Half Year Results
2024
Transformative realisations in 2024 H1...
1• Sale of Pelican BV (30% joint venture) for 10.60 MEUR (+72.86% vs latest FV); 15.13% IRR
2• Sale of the Dutch real estate portfolio at Fair Value for ˜20 MEUR
3• Sale of out-of-townasset 4.71% above Fair Value for 6.00 MEUR
4• Long-term lease for Ardeno (30% Qrf), with estimated impact of 0.05 EUR per share in 2024
... have significantly reduced risk profile and increased income potential
- Reduced debt ratio from 52.19% to 43.65% (-900bps) without forward investment commit
- Increased EPRA NTA +0.49 EUR per share
- 100% hedging ratio on average till mid-2027 and predictability of financial costs
- No negative EPRA P/L per share impact expected
- Increase dividend to 0.84 EUR per share (+5.00%)
2
3
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 and The Netherlands
216,56 MEUR in real estate assets, of which 8,4% are currently in redevelopment
Active and opportunistic diversification strategy towards mixed-use real estate assets and balanced portfolio of retail, culture and leisure tenants
4
Brugge (BE) - state archives
Acquired 2020
Portfolio statistics
6
216.56 MEUR real estate assets in Belgium
"Main Six"-cities
Gent | 23% |
Antwerpen | 20% |
Hasselt | 16% |
Brugge | 10% |
∑ 69% |
9%
91%
As a percentage of Fair Value of real estate assets, including redevelopment | 7 |
projects (both fixed assets and financial assets) |
Diversified tenants across sectors and counterparties
13,0%
Top 10 represent 64,20% of Rental Income
(in % of Contractual Rents)
8,9%
7,0% 6,8%
6,2%
5,3%
4,4% 4,3% 4,2% 4,0%
Regie Der Gebouwen | Galeria Inno | The Sting | Casa International | H&M | Kruidvat | Hema | Just retail | Stellantis & You | Nike |
4.86%
5.47% 3.82%
2.49%
7.78%
8.81% | 27.35% |
9.53%
13.02%
13.29%
Fashion
Department Store
Culture
Beauty & Care
Interior & Decoration
Shoes
Leisure
Car
Food
Convenience Store
Services
Residential
8
Maintaining high occupancy rate as a key driver for EPRA
99,74%
99,35% | 99,01% | 99,24% |
98,90% |
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 |
Occupancy rate excluding redevelopment projects | 9 |
Korenmarkt 1, Gent - acquired on 30 December 2022 for 21 MEUR, representing 1,87 MEUR rental income
H1 2024 Highlights
10