Financial results
Consolidated comprehensive result - Form Royal Decree of 13.07.2014 (x 1,000 EUR)
Download the consolidated comprehensive result figures
| A. NET RESULT | 30.09.2024 | 30.09.2023 | 30.09.2022 | 30.09.2021 | 30.09.2020 |
|---|---|---|---|---|---|
| I. Rental income | 263.149 | 257.160 | 235.650 | 216.966 | 186.372 |
| II. Writeback of lease payments sold and discounted | 419 | 1.238 | 5.208 | 5.446 | 7.083 |
| III. Rental-related expenses | -345 | -208 | -18 | -3 | -1.966 |
| Net rental income | 263.223 | 258.190 | 240.841 | 222.409 | 191.488 |
| IV. Recovery of property charges | 194 | 315 | 547 | 407 | 264 |
| V. Recovery income of charges and taxes normally payable by the tenant on let properties | 38.379 | 41.128 | 38.655 | 41.189 | 30.341 |
| VI. Costs payable by the tenant and borne by the landlord on rental damage and redecoration at end of lease | -304 | -484 | -686 | -723 | -22 |
| VII. Charges and taxes normally payable by the tenant on let properties | -43.997 | -46.731 | -42.675 | -44.596 | -33.319 |
| VIII. Other rental-related income and expenditure | 0 | 0 | 0 | 0 | 0 |
| Property result | 257.495 | 252.417 | 236.681 | 218.686 | 188.752 |
| IX. Technical costs | -2.915 | -1.521 | -3.192 | -3.546 | -2.128 |
| X. Commercial costs | -3.171 | -4.326 | -3.316 | -2.146 | -1.867 |
| XI. Taxes and charges on unlet properties | -2.756 | -3.067 | -3.075 | -2.784 | -2.546 |
| XII. Property management costs | -23.748 | -25.142 | -23.792 | -20.732 | -17.446 |
| XIII. Other property costs | 0 | 0 | 0 | 0 | 0 |
| Property charges | -32.590 | -34.056 | -33.374 | -29.208 | -23.986 |
| Property operating result | 224.905 | 218.361 | 203.306 | 189.478 | 164.766 |
| XIV. Corporate management costs | -10.178 | -10.775 | -10.197 | -8.885 | -7.477 |
| XV. Other operating income and expenses | 0 | 0 | 0 | 0 | 0 |
| Operating result before result on the portfolio | 214.728 | 207.586 | 193.110 | 180.593 | 157.289 |
| XVI. Gains or losses on disposals of investment properties | 7.792 | -4.715 | 2.098 | 2.243 | 3.462 |
| XVII. Gains or losses on disposals of other non-financial assets | 0 | 0 | 0 | 0 | 0 |
| XVIII. Changes in the fair value of investment properties | -112.326 | -113.461 | 115.735 | 1.418 | 191 |
| XIX. Other result on the portfolio | -7.499 | -5.301 | -24.708 | -18.010 | -26.785 |
| Operating result | 102.694 | 84.108 | 286.234 | 166.243 | 134.157 |
| XX. Financial income | 9.736 | 9.276 | 8.371 | 9.042 | 6.230 |
| XXI. Net interest charges | -29.646 | -30.324 | -23.722 | -18.907 | -18.015 |
| XXII. Other financial charges | -848 | -931 | -1.072 | -757 | -550 |
| XXIII. Changes in the fair value of financial assets and liabilities | -25.364 | -8.884 | 210.801 | 22.793 | -21.450 |
| Financial result | -46.122 | -30.863 | 194.378 | 12.171 | -33.785 |
| XXIV. Share in the result of associated companies and joint ventures | -2.496 | -5.668 | 1.773 | -53 | 291 |
| Pre-tax result | 54.076 | 47.577 | 482.385 | 178.362 | 100.662 |
| XXV. Corporate tax | -6.296 | -8.078 | -7.641 | -7.322 | -3.555 |
| XXVI. Exit tax | 0 | 590 | 0 | -259 | -706 |
| Taxes | -6.296 | -7.488 | -7.641 | -7.581 | -4.261 |
| Net result | 47.781 | 40.089 | 474.744 | 170.780 | 96.401 |
