluted NAV at fair value | 1,021,916 | 1,021,916 | 1,021,916 | 964,481 | 964,481 | 964,481 |
| Exclude | ||||||
| Fair value of financial instruments | 2,247 | 2,247 | - | -6,477 | -6,477 | - |
| Intangibles per the IFRS balance sheet | - | -169 | - | - | -162 | - |
| Include: | ||||||
| Fair value of fixed interest rate debt | - | - | 5,548 | - | - | 20,523 |
| Real estate transfer tax | 144,408 | - | - | 138,013 | - | - |
| NAV | 1,168,571 | 1,023,994 | 1,027,464 | 1,096,017 | 957,842 | 985,004 |
| Fully diluted number of shares | 43,704,070 | 43,704,070 | 43,704,070 | 43,730,450 | 43,730,450 | 43,730,450 |
| NAV per share (in €) | 26.74 | 23.43 | 23.51 | 25.06 | 21.90 | 22.52 |
Results 2024 Wereldhave N.V.
28
3. EPRA Net Initial Yield and 'Topped-up' Initial Yield
| (x € 1,000 unless otherwise noted) | 31 December 2024 | 31 December 2023 |
|---|---|---|
| Fair value investment properties determined by external appraisers | 2,229,581 | 2,132,732 |
| Less developments and parkings | -32,095 | -28,392 |
| Completed property portfolio | 2,197,486 | 2,104,340 |
| Allowance for estimated purchasers' costs | 141,064 | 137,738 |
| Gross up completed property portfolio valuation (A) | 2,338,550 | 2,242,078 |
| Annualized cash passing rental income | 157,596 | 154,970 |
| Property outgoings | -14,879 | -13,423 |
| Annualized net rents (B) | 142,717 | 141,547 |
| Add notional rent expiration of rent free periods or other lease incentives | 3,266 | 2,191 |
| Topped-up net annualized rent (C) | 145,983 | 143,738 |
| EPRA Net Initial Yield (B/A) | 6.1% | 6.3% |
| EPRA 'topped-up' Net Initial Yield (C/A) | 6.2% | 6.4% |
4. EPRA cost ratio
| (x € 1,000 unless otherwise noted) | 2024 | 2023 |
|---|---|---|
| Property expenses | 21,830 | 23,265 |
| General costs | 14,174 | 18,641 |
| Other income and expense | 73 | 641 |
| (i) Administrative/operating expense line per IFRS income statement | 36,077 | 42,547 |
| (ii) Net service charge costs / fees | 6,651 | 8,277 |
| (iv) Other operating income/recharges intended to cover overhead expenses less any related profits | -7,536 | -6,680 |
| Exclude (if part of the above): | ||
| (vii) Ground rent costs | -49 | -206 |
| Costs (including direct vacancy costs) (A) | 35,143 | 43,937 |
| (ix) Direct vacancy costs | -3,063 | -3,659 |
| Costs (excluding direct vacancy costs) (B) | 32,080 | 40,279 |
| (x.a) Gross rental income less ground rent costs — per IFRS | 166,849 | 157,754 |
| (x.b) Less: Other operating income/recharges intended to cover overhead expenses | -9,701 | -8,267 |
| Gross Rental Income (C) | 157,148 | 149,486 |
| EPRA Cost Ratio (including direct vacancy costs) (A/C) | 22.4% | 29.4% |
| EPRA Cost Ratio (excluding direct vacancy costs) (B/C) | 20.4% | 26.9% |
Results 2024 Wereldhave N.V.
29
5. EPRA LTV
(x € 1,000 unless otherwise noted)
| 31 December 2024 | 31 December 2024 | 31 December 2024 | 31 December 2023 | 31 December 2023 | 31 December 2023 | |
|---|---|---|---|---|---|---|
| Group (as reported) 1 | Non-controlling interests 2 | Combined | Group (as reported) | Non-controlling interests | Combined | |
| Borrowings from Financial Institutions 3 | 887,402 | -68,756 | 818,646 | 868,664 | -68,987 | 799,677 |
| Commercial Paper 3 | 36,050 | -11,997 | 24,053 | 42,750 | -14,467 | 28,283 |
| Bond loans 3 | 32,000 | -10,650 | 21,350 | 32,000 | -10,829 | 21,171 |
| Foreign currency derivatives (futures, swaps, options, and forwards) 4 | 2,288 | - | 2,288 | 2,511 | - | 2,511 |
| Net payables 5 | 40,862 | -790 | 40,072 | 41,989 | -1,296 | 40,693 |
| Exclude: Cash and cash equivalents | -18,318 | 3,070 | -15,248 | -25,544 | 5,987 | -19,557 |
| Net debt (a) | 980,284 | -89,123 | 891,161 | 962,369 | -89,591 | 872,778 |
| Investment properties at fair value 6 | 2,229,581 | -330,940 | 1,898,641 | 2,132,484 | -319,628 | 1,812,856 |
| Properties under development 6 | 6,965 | -2,318 | 4,647 | 14,595 | -4,851 | 9,744 |
| Intangibles | 169 | - | 169 | 162 | - | 162 |
| Financial assets | 387 | -125 | 262 | 557 | -185 | 372 |
| Total Property Value (b) | 2,237,102 | -333,383 | 1,903,719 | 2,147,798 | -324,664 | 1,823,134 |
EPRA Loan to Value (a/b)
