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Financial information

Key figures

  • €5.8bn portfolio value
  • €234m 2023 Q3 rental income (YTD)
  • 39.7% debt-to-assets ratio
  • €3.95/share 2023 Q3 EPRA Earnings

Consolidated accounts

  • Download the consolidated income statement in excel
    (x 1,000 €)

    31/12/2022

    31/12/2021 (12M)

    31/12/2020 (18M)
    I. Rental income 273,132 232,118 259,505
    II. Writeback of lease payments sold and discounted 0 0 0
    III. Rental-related charges -1,589 -686 -3,344
    Net rental income 271,543 231,432 256,161
    IV. Recovery of property charges 0 0 0
    V. Recovery of rental charges and taxes normally paid by tenants on let properties 3,934 4,244 3,810
    VI. Costs payable by the tenant and borne by the landlord on rental damage and repair at end of lease 0 0 0
    VII. Rental charges and taxes normally paid by tenants on let properties -3,979 -4,128 -3,810
    VIII. Other rental-related income and charges 355 -1,013 53
    Property result 271,853 230,535 256,214
    IX. Technical costs -3,373 -1,432 -680
    X. Commercial costs -29 -61 -358
    XI. Charges and taxes on unlet properties -53 -2 0
    XII. Property management costs -4,655 -5,433 -6,246
    XIII. Other property charges -1,110 -667 -1,227
    Property charges -9,220 -7,595 -8,511
    Property operating result 262,633 222,940 247,703
    XIV. Overheads -33,556 -30,930 -36,096
    XV. Other operating income and charges 597 1,317 15
    Operating result before result on portfolio 229,674 193,327 211,622
    XVI. Gains and losses on disposals of investment properties 787 534 -559
    XVII. Gains and losses on disposals of other non-financial assets 0 0 0
    XVIII. Changes in fair value of investment properties° 84,877 160,211 25,049
    XIX. Other result on portfolio -18,103 -3,540 0
    Operating result 297,235 350,532 236,112
    XX. Financial income 1,606 843 478
    XXI. Net interest charges -30,651 -27,548 -33,688
    XXII. Other financial charges -7,194 -5,547 -5,545
    XXIII. Changes in fair value of financial assets and liabilities 123,242 14,813 -2,169
    Net finance costs -87,003 -17,349 -40,924
    XXIV. Share in the profit or loss of associates and joint ventures accounted for using the equity method 2,168 6,371 4,575
    Profit before tax (loss) 386,406 339,554 199,763
    XXV. Corporate tax -54,345 -56,473 -26,401
    XXVI. Exit tax -330 -256 60
    Tax expense -54,675 -56,729 -26,341
    Profit (loss) 331,731 282,825 173,422
    Attributable to:
    Non-controlling interests -47 1,001 354
    Owners of the parent 331,778 281,824 173,068
    Basic earnings per share (€) 8.71 8.10 6.53
    Diluted earnings per share (€) 8.71 8.10 6.52

     

  • Download the consolidated balance sheet in excel
    ASSETS 31/12/2022 31/12/2021 31/12/2020 30/06/2019
    (x 1.000 €)
    I. Non-current assets
    A. Goodwill 143,669 161,726 161,726 0
    B. Intangible assets 1,857 1,934 1,790 407
    C. Investment properties 5,619,701 4,861,062 3,808,539 2,315,709
    D. Other tangible assets 2,573 2,369 2,813 1,326
    E. Non-current financial assets 132,322 7,479 1,162 307
    F. Finance lease receivables 0 0 0 0
    G. Trade receivables and other non-current assets 0 0 0 0
    H. Deferred tax assets 4,662 3,116 2,902 0
    I. Equity-accounted investments 40,824 40,522 36,998 33,931
    Total non-current assets 5,945,608 5,078,208 4,015,930 2,351,680
    II. Current assets
    A. Assets classified as held for sale 84,033 35,360 6,128 5,240
    B. Current financial assets 0 0 0 0
    C. Finance lease receivables 0 0 0 0
    D. Trade receivables 23,577 20,434 12,698 11,216
    E. Tax receivables and other current assets 10,273 7,368 5,177 1,257
    F. Cash and cash equivalents 13,891 15,335 23,546 15,405
    G. Deferred charges and accrued income 8,158 5,162 3,696 1,329
    Total current assets 139,932 83,659 51,245 34,447
    TOTAL ASSETS 6,085,540 5,161,867 4,067,175 2,386,127

     

