- 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 |
