Half-yearly financial report from the statutory manager for the period from 01/01/2019 to 30/06/2019
- EPRA earnings of €24.2 million in H1 2019 (+ 51% compared with H1 2018)
- EPRA earnings per share of €1.65[1] (+ 22% compared with H1 2018)
- Fair value of the property portfolio rose by €192.3 million or 21% compared with the end of 2018
- Strong portfolio fundamentals with an occupancy rate of 98.7% at the end of Q2 2019 and average term of leases on first expiry date of 8.2 years (exclusive of term of solar panel certificates).
- Average financing cost of 2.2% over H1 2019 at a hedge ratio of 93% on 30 June 2019.
- Debt ratio of 41.5% at the end of Q2 2019
- EPRA NAV per share of €40.8 (+ 18% compared with Q4 2018)
Outlook for 2019:
- Growth of the EPRA result per share towards € 3.25 (+ 10% compared to 2018)
- Growth of dividend per share in line with the growth of EPRA earnings per share, towards €2.50 (+ 10% compared to 2018), based on a pay-out ratio of 80%
- After sale of distribution center in 's Heerenberg for € 24 million in Q3 2019, the ambition remains to grow the real estate portfolio above € 1.1 billion
- Occupancy rate remains above 97.5%. Average term of leases on first expiry date of more than 7.5 years
- Further lowering of the average cost of debt to 2.2%, with a cover ratio of > 90%