| Attributable to: | |||||
| Minority interests | 5.949 | 1.558 | 1.825 | 2.209 | -2.562 |
| Net result – group share | 41.832 | 38.530 | 472.918 | 168.571 | 98.963 |
| B. OTHER ELEMENTS OF COMPREHENSIVE INCOME | 30.09.2024 | 30.09.2023 | 30.09.2022 | 30.09.2021 | 30.09.2020 |
| I. Net result | 47.781 | 40.089 | 474.744 | 170.780 | 96.401 |
| II. Other elements of comprehensive income | 847 | 540 | -1.100 | 1.873 | 2.725 |
| A. Impact on fair value of estimated transaction costs resulting from hypothetical disposal of investment properties |
0 | 0 | 0 | 0 | |
| B. Changes in the effective part of the fair value of authorised cash flow hedge instruments as defined under IFRS |
0 | 0 | 0 | 0 | |
| C. Changes in the fair value of financial assets held for sale | 0 | 0 | 0 | 0 | |
| D. Currency translation differences linked to conversion of foreign activities | 847 | 540 | -1.100 | 0 | 0 |
| E. Actuarial gains and losses on defined benefit pension plans | 0 | 0 | 0 | 0 | |
| F. Income tax relating to 'Other elements of comprenhensive income' | 0 | 0 | 0 | 0 | |
| G. Share in the other elements of comprehensive income of associates and joint ventures | 0 | 0 | 0 | 0 | |
| H. Other elements of 'comprehensive income', net of tax | 0 | 0 | 1.873 | 2.725 | |
| Convertible obligations | 0 | 0 | 1.873 | 2.725 | |
| Comprehensive income (I+II) | 48.627 | 40.629 | 473.644 | 172.654 | 99.126 |
| Attributable to: | |||||
| Non-controlling interests | 5.949 | 1.558 | 1.825 | 2.209 | -2.562 |
| Shareholders of the parent | 42.679 | 39.071 | 471.819 | 170.445 | 101.688 |
Consolidated balance sheet (x 1,000 EUR)
Download the consolidated balance sheet figures
| ASSETS | 30.09.2024 | 31.12.2023 | 31.12.2022 | 31.12.2021 | 31.12.2020 |
| I. Non-current assets | 6.440.465 | 6 512 921 | 6 558 181 | 5 985 532 | 5 093 589 |
| A. Goodwill | 0 | 0 | 27337 | 41 627 | 46 827 |
| B. Intangible assets | 1.821 | 2 128 | 2 374 | 2 487 | 2 172 |
| C. Investment properties | 6.120.014 | 6 187 930 | 6 082 541 | 5 669 990 | 4 865 581 |
| D. Other tangible assets | 2.045 | 2 111 | 2 357 | 2 019 | 1 434 |
| E. Non-current financial assets | 122.033 | 121 649 | 198 814 | 36 145 | 2 883 |
| F. Finance lease receivables | 157.236 | 158 936 | 161 534 | 147 999 | 104 889 |
| G. Trade receivables and other non-current assets | 3.654 | 6 719 | 1 827 | 1 687 | 386 |
| H. Deferred taxes | 8.243 | 9 822 | 5 593 | 3 918 | 1 390 |
| I. Participations in associates and joint ventures | 25.419 | 23 626 | 75 805 | 79 661 | 68 026 |
| II. Current assets | 193.642 | 178 500 | 245 385 | 191 421 | 160 026 |
| A. Assets held for sale | 57.397 | 43 111 | 117 270 | 39 846 | 3 320 |
| B. Current financial assets | 1.608 | 642 | 642 | ||
| C. Finance lease receivables | 4.520 | 4 419 | 4 139 | 3 667 | 2 367 |
| D. Trade receivables | 40.471 | 44 810 | 39 483 | 34 835 | 26 023 |
| E. Tax receivables and other current assets | 42.712 | 46 170 | 42 940 | 50 568 | 46 605 |
| F. Cash and cash equivalents | 26.720 | 19 958 | 19 611 | 19 857 | 48 642 |
| G. Accrued charges and deferred income | 20.213 | 19 390 | 21 299 | 42 648 | 33 069 |
| TOTAL ASSETS | 6.634.107 | 6 691 421 | 6 803 566 | 6 176 953 | 5 253 614 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | 30.09.2024 | 31.12.2023 | 31.12.2022 | 31.12.2021 | 31.12.2020 |
