Interim report from the statutory manager from 01/01/2018 to 31/03/2018
15-05-2018

EPRA earnings of  € 7.1  million (€ 0.61 per share) for the first 3 months of 2018

Net rental income of € 11.1 million for the first 3 months of 2018

Occupancy rate of 96.4% at the end of Q1 2018

Average term of leases on first expiry date of 7.2 years at the end of Q1 2018

Increase in fair value of the property portfolio of 4.2% to € 749 million compared with € 719 million at the end of 2017 – average life of buildings 7 years

Debt ratio of 52.2% at the end of Q1 2018 – average term of loans of 5.3 years – average term of interest rate hedging of 7.9 years

Gross dividend of € 2.17 per share – Possibility of optional dividend

  • Issue price of € 42.81 per new share  (reduction of 5.3% compared with the closing price of € 45.20 on 11 May 2018)
  • 38 coupons no. 18 (detached 13 September 2017) entitle holder to 1 new share
  • 114 coupons no. 19 (detached 4 April 2018) entitle holder to 1 new share

Outlook for 2018:

  • EPRA earnings per share expected to grow by 5% / dividend per share by 3%
  • Property portfolio expected to exceed €800 million
  • Occupancy rate is to remain above 95% - Term of leases is to amount to more than 7 years on average  
  • Operating margin of 92% on an annual basis