Rental income |
|
1341 |
1719 |
1810 |
1854 |
1878 |
1956 |
2067 |
2158 |
|
Other income |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Operating costs |
|
-535 |
-639 |
-670 |
-667 |
-658 |
-667 |
-689 |
-705 |
|
Net operating income |
|
806 |
1080 |
1140 |
1187 |
1220 |
1289 |
1378 |
1453 |
|
NOI margin (%) |
|
60,1 |
62,8 |
63 |
64 |
65 |
65,9 |
66,7 |
67,3 |
|
Value change realized |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Value change unrealized |
|
328 |
412 |
687 |
350 |
194 |
0 |
0 |
0 |
|
Administration costs |
|
-63 |
-73 |
-71 |
-73 |
-76 |
-75 |
-77 |
-77 |
|
All other income & costs |
|
0 |
N/A |
0 |
0 |
0 |
0 |
0 |
0 |
|
EBIT |
|
1071 |
1419 |
1756 |
1464 |
1338 |
1214 |
1301 |
1376 |
|
Net financial items |
|
-205 |
-185 |
-175 |
-162 |
-185 |
-195 |
-203 |
-209 |
|
Value change derivatives |
|
91 |
27 |
16 |
-1 |
0 |
0 |
0 |
0 |
|
Pretax profit |
|
957 |
1261 |
1597 |
1302 |
1153 |
1019 |
1098 |
1167 |
|
Deferred profit tax |
|
-137 |
-189 |
-166 |
-174 |
-164 |
-143 |
-154 |
-163 |
|
Current tax |
|
-25 |
-43 |
-90 |
-79 |
-75 |
-51 |
-55 |
-58 |
|
Net profit |
|
795 |
1029 |
1341 |
1049 |
914 |
825 |
890 |
945 |
|
Minority interest |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Net profit to shareholders |
|
795 |
1029 |
1341 |
1049 |
914 |
825 |
890 |
945 |
|
Other income statement related information |
|
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
|
Cash earnings |
|
513 |
779 |
804 |
874 |
884 |
968 |
1043 |
1109 |
|
Tax rate (%) |
|
-16,9 |
-18,4 |
-16 |
-19,4 |
-20,7 |
-19 |
-19 |
-19 |
|
Net investments |
|
-26 |
5362 |
658 |
1733 |
1433 |
1990 |
2030 |
2071 |
|
Acquisitions |
|
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
|
Other investments |
|
N/A |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Divestments |
|
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
|
EPS |
|
8,34 |
7,79 |
9,97 |
7,8 |
6,82 |
6,15 |
6,64 |
7,05 |
|
CEPS |
|
5,38 |
5,9 |
5,98 |
6,5 |
6,59 |
7,22 |
7,78 |
8,27 |
|
CEPS adj. |
|
5,38 |
5,9 |
5,98 |
6,5 |
6,59 |
7,22 |
7,78 |
8,27 |
|
Dividend per share Adj |
|
2 |
2,9 |
3 |
1,65 |
3,3 |
3,4 |
3,5 |
3,6 |
|
Payout ratio of CEPS (%) |
|
37,2 |
49,2 |
50,2 |
25,4 |
50 |
47,1 |
45 |
43,5 |
|
Rental growth (%) |
|
1,9 |
28,2 |
5,3 |
2,4 |
1,3 |
4,1 |
5,7 |
4,4 |
|
NOI growth (%) |
|
3,7 |
34 |
5,6 |
4,1 |
2,8 |
5,7 |
6,9 |
5,5 |
|
CEPS growth (%) |
|
34,3 |
9,6 |
1,3 |
8,7 |
1,5 |
9,5 |
7,8 |
6,3 |
|
CEPS adj. growth (%) |
|
34,3 |
9,6 |
1,3 |
8,7 |
1,5 |
9,5 |
7,8 |
6,3 |
|
Balance Sheet |
|
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
|
Properties |
|
13683 |
19457 |
20802 |
22885 |
24512 |
26502 |
28532 |
30603 |
|
Deferred tax asset |
|
36 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Receivables |
|
196 |
173 |
201 |
221 |
304 |
317 |
335 |
349 |
|
Cash and liquid assets |
|
0 |
32 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Other assets |
