KBCS Real Assets Conference
19 & 20 March 2024
Important milestones 1998-2023
Echoes from the retailers
➤ 1. Increased spending on travel and horeca
2. Seasonal aspects in fashion
➤ 3. Have and have-nots:
Belgium versus the Netherlands
➤ 4. Price increases versus volumes
➤ 5. Elections everywhere
➤ 6. Impulsive versus functional buying
Pressure on P/L retailers: ups and downs
A. Inflation
➣ Full indexation Belgium : strongly reduced speed
➣ Full indexation The Netherlands : corrections to the CBS index since 1 March 2023
➣ Evolution contractual rent versus ERV
➣ Rent reviews : renewals/break date
B. Energy crisis ➣ The calm after the storm
C. Salary costs ➣ Inflation in nominal and real terms
D. Logistics ➣ Click and bricks
E. Circular economy ➣ Hidden costs
A. PROFITABILITY
➣ Rental income - incasso - intervention fund
➣ Vacancy
➣ Maintenance costs
➣ Personnel costs
➣ Interest costs
➣ Taxes
➣ Dividend
B. BALANCE SHEET
➣ Property value
➣ Investment capacity
➣ Financing capacity
➣ Capital markets
C. MITIGATING FACTORS
➣ Low unemployment
➣ Indexation of wages
➣ Who is my client's client
➣ Financial position various tenants
➣ Trained RE team
➣ Cost control: OPEX (ESG/SAP)
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Retail Estates NV published this content on 20 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 March 2024 10:01:07 UTC.