Key figures

Property key figures (as at 31.12.2016)

  31.12.2016 31.12.2015
Fair value of portfolio (in € million) 2 511.7 2 388.3
Portfolio space 883 876 m² 889 800 m²
Gross initial yield on properties available for lease 6.07% 6.19%
Gross potential yield on properties available for lease 6.40% 6.58%
Occupancy rate of properties available for lease 94.79% 94.15%
Weighted average duration of leases 8.07 years(a) 8.60 years
Reversion rate on properties available for lease -9.50%(b) -8.41%
EPRA Net Initial Yield (NIY) 5.65% 5.78%
EPRA Topped-up NIY 5.81% 5.91%
EPRA Vacancy Rate 5.71% 6.35%

Financial key figures (as at 31.12.2016)

  31.12.2016 31.12.2015
Number of shares issued(c) 25 579 214 23 021 293
Number of shares not held by the group 25 579 214 23 021 293
Average number of shares not held by the group 23 692 223 22 198 549
Shareholders' equity (in € million) 1 401.35 1 265.29
Net asset value (in € per share) 54.78 54.96
EPRA NAV(d) (in € per share) 55.49 54.91
EPRA NNNAV(d) (in € per share) 54.30 54.30
EPRA Like-for-Like Net Rental Growth(e) (in %) -0.29% 1.16%
Net result (in € per share) 3.82 4.41
EPRA earnings(d) (in € per share) 3.68 3.89
Average (annualised) financing cost(f) (in %) 2.26% 2.66%
Weighted average duration of debts (in years) 3.66(g) 3.99
Debt ratio according to the Royal Decree (in %) 44.65% 48.37%
Loan-to-value(h) (in %) 42.33% 45.66%
Return on shareholders' equity(i) (in € per share) 3.69 4.43
Return on shareholders' equity(i) (in %) 6.79% 8.29%

Share key figures (as at 31.12.2016)

  31.12.2016 31.12.2015
Number of shares issued 25 579 214 23 021 293
Number of shares not held by the group 25 579 214 23 021 293
Average number of shares not held by the group 23 692 223 22 198 549
Highest share price (in €) 61.20 69.70
Lowest share price (in €) 48.60 53.59
Closing share price (in €) 53.36 55.00
Number of shares traded(j) 16 916 343 20 379 355
Average daily turnover(j) 65 822 79 607
Free float velocity(j) 87% 116%
Distribution ratio (in relation to the EPRA earnings) 94% 89%
Gross dividend(k) (in € per share) 3.45 3.45
Gross yield(l)  6.47% 6.27%
Return on share price(m)  3.88% -2.92%

CSR key figures(h) (as at 31.12.2015)

  31.12.2015 31.12.2014 31.12.2013
Gas | Normalised direct energy consumption (kWh/m²) 76.8 78.6 83.6
Electricity | Indirect energy consumption      
 - Consumption common areas (kWh/m²) 43.7 44.6 50.2
 - Consumption private areas (kWh/m²) 51.6 56.7 69.1
Water | Consumption (m³/m²) 0.29 0.31 0.33
CO2 | Direct and indirect energy emissions (kg CO2e/m²) 14.33 13.21 20.94
 
(a) Note that, excluding the Noord Building and the WTC II buildings, the weighted average duration of leases would be 9.15 years.
(b) Note that, excluding the Noord Building and the WTC II buildings, the reversion would be -4.95%.
(c) The increasing number of shares issued is explained by the creation of 2,557,921 new shares following the capital increase. 
(d) This is an Alternative Performance Measure. For more information, please consult the following link: http://www.befimmo.be/en/investors/publications/alternative-performance-measures.
(e) Trend of the rental income minus property charges at constant perimeter, calculated on the basis of the “EPRA Best Practices Recommendations”. This is an Alternative Performance Measure. For more information, please consult the following link: http://www.befimmo.be/en/investors/publications/alternative-performance-measures.
(f) Including margin and hedging costs. This is an Alternative Performance Measure. For more information, please consult the following link: http://www.befimmo.be/en/investors/publications/alternative-performance-measures.
(g) Taking into account renegotiation and renewal of two bank lines early 2017, the weighted average duration of debts is 4.51 years.
(h) Loan-to-value (“LTV”): [(nominal financial debts – cash)/fair value of portfolio]. This is an Alternative Performance Measure. For more information, please consult the following link: http://www.befimmo.be/en/investors/publications/alternative-performance-measures.
(i) Calculated over a 12-month period ending at the closing of the fiscal year, taking into account the gross dividend reinvestment, if applicable the participation in the optional dividend and, if applicable the participation in the capital increase. This is an Alternative Performance Measure. For more information, please consult the following link: http://www.befimmo.be/en/investors/publications/alternative-performance-measures.
(j) Source: Kempen & Co. Based on trading all platforms.
(k) Subject to a withholding tax of 27% until December 2016 and of 30% as from January 2017.
(l) Gross dividend divided by the closing share price.
(m) Calculates over a 12-month period ending at the closing of the fiscal year, taking into account the gross dividend reinvestment, if applicable the participation in the optional dividend and, if applicable the participation in the capital increase.