Rental income |
|
1719 |
1810 |
1853 |
1878 |
1967 |
2218 |
2438 |
2554 |
|
Other income |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Operating costs |
|
-639 |
-670 |
-667 |
-659 |
-678 |
-744 |
-813 |
-847 |
|
Net operating income |
|
1080 |
1140 |
1186 |
1219 |
1289 |
1474 |
1625 |
1708 |
|
NOI margin (%) |
|
62,8 |
63 |
64 |
64,9 |
65,5 |
66,5 |
66,7 |
66,9 |
|
Value change realized |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Value change unrealized |
|
412 |
687 |
350 |
194 |
1806 |
290 |
-1611 |
571 |
|
Administration costs |
|
-73 |
-71 |
-73 |
-76 |
-75 |
-76 |
-76 |
-77 |
|
All other income & costs |
|
0 |
N/A |
0 |
0 |
0 |
0 |
0 |
0 |
|
EBIT |
|
1419 |
1756 |
1463 |
1337 |
3020 |
1688 |
-63 |
2203 |
|
Net financial items |
|
-185 |
-175 |
-162 |
-185 |
-184 |
-213 |
-330 |
-511 |
|
Value change derivatives |
|
27 |
16 |
-1 |
0 |
36 |
115 |
0 |
0 |
|
Pretax profit |
|
1261 |
1597 |
1300 |
1152 |
2872 |
1590 |
-393 |
1691 |
|
Deferred profit tax |
|
-189 |
-166 |
-174 |
-164 |
-495 |
-250 |
142 |
-292 |
|
Current tax |
|
-43 |
-90 |
-79 |
-75 |
-53 |
-76 |
-61 |
-56 |
|
Net profit |
|
1029 |
1341 |
1047 |
913 |
2324 |
1264 |
-312 |
1343 |
|
Minority interest |
|
-2 |
-3 |
-9 |
1 |
-17 |
0 |
0 |
0 |
|
Net profit to shareholders |
|
1027 |
1338 |
1038 |
914 |
2307 |
1264 |
-312 |
1343 |
|
Other income statement related information |
|
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
|
Cash earnings |
|
777 |
801 |
863 |
884 |
960 |
1109 |
1157 |
1064 |
|
Tax rate (%) |
|
-18,4 |
-16 |
-19,5 |
-20,7 |
-19,1 |
-20,5 |
-20,6 |
-20,6 |
|
Net investments |
|
-3323 |
-1381 |
-1623 |
-1572 |
-2155 |
-3201 |
-1215 |
-1100 |
|
Acquisitions |
|
-2581 |
-371 |
-450 |
-38 |
-696 |
-1871 |
0 |
0 |
|
Other investments |
|
0 |
3 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Divestments |
|
-240 |
-443 |
-146 |
-141 |
-240 |
-2 |
0 |
0 |
|
EPS |
|
7,78 |
9,95 |
7,72 |
6,81 |
17,13 |
8,94 |
-2,21 |
9,5 |
|
CEPS |
|
5,89 |
5,95 |
6,42 |
6,59 |
7,13 |
7,84 |
8,18 |
7,52 |
|
CEPS adj. |
|
5,89 |
5,95 |
6,42 |
6,59 |
7,13 |
7,84 |
8,18 |
7,52 |
|
Dividend per share Adj |
|
2,9 |
3 |
1,65 |
3,3 |
3,52 |
3,9 |
4,2 |
4,35 |
|
Payout ratio of CEPS (%) |
|
49,3 |
50,4 |
25,7 |
50,1 |
49,4 |
49,7 |
51,3 |
57,8 |
|
Rental growth (%) |
|
28,2 |
5,3 |
2,4 |
1,3 |
4,7 |
12,8 |
9,9 |
4,8 |
|
NOI growth (%) |
|
34 |
5,6 |
4 |
2,8 |
5,7 |
14,4 |
10,2 |
5,1 |
|
CEPS growth (%) |
|
3,3 |
1,2 |
7,7 |
2,7 |
8,2 |
10 |
4,4 |
-8,1 |
|
CEPS adj. growth (%) |
|
3,3 |
1,2 |
7,7 |
2,7 |
8,2 |
10 |
4,4 |
-8,1 |
|
Balance Sheet |
|
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
|
Properties |
|
19457 |
20802 |
22885 |
24512 |
27993 |
31480 |
31084 |
32755 |
|
Deferred tax asset |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Receivables |
|
172 |
201 |
221 |
304 |
223 |
410 |
439 |
456 |
|
Cash and liquid assets |
|
32 |
0 |
0 |
0 |
1150 |
230 |
98 |