| Shareholders’ equity | 3.589.176 | 3 698 985 | 3 666 991 | 3 287 533 | 2 649 362 |
| I. Shareholders’ equity attributable to shareholders of the parent company | 3.512.755 | 3 623 262 | 3 637 413 | 3 233 274 | 2 574 775 |
| A. Capital | 2.041.523 | 1 970 211 | 1 761 872 | 1 698 517 | 1 450 210 |
| B. Share premium account | 900.424 | 896 826 | 936 321 | 916 019 | 804 557 |
| C. Reserves | 528.976 | 811 723 | 456 282 | 358 402 | 200 786 |
| D. Net result of the financial year | 41.832 | - 55 497 | 482 938 | 260 337 | 119 222 |
| II. Non-controlling interests | 76.421 | 75 723 | 29 578 | 54 259 | 74 587 |
| Liabilities | 3.044.931 | 2 992 436 | 3 136 575 | 2 889 420 | 2 604 252 |
| I. Non-current liabilities | 1.878.162 | 1 891 516 | 2 101 636 | 1 616 425 | 1 417 964 |
| A. Provisions | 26.723 | 26 426 | 24 302 | 27 220 | 25 359 |
| B. Non-current financial debt | 1.775.396 | 1 791 325 | 2 000 483 | 1 467 877 | 1 246 850 |
| a. Credit establishments | 608.503 | 630 977 | 785 744 | 771 827 | 354 979 |
| b. Finance lease | 0 | 0 | 0 | 0 | 0 |
| c. Other | 1.166.893 | 1 160 348 | 1 214 739 | 696 050 | 891 871 |
| C. Other non-current financial liabilities | 20.021 | 20 021 | 15 074 | 66 305 | 100 690 |
| D. Trade debts and other non-current debts | 0 | 0 | 0 | 0 | 0 |
| E. Other non-current liabilities | 0 | 0 | 0 | 0 | 0 |
| F. Deferred tax liabilities | 55.292 | 53 744 | 61 776 | 55 022 | 45 064 |
| a. Exit tax | 0 | 0 | 0 | 0 | 0 |
| b. Other | 55.292 | 53 744 | 61 776 | 55 022 | 45 064 |
| II. Current liabilities | 1.166.769 | 1 100 919 | 1 034 939 | 1 272 995 | 1 186 289 |
| A. Provisions | 0 | 0 | 0 | 0 | 0 |
| B. Current financial debts | 1.018.550 | 953 187 | 880 054 | 1 100 189 | 1 036 612 |
| a. Credit establishments | 146.548 | 111 169 | 32 527 | 126 830 | 5 328 |
| b. Finance lease | 0 | 0 | 0 | 0 | 0 |
| c. Other | 872.002 | 842 018 | 847 526 | 973 358 | 1 031 283 |
| C. Other current financial liabilities | 0 | 0 | 0 | 310 | 206 |
| D. Trade debts and other current debts | 125.266 | 128 645 | 132 421 | 148 911 | 126 637 |
| a. Exit tax | 0 | 0 | 2 604 | 6 704 | 6 275 |
| b. Other | 125.266 | 128 645 | 129 817 | 142 207 | 120 361 |
| E. Other current liabilities | 0 | 0 | 0 | 0 | 0 |
| F. Accrued charges and deferred income | 22.952 | 19 088 | 22 464 | 23 585 | 22 834 |
| TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES | 6.634.107 | 6 691 421 | 6 803 566 | 6 176 953 | 5 253 614 |
| (in EUR per share) | 30.09.2024 | 30.09.2023 |
| EPRA Earnings Per Share (EPS) | 4.88 | 5.33 |
| Diluted EPRA EPS | 4.88 | 5.33 |
| (in EUR per share) | 30.09.2024 | 31.12.2023 |
| EPRA Net Reinstatement Value (NRV)* (new indicator) | 100.88 | 106.54 |
| EPRA Net Tangible Assets (NTA)* (new indicator) | 92.48 | 98.11 |
| EPRA Net Disposal Value (NDV)* (new indicator) | 96.42 | 103.97 |
| 30.09.2024 | 31.12.2023 | |
| EPRA Net Initial Yield (NIY) | 5.6 % | 5.5 % |
| EPRA 'topped-up' NIY | 5.6 % | 5.5 % |
| EPRA Vacancy rate | 1.8 % | 1.6 % |
| EPRA Cost ratio (direct vacancy costs included) | 19.4 % | 21.6 % |
| EPRA Cost ratio (direct vacancy costs excluded) | 16.6 % | 18.8 % |
| EPRA LTV | 44.3 % | 43.1 % |