Financial results

Key figures

For a detailed calculation of the key figures see the lexicon and APM terminology document.

Operational key figures31.12.201731.12.201631.12.201531.12.201431.12.2013
Fair value of investment properties (000 €)662.539610.944634.416609.476580.709
Leasable space (m²)794.896705.068717.073674.156604.428
Yield* (%)7,3%7,6%7,9%7,6%7,5%
Yield if fully let* (%)8,4%8,3%8,8%8,8%8,8%
Average duration of lease agreements (up to first expiry date) (year)3,93,93,74,03,9
Occupancy rate (%)86%**91%90%87%86%
Office to logistics real estate ratio46/5449/5151/4955/4558/42

* Yield is calculated as the ratio of contractual rents (whether or not increased by the estimated rental value of unoccupied rental premises) and the fair value of investment properties.

** Without the Greenhouse BXL redevelopment project the occupancy rate amounts to 91%.

Financial results


EPRA earnings (000 €)27.43029.04430.85923.03824.574

Result on portfolio 

(000 €)


Changes in fair value of financial assets and liabilities

(ineffective hedges) (000 €)


Net result

(000 €)

Weighted average number of shares17.409.85016.784.52116.200.91114.672.87314.335.677
Net result per share (€)1,221,231,601,112,41
EPRA earnings per share (€)1,581,751,901,571,71
Gross dividend per share (€)1,401,401,711,401,53
Balance sheet data31.12.201731.12.201631.12.201531.12.201431.12.2013
Shareholders’ equity (000 €)359.366326.085321.736314.168286.521
Liabilities (000 €)320.052299.078326.663304.423302.341
Debt ratio (%)44,6%45,7%48,2%46,6%48,7%
Number of shares at year-end18.405.62416.784.52116.239.35016.143.90614.424.982
Net value (fair value) per share (€)19,5219,4319,8119,4619,86
Share price (€)22,4923,9024,3722,5019,48
Premium (+) / discount (-) to net value (fair Value) (%)15%23%23%16%-2%