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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 31/03/2023 31/03/2022 31/03/2021 31/03/2020 31/03/2019
Total retail properties 1013 987 992 969 906
Total lettable area in m² 1.211.004 1.177.577 1.153.448 1.136.492 1.049.101
Estimated fair value in EUR 1.888.562.000 1.759.879.000 1.717.245.000 1.661.753.000 1.529.629.000
Estimated investment value in EUR 1.983.204.000 1.833.757.000 1.789.397.000 1.719.120.000 1.579.292.000
Average rent price per m² 114,89 104,14 102,24 102,28 99,96
Occupancy rate 98,08% 97,83% 97,07% 97,92% 98,28%

Balance Sheet Information 31/03/2023 31/03/2022 31/03/2021 31/03/2020 31/03/2019
Shareholders' equity 1.104.064.000 920.980.000 808.223.000 798.987.000 707.926.000
Debt ratio (RREC legislation*, max. 65%) 44,77% 49,15% 52,18% 53,10% 52,58%

Results 31/03/2023 31/03/2022 31/03/2021 31/03/2020 31/03/2019
Net rental income 125.401.000 115.579.000 100.402.000 107.614.000 94.981.000
Property result 123.482.000 113.504.000 98.738.000 106.204.000 93.539.000
Property charges -15.332.000 -10.524.000 -6.877.000 -9.052.000 -7.586.000
General costs and other operating costs and income -7.097.000 -6.050.000 -6.123.000 -5.593.000 -5.147.000
Operating result before result on the portfolio 101.053.000 96.930.000 85.737.000 91.559.000 80.807.000
Result on portfolio 51.460.000 22.096.000 -4.146.000 -4.884.000 6.958.000
Operating result 152.513.000 119.026.000 81.592.000 86.675.000 87.765.000
Financial result 22.723.000 16.158.000 -17.757.000 -25.533.000 -31.826.000
Net result 180.621.000 131.837.000 61.436.000 58.098.000 54.480.000
EPRA earnings 88.203.000 75.265.000 62.908.000 69.199.000 60.896.000

Information per Share 31/03/2023 31/03/2022 31/03/2021 31/03/2020 31/03/2019
Number of shares 14.085.827 13.226.452 12.665.763 12.630.414 11.422.593
Number of shares entitled to dividend 14.085.827 13.226.452 12.665.763 12.630.414 11.422.593
Net asset value IFRS 77,90 69,63 63,81 63,26 61,98
EPRA NAV 73,78 68,46 65,84 65,55 64,07
Net asset value (investment value) excl. dividend excl. the fair value of authorized hedging instruments 75,69 69,67 66,43 65,73 64,28
Gross dividend per share 4,90 4,60 4,50 4,40 4,25
Net dividend per share 3,430 3,220 3,150 3,080 2,975
Gross dividend yield on closing price (excl. dividend) 7,53% 6,22% 7,71% 9,28% 5,23%
Net dividend yield on closing price (excl. dividend) 5,27% 4,36% 5,39% 6,50% 3,66%
Closing price on closing date 65,10 73,90 58,40 47,40 81,20
Average share price 65,02 68,84 57,26 81,11 75,43
Evolution of share price during the financial year -11,91% 26,54% 23,21% -33,01% 14,75%
Over-/undervaluation compared to net asset value IFRS -16,43% 6,13% -8,48% -25,07% 31,01%

* 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).