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 | 31.12.2024 | 31.12.2023 | 31.12.2022 | 31.12.2021 | 31.12.2020 |
|---|---|---|---|---|---|
| I. Rental income | 351.450 | 346.550 | 317.761 | 292.349 | 251.521 |
| II. Writeback of lease payments sold and discounted | 559 | 1.365 | 6.124 | 7.262 | 9.444 |
| III. Rental-related expenses | -526 | -328 | -1.367 | -3 | -2.030 |
| Net rental income | 351.484 | 347.587 | 322.518 | 299.607 | 258.935 |
| IV. Recovery of property charges | 200 | 605 | 750 | 411 | 573 |
| V. Recovery income of charges and taxes normally payable by the tenant on let properties | 43.247 | 47.973 | 41.781 | 40.788 | 33.667 |
| VI. Costs payable by the tenant and borne by the landlord on rental damage and redecoration at end of lease | -447 | -2.110 | -1.016 | -1.987 | -330 |
| VII. Charges and taxes normally payable by the tenant on let properties | -49.177 | -55.096 | -46.499 | -44.934 | -36.888 |
| VIII. Other rental-related income and expenditure | 0 | 0 | 0 | 0 | 0 |
| Property result | 345.307 | 338.958 | 317.534 | 293.885 | 255.956 |
| IX. Technical costs | -6.633 | -4.555 | -6.128 | -6.628 | -6.051 |
| X. Commercial costs | -4.060 | -6.531 | -4.360 | -2.967 | -2.344 |
| XI. Taxes and charges on unlet properties | -3.054 | -2.762 | -3.966 | -3.188 | -2.765 |
| XII. Property management costs | -31.315 | -33.185 | -32.209 | -27.849 | -23.579 |
| XIII. Other property costs | 0 | 0 | 0 | 0 | 0 |
| Property charges | -45.063 | -47.033 | -46.663 | -40.632 | -34.740 |
| Property operating result | 300.244 | 291.925 | 270.871 | 253.253 | 221.217 |
| XIV. Corporate management costs | -13.421 | -14.222 | -13.804 | -11.935 | -10.105 |
| XV. Other operating income and expenses | 0 | 0 | 0 | 0 | 0 |
| Operating result before result on the portfolio | 286.823 | 277.703 | 257.067 | 241.318 | 211.112 |
| XVI. Gains or losses on disposals of investment properties | -15.582 | -4.052 | 4.493 | 7.768 | 4.583 |
| 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 | -123.290 | -181.653 | 77.460 | 34.506 | -13.696 |
| XIX. Other result on the portfolio | -7.434 | -25.500 | -39.466 | -34.715 | -33.815 |
| Operating result | 140.517 | 66.498 | 299.554 | 248.877 | 168.184 |
| XX. Financial income | 12.661 | 13.327 | 11.503 | 11.692 | 8.186 |
| XXI. Net interest charges | -39.532 | -39.550 | -33.349 | -27.343 | -24.541 |
| XXII. Other financial charges | -1.214 | -1.258 | -1.395 | -1.005 | -744 |
| XXIII. Changes in the fair value of financial assets and liabilities | -28.345 | -79.480 | 216.452 | 40.968 | -22.756 |
| Financial result | -56.430 | -106.961 | 193.211 | 24.312 | -39.855 |
| XXIV. Share in the result of associated companies and joint ventures | -3.739 | -7.525 | 1.289 | 2.305 | -2.473 |
| Pre-tax result | 80.348 | -47.988 | 494.054 | 275.493 | 125.856 |
| XXV. Corporate tax | -7.122 | -7.040 | -11.368 | -10.546 | -7.907 |
| XXVI. Exit tax | -80 | 857 | -118 | -1.945 | -2.315 |
| Taxes | -7.201 | -6.183 | -11.486 | -12.491 | -10.223 |
| Net result | 73.147 | -54.172 | 482.568 | 263.002 | 115.633 |
