COFINIMMO Gross rental revenues up by 2.2 % compared to 30.09.2016 (-0.2 % on a like-for-like basis*)
Net result from core activities - Group share*: 4.91 EUR per share (compared to 4.69 EUR at 30.09.2016)
Confirmation of the forecast for the net result from core activities - Group share for 2017: 6.49 EUR per share
Confirmation of the forecast for the gross dividend for the financial year 2017, payable in 2018: 5.50 EUR per ordinary share
Result on the portfolio - Group share*: -0.58 EUR per share (compared to 1.43 EUR at 30.09.2016)
Net result - Group share: 4.50 EUR per share (compared to 3.47 EUR at 30.09.2016)
Resilient operational indicators:Stable occupancy rate: 94.6 %
Particularly long residual lease length: 10.3 years
Portfolio value up by 2.6 % over the past nine months (-0.3 % on a like-for-like basis)
Continued investment in healthcare real estate in the Netherlands and GermanyAcquisition of a medical office building located in Tiel (NL) for 7.6 million EUR
Completion of renovation works on a revalidation clinic located in Heerlen (NL) - total budget for the project: 14.8 million EUR
Acquisition of a nursing and care home located in Neustadt (DE) for 6.1 million EUR
Total amount of healthcare real estate investments in 2017: 68.0 million EUR
Optimisation of the financial structure:One-year extension of a 300 million EUR syndicated loan
Signature of new interest rate hedging instruments
Average cost of debt*: 1.97 % (2.41 % in 2016)
Average debt maturity: 5.0 years (4.8 years as at 31.12.2016)
▪ Debt ratio: 44.4 % (43.7 % at 31.12.2016)
Events after 30.09.2017:Signature of the first lease agreement regarding 7,000 m² in the Belliard 40 office building, well ahead of the delivery of the works which is planned for the first quarter of 2018.
Acquisition of a plot of land for the construction of a care centre for people suffering from mental disorders, located in Gorinchem (NL) - estimated total budget for the project: 4.3 million EUR
The Alternative Performance Measures (APM) defined by the European Securities and Markets Authority (ESMA) are identified with an asterisk (*) the first time they appear in the body of this press release. Their definition and calculation details are available on Cofinimmo's website (www.cofinimmo.com/investors/reports-and-presentations).
- Consolidated key figures
-
Global figures
(x 1,000,000 EUR)
30.09.2017
31.12.2016
Portfolio of investment properties (in fair value)
3,455.2
3,366.3
(x 1,000 EUR)
30.09.2017
30.09.2016
Property result
159,340
156,001
Operating result before result on the portfolio
128,809
126,279
Net result from core activities - Group share*
104,546
98,498
Result on financial instruments - Group share*
3,691
-55,606
Result on the portfolio - Group share*
-12,354
29,842
Net result - Group share
95,883
72,734
30.09.2017
31.12.2016
Operating costs/average value of the portfolio under management*1
1.08 %
1.08 %
Operating margin*
81.1 %
81.7 %
Weighted residual lease length2 (in years)
10.3
10.2
Occupancy rate3
94.6 %
94.5 %
Gross rental yield at 100 % portfolio occupancy4
6.7 %
6.9 %
Net rental yield at 100 % portfolio occupancy5
6.0 %
6.4 %
Debt ratio6
44.4 %
43.7 %
Average cost of debt*7
1.97 %
2.41 %
Average debt maturity (in years)
5.0
4.8
The decrease in gross/net yield of the total portfolio is due to, on one hand, the appreciation of the office buildings in the Quatro portfolio as well as the Arts/Kunst 46 building thanks to new lettings and, on the other, exit of the Souverain/Vorst 23-25 buildings from the 'properties available for lease' section.
-
Data per share - Group share8
(in EUR)
30.09.2017
30.09.2016
Net result from core activities - Group share*
4.91
4.69
Result on financial instruments - Group share*
0.17
-2.65
Result on the portfolio - Group share*
-0.58
1.43
Net result - Group share*
4.50
3.47
1 Average value of the portfolio to which are added the receivables transferred for the buildings whose maintenance costs payable by the owner are still met by the Group through total cover insurance premiums.
2 Until the first break option for the lessee.
3 Calculation based on real rents and, for vacant space, the rental value estimated by the independent real estate experts.
