Full Year Results
2024
Qrf's reduced risk profile is the result of a long term commitment to executing on strategy accelerated by 2024 achievements
• Asset rotation of non-core assets to the | • Like-for-like rental growth of 1.67% |
amount of 52,39 MEUR over the period 2019- | |
2024 | • 70% of assets in "main six" cities in Belgium |
• Sale of the Dutch real estate portfolio | |
• Realisation of Joint Venture projects in | • 100% occupancy rate |
Antwerp and Leuven, returning 12-15% IRR at | |
exit | • Reduced debt ratio from 52.19% to 43.60% |
• Active asset management to ensure tenant | |
(-859bps) without forward investment commit | |
partnership | |
• Conscious debt maturity and hedging | • Increased EPRA NTA +0.6 EUR per share |
management | (+3.94%) to 15.85 EUR per share |
• 100% hedging ratio till mid-2027 and predictability of financial costs
Risk reducing actions have reduced the Net Rental income with 12.39%, but the EPRA result per share has only reduced with 6.95% resulting in a substantial downward risk adjustment and a 43.6% debt ratio
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Belgian Real Estate Investment Trust (BE-REIT)
Listed on Euronext since 2013, reference shareholder (30%) since 2019
Invest, redevelop and rent out commercial properties in dominant cities in Belgium
219,75 MEUR in real estate assets, of which 9,2% are currently in redevelopment
Active and opportunistic diversification strategy towards mixed-use real estate assets and balanced portfolio of retail, culture and leisure tenants
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Brugge (BE) - state archives
Acquired 2020
Portfolio statistics
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219,75 MEUR real estate assets in Belgium
"Main Six"- cities
Gent24%
Antwerpen20%
Hasselt16%
Brugge10%
∑ 70%
As a percentage of Fair Value of real estate assets, including redevelopment projects (both fixed assets and financial assets)
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Diversified tenants across sectors and counterparties
Top 10 represent 63,29% of Rental Income
(in % of Contractual Rents)
13.1%
9.0%
7.0% 6.9%
6.1%
5.2%
4.3% 4.2% 4.0% 3.6%
Regie der Gebouwen | Galeria Inno | The Sting | Casa International | H&M | Kruidvat | Hema | Stellantis & You | Nike | Just Retail |
Fashion | |||||||
4.22% | Department Store | ||||||
4.89% | |||||||
Culture | |||||||
5.44% | |||||||
26.14% | Beauty & Care | ||||||
7.77% | Interior & Decoration | ||||||
Shoes | |||||||
Leisure | |||||||
8.83% | Car | ||||||
Food | |||||||
Convenience Store | |||||||
10.28% | 13.26% | Services | |||||
Residential | |||||||
13.08% | |||||||
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Maintaining high occupancy rate as a key driver for EPRA
99,35% | 99,24% | 99,74% | 100,00% | ||||||||
98,90% | 99,01% | ||||||||||
98,45% | |||||||||||
98,02% | 98,20% | ||||||||||
97,59% | |||||||||||
97,32% | 97,39% | ||||||||||
30/06/2019 | 31/12/2019 | 30/06/2020 | 31/12/2020 | 30/06/2021 | 31/12/2021 | 30/06/2022 | 31/12/2022 | 30/06/2023 | 31/12/2023 | 30/06/2024 | 31/12/2024 |
Occupancy rate excluding redevelopment projects
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Korenmarkt 1, Gent - acquired on 30 December 2022 for 21 MEUR, representing 1,87 MEUR net rental income
2024 Highlights
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