|
5 |
46 |
54 |
81 |
74 |
77 |
81 |
85 |
|
Current liabilities |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Total assets |
|
13920 |
19708 |
21057 |
23187 |
24890 |
26896 |
28948 |
31037 |
|
Shareholders equity |
|
4313 |
6887 |
7839 |
8484 |
9148 |
9913 |
10760 |
11682 |
|
Minority |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Deferred tax |
|
1009 |
1197 |
1353 |
1524 |
1699 |
1750 |
1805 |
1863 |
|
Interest bearing debt |
|
8598 |
11624 |
11865 |
13179 |
14043 |
15233 |
16383 |
17492 |
|
Short-term debt |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Derivatives |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Total liabilities and equity |
|
13920 |
19708 |
21057 |
23187 |
24890 |
26896 |
28948 |
31037 |
|
Other balance sheet related information |
|
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
|
Net IB debt |
|
8012 |
11072 |
11099 |
12145 |
13247 |
14404 |
15507 |
16578 |
|
Rental area m2 (000) |
|
1352 |
1566 |
1464 |
1483 |
1455 |
1455 |
1455 |
1455 |
|
Rent per m2 |
|
992 |
1098 |
1236 |
1250 |
1291 |
1344 |
1420 |
1483 |
|
Equity ratio (%) |
|
31 |
34,9 |
37,2 |
36,6 |
36,8 |
36,9 |
37,2 |
37,6 |
|
Loan to value (%) |
|
58,6 |
56,9 |
53,4 |
53,1 |
54 |
54,3 |
54,3 |
54,2 |
|
Net loan to value (%) |
|
62,8 |
59,9 |
57 |
57,6 |
57,3 |
57,5 |
57,4 |
57,2 |
|
ICR real estate |
|
4 |
5 |
6 |
7 |
6 |
6 |
6 |
7 |
|
Interest rate on debt (%) |
|
3 |
2 |
2 |
1 |
1 |
1 |
1 |
1 |
|
Occupancy rate (%) |
|
89,7 |
90,8 |
91 |
90 |
87 |
87 |
87 |
87 |
|
NAV per share |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
BVPS |
|
45,26 |
52,16 |
58,28 |
63,07 |
68,23 |
73,94 |
80,26 |
87,13 |
|
EPRA NAV per share |
|
56 |
59,7 |
67,6 |
73,4 |
79,7 |
87,39 |
95,84 |
108,49 |
|
Valuation |
|
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
|
Shares outstanding adj. |
|
95 |
132 |
135 |
135 |
134 |
134 |
134 |
134 |
|
Share price |
|
47,57 |
48,59 |
56 |
76,38 |
68,44 |
68,35 |
68,35 |
68,35 |
|
Market cap. (m) |
|
4533 |
6416 |
7533 |
10274 |
9176 |
9164 |
9164 |
9164 |
|
P/E |
|
5,6 |
7,2 |
5,7 |
11 |
11,3 |
11,1 |
10,3 |
9,7 |
|
Net IB debt / share |
|
84 |
84 |
83 |
90 |
99 |
107 |
116 |
124 |
|
P/CEPS |
|
8,7 |
9,4 |
9,4 |
13,2 |
11,6 |
9,5 |
8,8 |
8,3 |
|
P/CEPS adj. |
|
8,7 |
9,4 |
9,4 |
13,2 |
11,6 |
9,5 |
8,8 |
8,3 |
|
EV/EBIT |
|
11,7 |
13 |
10,6 |
16,2 |
17,6 |
19,4 |
19 |
18,7 |
|
Implicit yield (%) |
|
5,8 |
5,7 |
5,6 |
4,8 |
5 |
5 |
5,1 |
5,2 |
|
Yield on BV (%) |
|
5,9 |
5,6 |
5,5 |
5,2 |
5 |
4,9 |
4,8 |
4,7 |
|
Dividend yield (%) |
|
4,3 |
5,2 |
5,3 |
1,9 |
4,3 |
5 |
5,1 |
5,3 |
|
P/NAV |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
P/EPRA NAV |
|
0,84 |
0,93 |
0,83 |
1,17 |
0,96 |
0,78 |
0,71 |
0,63 |
|
P/BVPS |
|
1,04 |
1,07 |
0,97 |
1,36 |
1,13 |
0,92 |
0,85 |
0,78 |
|
EV/NOI |
|
15,5 |
17,07 |
16,38 |
19,95 |
19,3 |
18,28 |
17,91 |
17,72 |
|
|
|
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
|