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  • Over 189,500 sq.m of prime office buildings
  • One the few French REITs specialised in office real estate in the Paris region
  • High quality recently built properties in downtown Paris and its immediate periphery
  • Weighted average remaining lease term: 5.3 years
  • 92.3% occupancy rate at 12/31/2018 (versus 91.4% at 12/31/2017)
  • Leader about Corporate Social Responsibility initiatives: our action plan and publication

Portfolio valuation Net of transfer duties (in €m)

Gross rents IFRS (in €m)

Triple Net EPRA asset value (in € per share)

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
  2018 2017
Net income under IFRS 33,106 62,408
Restatement of the changes in fair value of investment property (11,701) (31,178)
Other restatements of changes in fair value 475 17
Restatement of loan breakage costs 0 0
Restatement of other fees 8,794 7,443
EPRA Earnings 30,674 32,689
EPRA Earnings per share 2.0 2.4
Cegereal specific adjustments:    
Dividend 3% tax reprocessing   (1 752)
Cegeral recurring Result 30,674 30,937
IFRS adjustments (free-rents, ….) 2,256 2,946
Financial costs spread over 2,247 1,966
Recurring Cegereal cash-flow 35,177 35,849
Performance summary
IN THOUSANDS OF EUROS
  2018 2017
EPRA Earnings 30,674 30,937
Net cash-flows from operations 35,177 35,849
EPRA Result 30,674 32,689
EPRA NAV 648,611 591,328
EPRA NNNAV 639,649 585,355
EPRA vacancy rate 8.6% 10.0%
EPRA NIY 4.1% 4.1%
EPRA “topped-up” NIY 4.6% 4.5%
EPRA cost ratio (including cost of vacancy) 22.0% 22.8%
EPRA cost ratio (excluding cost of vacancy) 33.8% 18.8%
EPRA Real Estate Investments 227,419 8,106
EPRA net initial yield & EPRA “topped-up” net initial yield
IN THOUSANDS OF EUROS
  2018 2017
Net value of investment property 1,408,520 1,169,400
Expenses and transfer duties 105,748 87,128
Gross up completed property portfolio avaluation (B) 1,514,268 1,257,128
Annualised net rents (A) 61,637 51,347
Add: notional rent expiration of rent-free periods or other lease incentives 7,322 5,090
Topped-up net annualised rents (C) 68,959 56,437
EPRA NIY (A)/(B) 4.1% 4.1%
EPRA “topped-up” NIY (C)/(B) 4.6% 4.5%
EPRA vacancy rate
IN THOUSANDS OF EUROS
  2018 2017
Total market rental value 78,056 66,529
Market rental value of vacant spaces 6,720 6,983
EPRA vacancy rate 8.6% 9.6%
BNPP RE, Catella and C&W valuation data
EPRA cost ratios
IN THOUSANDS OF EUROS
  2018 2017
Net property expenses (3,234) (3,177)
Overheads (8,394) (16,363)
Depreciation, net impairments and provisions (11) (10)
Other income covering G&A expenses 0 175
Land-related expenses 0 0
EPRA costs (including cost of vacancy) (A) (11,640) (11,682)
Cost of vacancy 1,794 2,067
EPRA costs (excluding cost of vacancy) (B) (9,846) (17,308)
Gross rental income less land-related expenses 53,026 51,259
Gross rental income (C) 53,026 51,259
EPRA cost ratio (including cost of vacancy) (A)/(C) 22.0% 37.8%
EPRA cost ratio (excluding cost of vacancy) (B)/(C) 18.6% 33.8%
EPRA NAV & EPRA NNNAV
IN THOUSANDS OF EUROS, EXCEPT PER SHARE DATA
  2018 2017
Shareholders' equity under IFRS 674,889 617,532
Portion of rent-free periods (27,315) (26,832)
Elimination of fair value of interest rate caps 246 79
Elimination of fair value of interest rate swaps 172 7
Elimination of fair value of share subscription warrants 618 541
EPRA NAV 648,611 591,328
EPRA NAV per share 41.6 44.3
Market value of the loans (772,432) (622,535)
Carrying amount of the loans 764,507 617,590
Revaluation to fair value of interest rate caps (246) (79)
Revaluation to fair value of interest rate swaps (172) (7)
Revaluation to fair value of share subscription warrants (618) (541)
EPRA NNNAV 639,649 585,355
EPRA NNNAV per share 41.0 43.8
Number of shares (excluding treasury shares) 15,589,311 13,362,891
NNNAV PER SHARE
€M