| 43.8% | 46.8% | 44.8% | 47.9% | |
|---|---|---|---|---|
1 In both 2024 and 2023, the Group did not have shares in Joint Ventures or Material Associates.
2 The Group's % of non-controlling interest was 33.28% and 33.84% at 31 December 2024 and 31 December respectively.
3 Amortized costs (2024: € 2.3m and 2023: € 2.1m) were added back to arrive at nominal value.
4 Relates to the foreign currency portion of derivatives as included in the financial statements.
5 Net balance of current liabilities (excluding current interest-bearing liabilities and derivatives) plus pension plan obligations and tenant deposits less current assets (excluding cash and cash equivalents and derivatives) and less deposits paid and other financial assets.
6 Excludes the fair value of ground rent of € 15.8m (2023: € 15.3m).
6. Investment property – like-for-like net rental income
(x € 1,000 unless otherwise noted)
| Fair value 31 December 2024 | Net rental income 2024 | Net rental income 2023 | Change | Change (%) | |
|---|---|---|---|---|---|
| Like-for-like | |||||
| Belgium | 987,900 | 56,818 | 54,328 | 2,490 | 4.6% |
| France | 174,657 | 7,890 | 7,728 | 162 | 2.1% |
| Netherlands | 893,500 | 58,522 | 54,834 | 3,688 | 6.7% |
| Total | 2,056,057 | 123,230 | 116,890 | 6,340 | 5.4% |
| Acquired | 79,970 | 5,274 | 349 | 4,925 | 1411.3% |
| Development | 116,364 | 9,663 | 8,617 | 1,046 | 12.1% |
| Disposals | - | 249 | 562 | -313 | -55.7% |
| Total portfolio | 2,252,391 | 138,416 | 126,418 | 11,998 | 9.5% |
Results 2024 Wereldhave N.V.
30
Glossary of terms
This glossary includes definitions of measures used in our reporting. We use a variety of financial and non-financial measures to assess and explain our performance. A number of the financial measures used, including net debt, direct result, direct result per share and the measures in accordance with the industry best practices as published by the European Public Real Estate Association (EPRA), are not defined under International Financial Reporting Standards (IFRS), and are therefore considered alternative performance measures (APMs). APMs are not considered superior to the relevant IFRS measures, rather management uses them alongside IFRS measures to monitor the Company's financial performance as they help illustrate the performance and position of the Company. These measures are determined on a consistent and comparable basis with our latest published annual report, unless otherwise stated.
Core portfolio comprises all of our shopping centers located in the Benelux.
Customer satisfaction Benelux (Net Promoter Score) is calculated as the 1-year moving average Net Promoter Score (NPS), measured over the entire portfolio of continued operating shopping centers in the Benelux. Continued operating shopping centers exclude developments and refurbishments.
Direct result is based on the EPRA earnings, which further excludes project related or other expenditures that are not considered by management to be part of the operational performance of the Company.
Direct result per share (DRPS) is calculated by dividing Direct result attributable to shareholders by the weighted average number of shares.
EPRA cost ratio including direct vacancy costs takes total property expenses, net service charges and general costs, divided by gross rental income from the IFRS income statement. The gross rental income and total costs are adjusted in case of income that is specifically intended to cover overhead expenses.
EPRA earnings is a measure of operational performance and the extent to which dividend payments to shareholders are underpinned by income generated from operational activities. The measure is based on the result from the IFRS income statement attributable to shareholders excluding valuation results, results on disposals, and the fair value of changes of financial instruments.
EPRA earnings per share is calculated by dividing EPRA earnings by the weighted average number of shares.
EPRA loan-to-value (EPRA LTV) is based on net debt divided by net assets as defined by EPRA, and based on a proportional consolidation of non-controlling interests.
