Interim Report from the statutory manager for the period from 01/01/2019 to 31/03/2019
- EPRA earnings of €10.8 million in Q1 2019 (+ 53% compared with Q1 2018)
- EPRA earnings per share of €0.79[1] (+ 30% compared with Q1 2018)
- Fair value of the property portfolio rose by €132.4 million or 15% compared with the end of 2018
- Strong portfolio fundamentals with an occupancy rate of 99.1% and average term of leases on first expiry date of 8.3 years (exclusive of term of solar panel certificates)
- Debt ratio of 39.7% at the end of Q1 2019
- EPRA NAV per share of €40.6 (+ 17% compared with Q4 2018)
- Gross dividend of €2.26 per share – Possibility of optional dividend:
Issue price of €72.772 per new share (discount of 6.58% compared with the closing price of €77.90 on 17 May 2019)
46 coupons no. 21 (detached on 21 February 2019) give entitlement to 1 new share
Outlook for 2019:
- Growth of the EPRA result per share by at least 5%
- Growth of dividend per share in line with the growth of EPRA earnings per share, i.e. at least 5%, based on a pay-out ratio of 80%
- Real estate portfolio grows towards € 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 2.4%, with a cover ratio of > 90%
