Key figures

  • Geographical distribution

  • Type of building

  • Growth of portfolio between 1998 and 2019

  • Commercial activities of tenants

The financial year of Retail Estates starts on 1 April and ends on 31 March. The key figures below are consolidated figures incorporating the subsidiaries.

Real Estate Portfolio 31/03/2019  31/03/2018   31/03/2017 31/03/2016 31/03/2015
Total retail properties 906 817 668 634 554
Total lettable area in m² 1,049,101 973,525 748,136 708,879 611,076
Estimated fair value in EUR 1,529,629,000 1,349,367,000 1,071,361,000 1,000,799,000 837,121,000
Estimated investment value in EUR 1,579,292,000 1,392,427,000 1,097,917,000 1,025,536,000 857,862,000
Average rent price per m² 99.96 96.08 95.45 95.86 92.48
Occupancy rate 98.28% 98.11% 98.13% 98.22% 98.78%
Balance Sheet Information 31/03/2019  31/03/2018 31/03/2017 31/03/2016 31/03/2015
Shareholders' equity 707,926,000 568,332,000 514,970,000 474,170,000 381,212,000
Debt ratio (RREC legislation*, max. 65%) 52.58% 57,57% 50.26% 49.95% 51.54%
Results 31/03/2019 31/03/2018  31/03/2017 31/03/2016 31/03/2015
Net rental income 94,981,000 77,848,000 66,024,000 61,680,000 52,706,000
Property result 93,539,000 76,876,000 65,465,000 61,386,000 52,334,000
Property charges -7,586,000 -6,124,000 -4,940,000 -4,504,000 -3,362,000
General costs and other operating costs and income -5,147,000 -4,518,000 -2,941,000 -2,841,000 -2,888,000
Operating result before result on the portfolio 80,807,000 66,234,000 57,584,000 54,041,000 46,084,000
Result on portfolio 6,958,000 -1,307,000 13,889,000 10,557,000 6,610,000
Operating result 87,765,000 64,927,000 71,473,000 64,598,000 52,694,000
Financial result -31,826,000 -17,268,000 -19,064,000 -21,774,000 -17,128,000
Net result 54,480,000 46,695,000 52,136,000 42,035,000 35,238,000
EPRA earnings 60,896,000 47,900,000 39,115,000 36,473,000 28,628,000
Information per Share 31/03/2019 31/03/2018 31/03/2017 31/03/2016 31/03/2015
Number of shares 11,422,593 9,489,661 9,008,208 8,866,320 7,559,473
Number of shares entitled to dividend 11,422,593 11,387,593 9,008,208 8,866,320 7,559,473
Net asset value IFRS 61.98 59.89 57.17 53.48 50.43
EPRA NAV 64.07 61.33 59.29 56.66 53.68
Net asset value (investment value) excl. dividend excl. the fair value of authorized hedging instruments 64.28 61.73 58.96 56.27 53.34
Gross dividend per share 4.25 3.60 3.30 3.20 3.10
Net dividend per share 2.975 2.520 2.310 2.336 2.325
Gross dividend yield on closing price (excl. dividend) 5.23% 5.31% 4.48% 4.28% 4.22%
Net dividend yield on closing price (excl. dividend) 3.66% 3.66% 3.10% 3.09%£ 3.16%
Closing price on closing date 81.20 71.45 76.90 78.00 76.64
Average share price 75.43 73.59 77.54 73.53 64.91
Evolution of share price during the financial year 14.75% -5.54% -1.28% 5.65% 30.01%
Over-/undervaluation compared to net asset value IFRS 31.01% 19.30% 34.51% 45.85% 51.97%

* The Royal Decree of 13 July 2014 (the 'RREC R.D.'), last modified by the Royal Decree of 23 April 2018 in execution of the Law of 12 May 2014 (the 'RREC Law'), last modified by the Law of 22 October 2017 on regulated real estate companies (Belgian REITs).