    EQUITY AND LIABILITIES 31/12/2022 31/12/2021 31/12/2020 30/06/2019
    (x 1.000 €)
    I. Issued capital and reserves attributable to owners of the parent
    A. Capital 1,006,881 917,101 836,401 624,713
    B. Share premium account 1,516,108 1,301,002 1,054,109 565,068
    C. Reserves 428,018 281,244 106,733 116,271
    a. Legal reserve 0 0 0 0
    b. Reserve for the balance of changes in fair value of investment properties 389,859 349,234 288,647 171,274
    d. Reserve for the balance of changes in fair value of authorised hedging instruments qualifying for hedge accounting as defined under IFRS 8,945 -12,784 -23,233 -24,960
    e. Reserve for the balance of changes in fair value of authorised hedging instruments not qualifying for hedge accounting as defined under IFRS -11,193 -26,872 -25,901 -18,991
    f. Reserve of exchange differences relating to foreign currency monetary items -451 72 0 -4,573
    g. Foreign currency translation reserves -13,629 24,869 -14,757 -4,093
    h. Reserve for treasury shares -31 0 0 0
    j. Reserve for actuarial gains and losses of defined benefit pension plans -99 0 0 0
    k. Reserve for deferred taxes on investment properties located abroad -71,715 -24,696 -9,463 -3,824
    m. Other reserves 250 3,015 -1,806 7,961
    n. Result brought forward from previous years 117,023 87,532 -25,241 41,619
    o. Reserve- share NI & OCI of equity method invest 9,059 5,894 4,395 0
    D. Profit (loss) of the year 331,778 281,824 173,068 123,497
    Equity attributable to owners of the parent 3,282,785 2,781,171 2,170,311 1,429,652
    II. Non-controlling interests 6,564 4,226 2,625 103
    TOTAL EQUITY 3,289,349 2,785,397 2,172,936 1,429,755
    I. Non-current liabilities
    A. Provisions 0 0 0 0
    B. Non-current financial debts 2,017,256 1,756,679 1,062,297 584,193
    a. Borrowings 1,240,399 959,522 985,412 569,226
    c. Other 776,857 797,157 76,885 14,967
    C. Other non-current financial liabilities 82,232 96,154 108,060 52,774
    a. Authorised hedges 3,858 33,326 51,220 48,170
    b. Other 79,374 62,828 56,840 4,604
    D. Trade debts and other non-current debts 375 500 0 0
    E. Other non-current liabilities 0 0 0 0
    F. Deferred tax liabilities 164,117 121,283 74,609 11,848
    Non-current liabilities 2,263,980 1,974,616 1,244,966 648,815
    II. Current liabilities
    A. Provisions 0 0 0 0
    B. Current financial debts 435,164 324,398 604,402 272,317
    a. Borrowings 172,164 48,398 313,902 172,317
    c. Other 263,000 276,000 290,500 100,000
    C. Other current financial liabilities 3,487 2,616 2,077 0
    D. Trade debts and other current debts 66,853 50,109 32,067 27,044
    a. Exit tax 5,990 298 2,295 3,106
    b. Other 60,863 49,811 29,772 23,938
    E. Other current liabilities 0 0 0 0
    F. Accrued charges and deferred income 26,707 24,731 10,727 8,299
    Total current liabilities 532,211 401,854 649,273 307,660
    TOTAL LIABILITIES 2,796,191 2,376,470 1,894,239 956,475
    TOTAL EQUITY AND LIABILITIES 6,085,540 5,161,867 4,067,175 2,386,127
  • Download the EPRA key figures in excel

    31/12/2022 (12M)

    31/12/2021 (12M)

    31/12/2020 (18M)
    EPRA Earnings (in €/share) 4.76 4.35 6.14
    EPRA NRV (in €/share) 91.74 88.36 74.01
    EPRA NTA (in €/share) 79.71 76.05 62.92
    EPRA NDV (in €/share) 83.92 72.35 58.70
    EPRA Net Initial Yield (NIY) (in %) 4.9 % 4.9 % 5.2 %
    EPRA Topped-up NIY (in %) 5.1 % 5.1 % 5.3 %
    EPRA Vacancy Rate (in %) 0.4 % 0.5 % 0.2 %
    EPRA Cost Ratio (including direct vacancy costs) (in %) 15.9 % 16.7 % 18.5 %
    EPRA Cost Ratio (excluding direct vacancy costs) (in %) 15.9 % 16.7 % 18.5 %

     

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