212 |
|
Other assets |
|
172 |
201 |
221 |
304 |
223 |
410 |
439 |
456 |
|
Current liabilities |
|
495 |
559 |
766 |
678 |
618 |
1092 |
1169 |
1216 |
|
Total assets |
|
19707 |
21057 |
23187 |
24890 |
29437 |
32191 |
31691 |
33495 |
|
Shareholders equity |
|
6841 |
7790 |
8426 |
9091 |
11749 |
12281 |
11431 |
12191 |
|
Minority |
|
45 |
49 |
58 |
57 |
74 |
0 |
0 |
0 |
|
Deferred tax |
|
1197 |
1353 |
1524 |
1699 |
2194 |
2421 |
2279 |
2571 |
|
Interest bearing debt |
|
11129 |
11306 |
12413 |
13365 |
14802 |
16397 |
16813 |
17517 |
|
Short-term debt |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Derivatives |
|
495 |
559 |
766 |
678 |
618 |
1092 |
1169 |
1216 |
|
Total liabilities and equity |
|
19707 |
21057 |
23187 |
24890 |
29437 |
32191 |
31691 |
33495 |
|
Other balance sheet related information |
|
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
|
Net IB debt |
|
11026 |
11243 |
12270 |
13236 |
13527 |
16043 |
16591 |
17181 |
|
Rental area m2 (000) |
|
1553 |
1464 |
1483 |
1455 |
1511 |
1660 |
1688 |
1692 |
|
Rent per m2 |
|
1107 |
1236 |
1250 |
1291 |
1301 |
1336 |
1444 |
1509 |
|
Equity ratio (%) |
|
34,7 |
37 |
36,3 |
36,5 |
39,9 |
38,2 |
36,1 |
36,4 |
|
Loan to value (%) |
|
56,7 |
54 |
53,6 |
54 |
48,3 |
51 |
53,4 |
52,5 |
|
Net loan to value (%) |
|
57,4 |
54,4 |
54,2 |
54,5 |
57 |
52,8 |
54,4 |
54,1 |
|
ICR real estate |
|
5 |
6 |
7 |
6 |
7 |
7 |
5 |
3 |
|
Interest rate on debt (%) |
|
2 |
2 |
1 |
1 |
1 |
1 |
2 |
3 |
|
Occupancy rate (%) |
|
91 |
91 |
90 |
90 |
89 |
92,6 |
93,2 |
93,4 |
|
NAV per share |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
BVPS |
|
50,86 |
57,91 |
62,64 |
67,81 |
83,12 |
86,84 |
80,82 |
86,19 |
|
EPRA NAV per share |
|
59,7 |
67,6 |
73,42 |
84,4 |
97,73 |
107,47 |
100,46 |
107,9 |
|
Valuation |
|
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
|
Shares outstanding adj. |
|
135 |
135 |
135 |
134 |
141 |
141 |
141 |
141 |
|
Share price |
|
48,59 |
56 |
76,38 |
68,44 |
90,56 |
80,35 |
80,35 |
80,35 |
|
Market cap. (m) |
|
6536 |
7533 |
10274 |
9176 |
12800 |
11364 |
11364 |
11364 |
|
P/E |
|
7,2 |
5,7 |
11,1 |
11,3 |
6,9 |
9 |
-36,4 |
8,5 |
|
Net IB debt / share |
|
82 |
84 |
92 |
99 |
96 |
114 |
118 |
122 |
|
P/CEPS |
|
9,5 |
9,5 |
13,4 |
11,7 |
16,7 |
10,2 |
9,8 |
10,7 |
|
P/CEPS adj. |
|
9,5 |
9,5 |
13,4 |
11,7 |
16,7 |
10,2 |
9,8 |
10,7 |
|
EV/EBIT |
|
13,1 |
10,7 |
16,3 |
17,6 |
10,1 |
16,2 |
-443,8 |
13 |
|
Implicit yield (%) |
|
5,6 |
5,5 |
4,8 |
5 |
4,4 |
4,8 |
5,2 |
5,3 |
|
Yield on BV (%) |
|
5,6 |
5,5 |
5,2 |
5 |
4,6 |
4,7 |
5,2 |
5,2 |
|
Dividend yield (%) |
|
5,2 |
5,3 |
1,9 |
4,3 |
3 |
4,9 |
5,2 |
5,4 |
|
P/NAV |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
P/EPRA NAV |
|
0,93 |
0,83 |
1,17 |
0,91 |
1,22 |
0,75 |
0,8 |
0,74 |
|
P/BVPS |
|
1,1 |
0,97 |
1,37 |
1,13 |
1,43 |
0,93 |
0,99 |
0,93 |
|
EV/NOI |
|
17,19 |
16,55 |
20,13 |
19,35 |
23,58 |
18,59 |
17,2 |
16,71 |
|