- Over 165,000 m² of prime office buildings
- One the few French REITs specialised in office real estate in the Paris region
- High quality recently built properties in Paris immediate periphery
- Weighted average remaining lease term: 5.2 years
- 90.5% occupancy rate at 06/30/2018 (versus 89.6% at 06/30/2017)
- 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 | ||
| 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 |
