Outlook

  (in € thousand) Realised   Forecasts  
    2018 2019 2020 2021
  Rental income 144 067 137 831 138 306 141 802
  Charges linked to letting - 501 - 565 - 661 - 667
  Net rental result 143 566 137 267 137 645 141 135
  Net property charges -13 588 -13 674 -15 861 -15 647
  Property operating result 129 978 123 592 121 784 125 488
  Corporate overheads -14 282 -14 949 -15 840 -16 162
Real-estate operator Other operating income and charges (excl. goodwill impairment)(a) -447 -531 -3 051 -3 184
  Operating result before result on portfolio 115 249 108 113 102 894 106 142
  Financial result (excl. the changes in fair value of the financial assets and liabilities and close-out costs) -20 545 -22 550 -21 785 -24 084
  Corporate taxes -566 -1 031 -1 143 -1 340
  EPRA earnings 94 139 84 532 79 966 80 719
  EPRA earnings (in € per share) 3.68 3.31 3.13 3.16
Coworking Contribution to the EPRA earnings of the coworking activity (in € per share) N/A (b) 0.05    
Total Total EPRA earnings (in € per share) (group share) 3.68 3.36    
  Average number of shares 25 579 214 25 579 214 25 579 214 25 579 214
 

(a) This is an Alternative Performance Measure.
(b) The coworking activity in the context of the partnership (till 6 December 2018) was considered in the real-estate activity of Befimmo

Note: This outlook takes account of the 70,000 m2 of offices of the ZIN project pre-let to the Flemish authorities and was, therefore, revised on that point compared to the outlook published on 14 February 2019 in the press release on the 2018 annual results.