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 31.12.2018)

 31.12.2018 31.12.2017  
Fair value of portfolio (in € million) 2 655.3 2 494.4  
Gross initial yield on properties available for lease 5.98% 6.19%  
Gross potential yield on properties available for lease 6.29% 6.52%  
Spot occupancy rate of properties available for lease 94.50%  94.44%  
Weighted average duration of current leases up to next break 6.96 years(a) 7.31 ans  
Weighted average duration of current leases up to final expiry 7.52 years 7.88 years  
Reversion rate of properties available for lease -11.48%(b) -10.78%  
EPRA Vacancy Rate(c) 4.28% 5.43%  
EPRA Net Initial Yield (NIY) 5.69% 5.82%  
EPRA Topped-up NIY 5.87% 5.97%  

Financial key figures (as at 31.12.2018)

 31.12.2018 31.12.2017  
Number of shares issued 25 579 214 25 579 214  
Average number of shares during the period 25 579 214 25 579 214  
Shareholders' equity (in € million) 1 443.21 1 448.50  
Net asset value (in € per share)  56.42 56.63  
EPRA NAV(d) (in € per share)  57.02 57.03  
EPRA NNNAV(d) (in € per share)  55.93 56.35  
EPRA Like-for-Like net rental growth(e) (in %) 2.41% 2.82%  
Net result (in € per share)  3.24 5.32  
EPRA earnings (in € per share) 3.68 3.74  
Average (annualised) financing cost(f) (in %) 2.01% 2.08%  
Weighted average duration of debts (in years) 4.84 4.73  
Debt ratio according to the Royal Decree (in %) 45.76% 41.62%  
Loan-to-value(g) (in %) 43.62% 39.61%  
Return on shareholders' equity(h) (in € per share) 3.24 5.33  
Return on shareholders' equity(h) (in %) 5.79% 9.85%  

 Share key figures (as at 31.12.2018)

31.12.2018
(12 months)

 31.12.2017
(12 months)		 30.06.2017
(6 months)
Number of shares issued 25 579 214 25 579 214 25 579 214
Average number of shares during the period 25 579 214 25 579 214 23 692 223
Highest share price (in €) 54.60 55.74 54.12
Lowest share price (in €) 46.70 50.31 50.31
Closing share price (in €) 48.55 53.55 52.06
Number of shares traded(i) 12 356 776 15 277 286 9 050 262
Average daily volume(i) 48 458 59 911 71 262
Free float velocity(i) 66.25% 79% 47%
Distribution ratio (in relation to the EPRA earnings) 93.74% 92% -
Gross dividend(j) (in € per share) 3.45 3.45 -
Gross yield(k) 7.11% 6.44% 6.63%
Return on share price(l) -2.93% 6.98% -3.36%

 Environmental key figures(m) (as at 31.12.2017)

 31.12.2017 31.12.2016 31.12.2015
Gas | Normalised direct energy consumption (kWh/m²) 64.48 66.64 71.68
Electricity | Indirect energy consumption      
 - Consumption common areas (kWh/m²) 32.50 36.72 36.13
 - Consumption private areas (kWh/m²) 43.33 44.19 44.44
Water | Consumption (l/m²) 254 266 266
CO2 | Direct and indirect energy emissions (kg CO2e/m²) 14.21 15.83 16.62

(a) Exluding the WTC 2, where the lease expired at the end of 2018, the weighted average duration of leases up to next break would be 7.75 years as at 31 December 2018.
(b) Exluding the WTC 2, where the lease expired at the end of 2018, the reversion would amount to -9.07% as at 31 December 2018.
(c) Corresponding to the availability rate of properties available for lease.
(d) This is an Alternative Performance Measure. For more information, please consult Appendix 2 to the Half-Yearly Financial Report 2018
(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 to the Half-Yearly 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 applicable the participation in the capital increase. This is an Alternative Performance Measure. For more information, please consult Appendix 2 to the Half-Yearly Financial Report 2018.
(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) Calculates 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) IFor more information, please refer to the Methodology in Appendix IV of Befimmo's Annual Financial Report 2017.