Annual financial press release 31-12-2016
21-02-2017

SOLID RESULTS AND CONFIRMATION OF EARNINGS AND DIVIDEND FOR 2016:

EPRA result of € 24.0 million in 2016 compared with € 21,1 million in 2015

  • Consisting of earnings on a recurring basis of € 24.8 million, an once-off severance compensation of € 1.3 million, received in Q1 2016, partially offset by the settlement of a historic interest rate swap (IRS) in Q4 2016 for an once-off cost of € 2.1 million.

EPRA result per share of € 2.47 per share compared with € 2.34 in 2015

Proposed dividend of € 2.11 per share, on the basis of a payout ratio of 87% compared with € 2.03 in 2015 (increase of 4%)

Increase of the net rental income by 18% to € 40.5 million compared with € 34.3 million in 2015

Operating margin amounts to 89.6% compared with 85.8% in 2015

EPRA vacancy rate of 1.1% compared with 3.2% in 2015

Debt ratio of 51.6% compared with 55.8% at the end of 2015 – Average term of finances 5.4 years – Average term of interest rate hedges 7.8 years

Average term of leases on first expiry date of 7.7 years compared with 6.8 years at the end of 2015

Buildings worth € 84 million were purchased or developed and buildings worth € 49 million were sold (2 buildings in France and 1 building in Belgium) in 2016. The fair value of the property portfolio was thereby increased by 7% to € 552 million, compared with € 517 million at the end of 2015

Prospects for 2017:

  • Property portfolio grows to € 650 million
  • EPRA vacancy rate remains under 5% - term of leases amounts to more than 7 years on average
  • Operating margin of 89% on an annual basis
  • EPRA result per share increases with 5%

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