| Attributable to: | |||||
| Minority interests | 9.258 | 1.325 | -370 | 2.666 | -3.588 |
| Net result – group share | 63.889 | -55.497 | 482.938 | 260.337 | 119.222 |
| B. OTHER ELEMENTS OF COMPREHENSIVE INCOME | 31.12.2024 | 31.12.2023 | 31.12.2022 | 31.12.2021 | 31.12.2020 |
| I. Net result | 73.147 | -54.172 | 482.568 | 263.002 | 115.633 |
| II. Other elements of comprehensive income | 1.027 | 425 | -1.130 | 2.298 | 7.721 |
| A. Impact on fair value of estimated transaction costs resulting from hypothetical disposal of investment properties |
0 | 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 | 0 |
| C. Changes in the fair value of financial assets held for sale | 0 | 0 | 0 | 0 | 0 |
| D. Currency translation differences linked to conversion of foreign activities | 1.027 | 425 | -1.130 | 424 | 0 |
| E. Actuarial gains and losses on defined benefit pension plans | 0 | 0 | 0 | 0 | 0 |
| F. Income tax relating to 'Other elements of comprenhensive income' | 0 | 0 | 0 | 0 | 0 |
| G. Share in the other elements of comprehensive income of associates and joint ventures | 0 | 0 | 0 | 0 | 0 |
| H. Other elements of 'comprehensive income', net of tax | 0 | 0 | 0 | 1.873 | 7.721 |
| Convertible obligations | 0 | 1.873 | 7.721 | ||
| Comprehensive income (I+II) | 74.174 | -53.746 | 481.438 | 265.300 | 123.354 |
| Attributable to: | |||||
| Non-controlling interests | 9.258 | 1.325 | -370 | 2.666 | -3.588 |
| Shareholders of the parent | 64.916 | -55.071 | 481.808 | 262.634 | 126.943 |
Consolidated balance sheet (x 1,000 EUR)
Download the consolidated balance sheet figures
| ASSETS | 31.12.2024 | 31.12.2023 | 31.12.2022 | 31.12.2021 | 31.12.2020 |
| I. Non-current assets | 6.303.882 | 6.512.921 | 6.558.181 | 5.985.532 | 5.093.589 |
| A. Goodwill | 0 | 0 | 27.337 | 41.627 | 46.827 |
| B. Intangible assets | 1.814 | 2.128 | 2.374 | 2.487 | 2.172 |
| C. Investment properties | 5.993.928 | 6.187.930 | 6.082.541 | 5.669.990 | 4.865.581 |
| D. Other tangible assets | 2.936 | 2.111 | 2.357 | 2.019 | 1.434 |
| E. Non-current financial assets | 110.284 | 121.649 | 198.814 | 36.145 | 2.883 |
| F. Finance lease receivables | 156.944 | 158.936 | 161.534 | 147.999 | 104.889 |
| G. Trade receivables and other non-current assets | 3.732 | 6.719 | 1.827 | 1.687 | 386 |
| H. Deferred taxes | 9.664 | 9.822 | 5.593 | 3.918 | 1.390 |
| I. Participations in associates and joint ventures | 24.579 | 23.626 | 75.805 | 79.661 | 68.026 |
| II. Current assets | 136.165 | 178.500 | 245.385 | 191.421 | 160.026 |
| A. Assets held for sale | 6.400 | 43.111 | 117.270 | 39.846 | 3.320 |
| B. Current financial assets | 2.066 | 642 | 642 | 0 | 0 |
| C. Finance lease receivables | 4.542 | 4.419 | 4.139 | 3.667 | 2.367 |
| D. Trade receivables | 38.904 | 44.810 | 39.483 | 34.835 | 26.023 |
| E. Tax receivables and other current assets | 40.824 | 46.170 | 42.940 | 50.568 | 46.605 |
| F. Cash and cash equivalents | 25.802 | 19.958 | 19.611 | 19.857 | 48.642 |
| G. Accrued charges and deferred income | 17.628 | 19.390 | 21.299 | 42.648 | 33.069 |