4 Passing rents increased by the estimated value of vacant space, divided by the investment value of the portfolio (transaction costs not deducted), excluding development projects.
5 Passing rents increased by the estimated value of vacant space, less direct costs, divided by the investment value of the portfolio, excluding development projects.
6 Legal ratio calculated in accordance with the legislation on RRECs such as financial and other debt divided by total assets.
7 Including bank margins.
8 Ordinary and preference shares.
Intrinsic share value (in EUR)
30.09.2017
31.12.2016
Net Asset Value per share in fair value1 after dividend distribution for the 2016 financial year*
87.93
82.73
Net Asset Value per share in investment value2 after dividend distribution for the 2016 financial year*
92.14
86.81
Diluted Net Asset Value per share (in EUR)
30.09.20173
31.12.20164
Diluted revalued net assets per share in fair value1 after dividend distribution for the 2016 financial year
87.77
82.56
Diluted revalued net assets per share in investment value2 after dividend distribution for the 2016 financial year
91.97
86.63
- Performance indicators based on the EPRA standard5
(in EUR per share)
30.09.20176
30.09.20167
EPRA Earnings*
4.91
4.69
EPRA Diluted earnings*
4.90
4.69
(in EUR per share)
30.09.2017
31.12.20168
EPRA Net Asset Value (NAV)*
91.27
92.76
EPRA Triple Net Asset Value (NNNAV)*
89.78
90.81
30.09.2017
31.12.2016
EPRA Net Initial Yield (NIY)*
5.6 %
6.0 %
EPRA 'Topped-up' NIY*
5.7 %
6.0 %
EPRA Vacancy Rate*
5.5 %
5.6 %
EPRA cost ratio (direct vacancy costs included)*
22.6 %
22.3 %
EPRA cost ratio (direct vacancy costs excluded)*
19.5 %
19.5 %
1 Fair value: after deduction of transaction costs (primarily transfer taxes) from the value of investment properties.
2 Investment value: before deduction of transaction costs.
3 In accordance with applicable IAS/IFRS standards, the Mandatory Convertible Bonds (MCB) issued in 2011 and the convertible bonds issued in 2016 were not taken into account in calculating the diluted revalued net assets per share at 30.09.2017 because they would have had an accretive effect. However, 39,375 treasury shares of the stock option plan were taken into account in calculating the abovementioned indicator because they have a dilutive effect.
4 In accordance with applicable IAS/IFRS standards, the MCB's issued in 2011 and the convertible bonds issued in 2016 were not taken into account in calculating the diluted revalued net assets per share at 31.12.2016 because they would have had an accretive effect. However, 41,965 treasury shares of the stock option plan were taken into account in calculating the abovementioned indicator because they have had a dilutive effect.
5 Data not required by RREC legislation and not subject to audit by the public authorities.
6 In accordance with 'EPRA Best Practice Recommendations', given that the MCB's issued in 2011 and the convertible bonds issued in 2016 were 'out-of-the-money' at 30.09.2017, they were not taken into account for the EPRA Diluted Earnings, the EPRA NAV or the EPRA NNNAV calculation on that date. Conversely, 20,950 treasury shares of the stock option plan were 'in-the-money' at 30.09.2017 and were thus included in the calculation of the abovementioned indicators.
7 In accordance with the 'EPRA Best Practice Recommendations', the MCB's issued in 2011 and the convertible bonds issued in 2016 were not taken into account in the calculation of the EPRA Diluted Earnings at 30.09.2016 because they were 'out-of-the-money' at this date. Conversely, the (still outstanding) convertible bonds issued in 2013 and 29,410 treasury shares of the stock option plan were 'in-the-money' at 30.09.2016 and were thus included in the calculation of the above mentioned indicator.
8 In accordance with the 'EPRA Best Practice Recommendations', the MCB's issued in 2011 and the convertible bonds issued in 2016 were not taken into account in the calculation of the EPRA NAV and the EPRA NNNAV at 31.12.2016 because they were 'out-of-the- money' at this date. Conversely, 30,265 treasury shares of the stock option plan were 'in-the-money' at 31.12.2016 and were taken into account in the calculation of the abovementioned indicators.
Cofinimmo SA published this content on 09 November 2017 and is solely responsible for the information contained herein.
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