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Key Performance Indicators

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Sustainable Performance

 

EPRA Performance

The indicators published by Cegereal are alined on with the recommendations by EPRA, the European Public Real Estate Association, of which Cegereal is a member. EPRA’s role is to promote investment in the high-end property sector, and to represent its members’ interests. EPRA notably publishes its “Best Practice Recommendations” (BPR) which provide guidelines for top-end property companies in relation to financial disclosure in order to improve the transparency and comparability of the data published by REITs in their annual reports.

EPRA earnings
IN THOUSANDS OF EUROS, EXCEPT PER SHARE DATA
  2017 2016
Net income under IFRS 62,408 41,265
Restatement of the changes in fair value of investment property (31,178) (20,392)
Other restatements of changes in fair value 17 997
Restatement of loan breakage costs 0 6,334
Restatement of other fees 7,443  
EPRA Earnings 32,689 28,204
EPRA Earnings per share 2.4 2.1
IFRS adjustments (free-rents, ….) 2,946 5,314
Financial costs spread over 1,966 1,290
Net cash-flows from operations 37,600 34,809
Performance summary
IN THOUSANDS OF EUROS
  2017 2016
EPRA Earnings 32,689 28,204
Net cash-flows from operations 37,600 34,809
EPRA NAV 591,328 554,210
EPRA NNNAV 585,355 545,410
EPRA vacancy rate 10% 14%
EPRA NIY 4.1% 5.0%
EPRA “topped-up” NIY 4.5% 5.2%
EPRA cost ratio (including cost of vacancy) 37.8% 20.1%
EPRA cost ratio (excluding cost of vacancy) 33.8% 17.1%
EPRA net initial yield & EPRA “topped-up” net initial yield
IN THOUSANDS OF EUROS
  2017 2016
Net value of investment property 1,169,400 1,124,100
Expenses and transfer duties 87,128 84,380
Gross up completed property portfolio avaluation (B) 1,257,128 1,208,480
Annualised net rents (A) 51,347 60,198
Add: notional rent expiration of rent-free periods or other lease incentives 5,090 2,875
Topped-up net annualised rents (C) 56,437 63,072
EPRA NIY (A)/(B) 4.1% 5.0%
EPRA “topped-up” NIY (C)/(B) 4.5% 5.2%
EPRA vacancy rate
IN THOUSANDS OF EUROS
  2017 2016
Total market rental value 66,529 66,572
Market rental value of vacant spaces 6,983 9,141
EPRA vacancy rate 10% 14%
BNPP RE, Catella and C&W valuation data
EPRA cost ratios
IN THOUSANDS OF EUROS
  2017 2016
Net property expenses (3,177) (1,862)
Overheads (16,363) (7,638)
Depreciation, net impairments and provisions (10) (9)
Other income covering G&A expenses 175 9
Land-related expenses 0 0
EPRA costs (including cost of vacancy) (A) (19,375) (9,500)
Cost of vacancy 2,067 1,425
EPRA costs (excluding cost of vacancy) (B) (17,308) (8,076)
Gross rental income less land-related expenses 51,259 47,196
Gross rental income (C) 51,259 47,196
EPRA cost ratio (including cost of vacancy) (A)/(C) 37.8% 20.1%
EPRA cost ratio (excluding cost of vacancy) (B)/(C) 33.8% 17.1%
EPRA NAV & EPRA NNNAV
IN THOUSANDS OF EUROS, EXCEPT PER SHARE DATA
  2017 2016
Shareholders' equity under IFRS 617,532 583,048
Portion of rent-free periods (26,832) (29,732)
Elimination of fair value of interest rate caps 79 (25)
Elimination of fair value of interest rate swaps 7 205
Elimination of fair value of share subscription warrants 541 716
EPRA NAV 591,328 554,210
EPRA NAV per share 44.3 41.5
Market value of the loans (622,535) (585,977)
Carrying amount of the loans 617,590 578,071
Revaluation to fair value of interest rate caps (79) 25
Revaluation to fair value of interest rate swaps (7) (205)
Revaluation to fair value of share subscription warrants (541) (716)
EPRA NNNAV 585,355 545,410
EPRA NNNAV per share 43.8 40.8
Number of shares (excluding treasury shares) 13,362,891 13,357,581
NNNAV PER SHARE
IN EUROS PER SHARE