| TOTAL ASSETS | 6.440.048 | 6.691.421 | 6.803.566 | 6.176.953 | 5.253.614 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | 31.12.2024 | 31.12.2023 | 31.12.2022 | 31.12.2021 | 31.12.2020 |
| Shareholders’ equity | 3.614.437 | 3.698.985 | 3.666.991 | 3.287.533 | 2.649.362 |
| I. Shareholders’ equity attributable to shareholders of the parent company | 3.534.991 | 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 | 849.053 | 896.826 | 936.321 | 916.019 | 804.557 |
| C. Reserves | 580.526 | 811.723 | 456.282 | 358.402 | 200.786 |
| D. Net result of the financial year | 63.889 | -55.497 | 482.938 | 260.337 | 119.222 |
| II. Non-controlling interests | 79.446 | 75.723 | 29.578 | 54.259 | 74.587 |
| Liabilities | 2.825.611 | 2.992.436 | 3.136.575 | 2.889.420 | 2.604.252 |
| I. Non-current liabilities | 1.854.596 | 1.891.516 | 2.101.636 | 1.616.425 | 1.417.964 |
| A. Provisions | 25.765 | 26.426 | 24.302 | 27.220 | 25.359 |
| B. Non-current financial debt | 1.753.269 | 1.791.325 | 2.000.483 | 1.467.877 | 1.246.850 |
| a. Credit establishments | 590.186 | 630.977 | 785.744 | 771.827 | 354.979 |
| b. Finance lease | 0 | 0 | 0 | 0 | 0 |
| c. Other | 1.163.082 | 1.160.348 | 1.214.739 | 696.050 | 891.871 |
| C. Other non-current financial liabilities | 19.749 | 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 | 55.813 | 53.744 | 61.776 | 55.022 | 45.064 |
| a. Exit tax | 0 | 0 | 0 | 0 | 0 |
| b. Other | 55.813 | 53.744 | 61.776 | 55.022 | 45.064 |
| II. Current liabilities | 971.015 | 1.100.919 | 1.034.939 | 1.272.995 | 1.186.289 |
| A. Provisions | 0 | 0 | 0 | 0 | 0 |
| B. Current financial debts | 834.068 | 953.187 | 880.054 | 1.100.189 | 1.036.612 |
| a. Credit establishments | 119.068 | 111.169 | 32.527 | 126.830 | 5.328 |
| b. Finance lease | 0 | 0 | 0 | 0 | 0 |
| c. Other | 715.000 | 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 | 114.273 | 128.645 | 132.421 | 148.911 | 126.637 |
| a. Exit tax | 0 | 0 | 2.604 | 6.704 | 6.275 |
| b. Other | 114.273 | 128.645 | 129.817 | 142.207 | 120.361 |
| E. Other current liabilities | 0 | 0 | 0 | 0 | 0 |
| F. Accrued charges and deferred income | 22.674 | 19.088 | 22.464 | 23.585 | 22.834 |
| TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES | 6.440.048 | 6.691.421 | 6.803.566 | 6.176.953 | 5.253.614 |
| (in EUR per share) | 31.12.2024 | 31.12.2023 |
| EPRA Earnings Per Share (EPS) | 6.50 | 7.07 |
| Diluted EPRA EPS | 6.50 | 7.07 |
| (in EUR per share) | 31.12.2024 | 31.12.2023 |
| EPRA Net Reinstatement Value (NRV)* (new indicator) | 101.41 | 106.54 |
| EPRA Net Tangible Assets (NTA)* (new indicator) | 93.11 | 98.11 |
| EPRA Net Disposal Value (NDV)* (new indicator) | 96.62 | 103.97 |
| 31.12.2024 | 31.12.2023 | |
| EPRA Net Initial Yield (NIY) | 5.4 % | 5.3 % |
| EPRA 'topped-up' NIY | 5.6 % | 5.5 % |
| EPRA Vacancy rate | 1.5 % | 1.6 % |
| EPRA Cost ratio (direct vacancy costs included) | 19.8 % | 21.6 % |
| EPRA Cost ratio (direct vacancy costs excluded) | 17.3 % | 18.8 % |
| EPRA LTV | 42.2 % | 43.1 % |
| EPRA LFL | 1.7 % | 5.5 % |
| EPRA Capex (in MEUR) | 140 | 505 |