About Befimmo.

Sustainable buildings, contemporary office spaces and a broad, coherent range of services help to make Befimmo a key player in quality working environments.

These Befimmo environments are located in Brussels, the other Belgian cities and the Grand-Duchy of Luxembourg.

At 31 December 2018, the fair value of its portfolio was €2.6 billion.

Key figures

Property key figures (as at 31.12.2019)

31.12.2019 31.12.2018
Fair value of portfolio (in € million) 2 788.6 2 655.3
Spot occupancy rate of properties available for lease (in %)(a) 94.4 94.5
Weighted average duration of current leases up to next break (in years)(a) 7.1 years(b) 7.0 years(b)
Weighted average duration of current leases up to final expiry (in years)(a) 7.8 years 7.8 years
Gross initial yield on properties available for lease (in %)(a) 5.4 6.0
Gross potential yield on properties available for lease (in %)(a) 5.6 6.3
Gross initial yield of the investment properties (in %)(a) 4.6 5.5
EPRA Vacancy Rate(c) 4.1% 4.3%
EPRA Net Initial Yield (NIY) 4.9% 5.7%
EPRA Topped-up NIY 5.1% 5.8%

Financial key figures (as at 31.12.2019)

Consolidated 31.12.2019 31.12.2018
Number of shares issued 28 445 971 25 579 214
Number of shares not held by the group 27 052 443 25 579 214
Average number of shares not held by the group during the period 25 676 219 25 579 214
Shareholders' equity attributable to shareholders (in € million) 1 603.9 1 443.2
Net asset value (in € per share)  59.29 56.42
EPRA NAV(d) (in € per share)  60.80 57.02
EPRA NNNAV(d) (in € per share)  58.54 55.93
Net result (in € per share)  6.95 3.24
EPRA earnings (in € per share) 3.29 3.68
Average (annualised) financing cost(f) (in %) 2.0% 2.0%
Weighted average duration of debts (in years) 4.4 4.8
Debt ratio according to the Royal Decree (in %) 42.7% 45.8%
Loan-to-value(g) (in %) 39.0% 43.6%
Return on shareholders' equity(h) (in € per share) 6.47 3.24
Return on shareholders' equity(h) (in %) 11.6% 5.8%
Real-estate operator activity    
Net result (in € per share)  7.03 3.24
EPRA earnings (in € per share) 3.26 3.68
EPRA Like-for-Like net rental growth(e) (in %) 4.7% 2.4%

 Share key figures (as at 31.12.2019)

31.12.2019

31.12.2018
Number of shares issued 28 445 971 25 579 214
Number of shares not held by the group 27 052 443 25 579 214
Average number of shares not held by the group during the period 25 676 219 25 579 214
Highest share price (in €) 59.40 54.60
Lowest share price (in €) 47.35 46.70
Closing share price (in €) 54.10 48.55
Number of shares traded(i) 17 395 988 12 356 776
Average daily volume(i) 67 953 48 458
Free float velocity(i) 87% 66%
Distribution ratio (in relation to the EPRA earnings) 106% 94%
Gross dividend(j) (in € per share) 3.45 3.45
Gross yield(k) 6.4% 7.1%
Return on share price(l) 18.7% -2.9%

 Environmental key figures(m) (as at 31.12.2019)

31.12.2019 31.12.2018 31.12.2017
Gas | Normalised direct energy consumption (kWh/m²) 69.6 72.9 71.4
Electricity | Indirect energy consumption      
 - Consumption common areas (kWh/m²) 30.8 34.0 33.7
 - Consumption private areas (kWh/m²) 39.8 40.0 41.9
Water | Consumption (l/m²) 265.0 249.0 254.0
CO2 | Direct and indirect energy emissions (kg CO2e/m²) 13.8 14.6 14.3

(a) This is a real-estate indicator. For more information, please refer to Appendix II of the Annual Financial Report 2019. 
(b) Exluding the WTC 2, of which the lease expired at the end of 2018, the weighted average duration of leases up to next break would be 7.8 years as at 31 December 2018.
(c) This is an EPRA indicator. For more information, please consult the chapter "EPRA Best Practices" of the Annual Financial Report 2019. 
(d) This is an Alternative Performance Measure. For more information, please consult Appendix 2 of the Annual Financial Report 2019.
(e) Trend of rental income minus property charges at constant perimeter, calculated on the basis of the "EPRA Best Practices Recommendations". 
(f) Including margin and hedging costs. This is an Alternative Performance Measure. For more information, please consult Appendix 2 to the Half-Yearly Financial Report 2018
(g) Loan-to-value (“LTV”): [(nominal financial debts – cash)/fair value of portfolio]. This is an Alternative Performance Measure. For more information, please consult Appendix 2 of the Annual Financial Report.
(h) Calculated over a 12-month period ending at the closing of the half-year, taking into account the gross dividend reinvestment, if any, and the participation of the optional dividend. This is an Alternative Performance Measure. For more information, please consult Appendix 2 of the Annual Financial Report 2019.
(i) Source: Kempen & Co. Based on trading on all platforms.
(j) Subject to a withholding tax of 30%.
(k) Gross dividend divided by the closing share price.
(l) Calculated over a 12-month period ending at the closing of the semestre, taking into account the gross dividend reinvestment, and, if applicable the participation in the capital increase.
(m) For more information, please refer to the Methodology in Appendix IV of Befimmo's Annual Financial Report 2019.