EPRA net disposal value (EPRA NDV) takes IFRS NAV including the fair value of the interest-bearing liabilities attributable to shareholders.
EPRA net Initial yield (EPRA NIY) is calculated using the annualized rental income based on cash rents passing at the balance sheet date, less non-recoverable property operating expenses, divided by the market value of the property, including estimated purchasers' cost on the basis of the valuation reports from appraisers at reporting date.
EPRA net reinstatement value (EPRA NRV) takes IFRS NAV, excluding the fair value of financial instruments and deferred tax liabilities, and including real estate transfer tax of the investment portfolio attributable to shareholders.
EPRA net tangible assets (EPRA NTA) takes IFRS NAV excluding intangible assets, the fair value of financial instruments, and 50% of the value of the deferred tax liabilities attributable to shareholders.
EPRA vacancy rate is the estimated rental value of vacant units as a percentage of the total estimated rental value of the portfolio, excluding development units, units under offer or occupied by the Group.
Estimated rental value (ERV) is the Company's external appraisers' opinion at valuation date of the market rent that could reasonably be expected to be obtained on new letting or renewal of the unit or property.
Footfall is the number of visitors in our shopping centers during the period.
Footfall growth is the change in footfall calculated as the footfall in current period divided by the footfall in the same period last year.
Gross loan-to-value (Gross LTV) is calculated based on the loan covenants and excludes the cash and cash equivalents compared with the Net LTV.
IFRS Net asset value per share (IFRS NAV) is equity attributable to shareholders divided by the total number of ordinary shares for net asset value.
Indirect result includes the items that are excluded from the IFRS income statement for the determination of the EPRA earnings, as well as further exclusions made as part of the determination of the Direct result.
Indirect result per share is calculated by dividing Indirect result attributable to shareholders by the weighted average number of shares.
Interest coverage ratio is the ratio of net rental income and the interest expense on interest-bearing liabilities (excluding amortized costs) as included in net interest in the income statement. The calculation is based on the loan covenants included in our financing agreements.
Like-for-like net rental income growth is the change in net rental income of the portfolio that has been consistently in operation during the two full reporting periods. This excludes acquisitions, disposals and developments.
MGR vs ERV is the percentage change calculated as the MGR on new or renewed contracts signed divided by the applicable ERV during the period.
MGR Uplift is the percentage change in MGR from renewed lease agreements signed during the reporting period compared with the MGR before the renewal.
Minimum guaranteed rent (MGR) on reporting date based on the lease agreements in place.
Net debt is the sum of the non-current and current interest-bearing liabilities, less cash and cash equivalents.
Net loan-to-value (Net LTV) is the ratio of net debt, including the value of the foreign exchange derivatives, to the aggregate value of investment properties, including assets held for sale, as well as property leased out under finance lease, less the present value of future ground rent payments.
Number of ordinary shares for net asset value is the total number of ordinary shares in issue, less the treasury shares held by the Company at the end of the period.
Occupancy rate is calculated as 100%, less the EPRA vacancy rate.
Occupancy cost ratio (OCR) is the total cost of occupation, which is calculated by taking rent, service charges and marketing contributions divided by the retail sales obtained from the tenant.
Proportion of mixed-use Benelux is the percentage of square meters devoted to tenants that operate in branches that are considered mixed-use in comparison with the total available square meters in our Benelux shopping centers.
Solvency is calculated as the total equity, less intangible assets and provisions for deferred tax assets divided by total assets per balance sheet, less intangible assets.
Retail sales are the sales figures provided by our tenants from our shopping center portfolio.
Tenant satisfaction is measured through tenant surveys, which provide a score for customer satisfaction on a defined scale.
Total property return is a measure of the unlevered return of our investment portfolio and is calculated as the change in fair value, less any investments made, plus net rental income, expressed as a percentage of fair value at beginning of period, plus the investments made during the period concerned, excluding land.
Total return based on EPRA net tangible assets per share is calculated as the total of the dividend paid per share and the change in EPRA NTA per share compared with the prior period.
Results 2024 Wereldhave N.V.
31
Total shareholder return is a performance measure of the Company's share price over time. It is calculated as the share price movement from the beginning of a defined period to the end of the defined period plus dividends paid, divided by the average share price in the three months preceding the start of the defined period.
Weighted average number of shares includes the weighted average of the number of ordinary shares outstanding during the period (excluding treasury shares).
WERKLÖHAVE N.V.
Rieowe Pijnwerpersstraat 1
106, KF Amsterdam
The Netherlands
P.O. Box 14745, 1001 LE Amsterdam
T +31 20 702 78 60
www.wereldhave.com
better everyday life, better business