Key figures

Property key figures (as at 31.12.2020)

 31.12.2020 31.12.2019
Fair value of portfolio (in € million) 2 714.0 2 788.6
Spot occupancy rate of properties available for lease (in %)(a) 95.2 94.4
Weighted average duration of current leases up to next break (in years)(a) 7.2 years(b) 7.1 years(b)
Weighted average duration of current leases up to final expiry (in years)(a) 7.7 years 7.8 years
Gross initial yield on properties available for lease (in %)(a) 5.3 5.4
Gross potential yield on properties available for lease (in %)(a) 5.6 5.6
Gross initial yield of the investment properties (in %)(a) 4.3 4.6
EPRA Vacancy Rate(c) 2.9% 4.1%
EPRA Net Initial Yield (NIY) 5.0% 4.9%
EPRA Topped-up NIY 5.2% 5.1%

Financial key figures (as at 31.12.2020)
Consolidated 31.12.2020 31.12.2019
Number of shares issued 28 445 971 28 445 971
Number of shares not held by the group 27 040 351 27 052 443
Average number of shares not held by the group during the period 27 048 907 25 676 219
Shareholders' equity attributable to shareholders (in € million) 1 591.4 1 603.9
Net asset value (in € per share)  58.85 59.29
EPRA NRV(d) (in € per share)  63.48 63.38
EPRA NTA(d) (in € per share)  60.10 59.85
EPRA NDV(d) (in € per share) 57.19 57.66
Net result (in € per share)  2.13 6.95
EPRA earnings (in € per share) 2.81 3.29
Average (annualised) financing cost(f) (in %) 2.0% 2.0%
Weighted average duration of debts (in years) 4.9 4.4
Debt ratio according to the Royal Decree (in %) 40.8% 42.7%
Loan-to-value(g) (in %) 36.8% 39.0%
Return on shareholders' equity(h) (in € per share) 2.1 6.5
Return on shareholders' equity(h) (in %) 3.6% 11.6%
Real-estate operator activity    
Net result (in € per share)  2.16 7.03
EPRA earnings (in € per share) 2.88 3.26
EPRA Like-for-Like net rental growth(e) (in %) -0.2% 4.7%

 Share key figures (as at 31.12.2020)

31.12.2020

31.12.2019
Number of shares issued 28 445 971 28 445 971
Number of shares not held by the group 27 040 351 27 052 443
Average number of shares not held by the group during the period 27 048 907 25 676 219
Highest share price (in €) 57.00 59.40
Lowest share price (in €) 32.10 47.35
Closing share price (in €) 36.30 54.10
Number of shares traded(i) 24 888 322 17 395 988
Average daily volume(i) 70 693 67 953
Free float velocity(i) 120% 87%
Distribution ratio (in relation to the EPRA earnings) 80% 106%
Gross dividend(j) (in € per share) 2.25 3.45
Gross yield(k) 6.2% 6.4%
Return on share price(l) -28.5% 18.7%
 

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.