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Key Figures

Geographical Distribution

Type of building

Growth of portfolio

Commercial activities

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 31/03/2020 31/03/2019 31/03/2018 31/03/2017 31/03/2016
Total retail properties 969 906 817 668 634
Total lettable area in m² 1.136.492 1.049.101 973.525 748.136 708.879
Estimated fair value in EUR 1.661.753.000 1.529.629.000 1.349.367.000 1.071.361.000 1.000.799.000
Estimated investment value in EUR 1.719.120.000 1.579.292.000 1.392.427.000 1.097.917.000 1.025.536.000
Average rent price per m² 102,28 99,96 96,08 95,45 95,86
Occupancy rate 97,92% 98,28% 98,11% 98,13% 98,22%

Balance Sheet Information 31/03/2020 31/03/2019 31/03/2018 31/03/2017 31/03/2016
Shareholders' equity 798.987.000 707.926.000 568.332.000 514.970.000 474.170.000
Debt ratio (RREC legislation*, max. 65%) 53,10% 52,58% 57,57% 50,26% 49,95%

Results 31/03/2020 31/03/2019 31/03/2018 31/03/2017 31/03/2016
Net rental income 107.614.000 94.981.000 77.848.000 66.024.000 61.680.000
Property result 106.204.000 93.539.000 76.876.000 65.465.000 61.386.000
Property charges -9.052.000 -7.586.000 -6.124.000 -4.940.000 -4.504.000
General costs and other operating costs and income -5.593.000 -5.147.000 -4.518.000 -2.941.000 -2.841.000
Operating result before result on the portfolio 91.559.000 80.807.000 66.234.000 57.584.000 54.041.000
Result on portfolio -4.884.000 6.958.000 -1.307.000 13.889.000 10.557.000
Operating result 86.675.000 87.765.000 64.927.000 71.473.000 64.598.000
Financial result -25.533.00 -31.826.000 -17.268.000 -19.064.000 -21.774.000
Net result 58.098.000 54.480.000 46.695.000 52.136.000 42.035.000
EPRA earnings 69.199.000 60.896.000 47.900.000 39.115.000 36.473.000

Information per Share 31/03/2020 31/03/2019 31/03/2018 31/03/2017 31/03/2016
Number of shares 12.630.414 11.422.593 9.489.661 9.008.208 8.866.320
Number of shares entitled to dividend 12.630.414 11.422.593 11.387.593 9.008.208 8.866.320
Net asset value IFRS 63,26 61,98 59,89 57,17 53,48
EPRA NAV 65,55 64,07 61,33 59,29 56,66
Net asset value (investment value) excl. dividend excl. the fair value of authorized hedging instruments 65,73 64,28 61,73 58,96 56,27
Gross dividend per share 4,40 4,25 3,60 3,30 3,20
Net dividend per share 3,080 2,975 2,520 2,310 2,336
Gross dividend yield on closing price (excl. dividend) 9,28% 5,23% 5,31% 4,48% 4,28%
Net dividend yield on closing price (excl. dividend) 6,50% 3,66% 3,66% 3,10% 3,09%
Closing price on closing date 47,40 81,20 71,45 76,90 78,00
Average share price 81,11 75,43 73,59 77,54 73,53
Evolution of share price during the financial year -33,01% 14,75% -5,54% -1,28% 5,65%
Over-/undervaluation compared to net asset value IFRS -25,07% 31,01% 19,30% 34,51% 45,85%

* 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).