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 |