RETAIL ESTATES SA ANNUAL REPORT
2023-2024
2 RETAIL ESTATES I SUMMARY
SUMMARY
2023-2024
IN BRIEF
P. 8
1
REMARKABLE
REAL ESTATE
FACTS
P. 4
2
LETTER TO THE SHAREHOLDERS
P. 12
3
MANAGEMENT REPORT
P. 16
4
SUSTAINABILITY REPORT
P. 82
5
RETAIL ESTATES
ON THE STOCK
EXCHANGE
P. 130 | 6 |
REAL ESTATE
REPORT
P. 139
ANNUAL REPORT 2023-2024 | 3 |
8
RISK
FACTORS
P. 248
7 | 9 |
FINANCIAL | PERMANENT |
REPORT | DOCUMENT |
P. 176 | P. 262 |
10
MISCELLANEOUS
P. 280
4 RETAIL ESTATES I REMARKABLE REAL ESTATE FACTS
1REMARKABLE REAL ESTATE FACTS 1998-2024
1998
Retail Estates on the stock exchange
IPO and first listing on Euronext Brussels
1999
Strengthening of the capital
1st public capital increase
2002
Independent
Retail Estates becomes an independently managed investment company with fixed capital
2003
Strengthening of the capital
2nd public capital increase
2008
Value real estate portfolio
Real estate portfolio reaches the milestone of EUR 250 million
2011
Value real estate portfolio
Real estate portfolio reaches the milestone of EUR 500 million
2012
Optional stock dividend
Retail Estates offers choice to shareholders
2013
Strengthening of the capital
3rd public capital increase
2014
Diversification of financing sources
bond issue - private placement
Sicaf becomes
Belgian Reit
2015
Strengthening of the capital
4th public capital increase
2016
Value real estate portfolio
Real estate portfolio reaches the milestone of EUR 1 billion
Diversification of financing sources
bond issue - private placement
2019
Value real estate portfolio
Real estate portfolio reaches the milestone of EUR 1,5 billion
2020
Diversification of financing sources
ANNUAL REPORT 2023-2024 | 5 |
2022
Full recovery
Operational results restored to precorona level
2023
25th anniversary of Retail Estates
2017
Inclusion in
EPRA index
The inclusion in the EPRA index contributes to the share's visibility
2018
20 years Retail Estates on the stock exchange
Additional listing on
Euronext Amsterdam
Strengthening of the capital
5th public capital increase
Expansion to the Netherlands
bond issue - private placement of EUR 75 million
2021
Stable portfolio valuations
Despite months of mandatory shop closures due to the corona crisis, the dividend remains inflation proof
2024
Acquisition
Alexandrium Megastores
Portfolio value
Property portfolio reaches EUR 2 billion
6 RETAIL ESTATES I 23/24 IN BRIEF
HIGHLIGHTS OF THE PAST
FINANCIAL YEAR
RESULTS
Like-for-like evolution ofGross dividend
rental income | € 5 |
(at constant portfolio) | |
+6.5% | +2% |
Net rental income | EPRA result | EPRA result |
per share1 |
€ 138.83 mio | € 6.18 | € 88.37 mio |
+10.7% | +9.77% | |
+6.81% | ||
(excl. non-recurring income)2 |
(excl. non-recurring income)2
DATA PER SHARE
RETAIL ESTATES - EPRA NTA - IFRS NAW | EPRA NTA | |
78.15 € | ||
90 | ||
100 |
80
70
60
50
40
30
20
10
0
Share price
on 31 March 2024
04/23 | 05/23 | 06/23 | 07/23 | 08/23 | 09/23 | 10/23 | 11/23 | 12/23 | 01/24 | 02/24 | 03/24 | 04/24 | 65 | |
Retail Estates nv | EPRA NTA | IFRS NAW | € | |||||||||||
- Based on weighted average number of shares.
- EPRA earnings per share at 31 March 2023 is EPRA earnings at 31 March 2023 adjusted for non-recurring results due to various refunds of Dutch corporate taxes relating to previous financial years.
ANNUAL REPORT 2023-2024 | 7 |
REAL ESTATE PORTFOLIO
Occupancy rate
Estimated fair value
property
97.89%
=
€ 2,028.32
€ 81.50 mio
+7.4%
Acquisition of retail park Alexandrium
Megastores in Rotterdam (the Netherlands)
BALANCE SHEET
60 | DEBT RATIO | 44.6 | |
55 | % | ||
50 | |||
45 | |||
40 | |||
35 | |||
30 |
ESG
€ 12.5 mio
investments in making our property more sustainable
14.2 %
of the EPRA result was invested in sustainability
CAPITAL
Capital increase | |
€ 16.90 mio | 289,760 new shares |
Capital and share premiums |
€ 699.53 mio 14,375,587 shares
8 RETAIL ESTATES I 23/24 IN BRIEF
2023-2024
IN BRIEF
GEOGRAPHICAL | TYPE OF | COMMERCIAL ACTIVITIES OF | ||||||||
DISTRIBUTION | BUILDING | TENANTS | ||||||||
10,70% | 1,64% | |||||||||
Horeca | 5,73% | |||||||||
0,22% | Individual | |||||||||
Other | ||||||||||
37,46% | 34,59% | Other | peripheral | 2,64% | ||||||
The | Flanders | retailproperties | ||||||||
Leisure | ||||||||||
Netherlands | ||||||||||
11,88% | 14,89% | |||||||||
Commodities | ||||||||||
Retail | ||||||||||
+ Food | ||||||||||
clusters | ||||||||||
16,34% | 58,76% | |||||||||
Fashion | ||||||||||
Home | ||||||||||
77,20% | improvement | |||||||||
27,95% | Retail parks | |||||||||
Wallonia | ||||||||||
Fair value | ||||||||||
302 | 718 | 2 028 317 000 | € | |||||||
Retail Estates nv has concentrated on continuously | ||||||||||
Retail properties in | Retail properties | |||||||||
The Netherlands | in Belgium | improving the quality of its properties and the | ||||||||
expansion of its real estate portfolio. |
1 020
Retail properties
The real estate portfolio of
Retail Estates nv consists of retail properties located outside the largest cities of Belgium and the Netherlands
GENDER DIVERSITY
31 18
Retail area
1 228 577 m2
Retail Estates expands its real estate portfolio through acquisitions, project developments and investments in the optimisation of its real estate portfolio.
GROWTH PORTFOLIO RETAIL ESTATES NV
BETWEEN 1998 AND 2024
FAIR VALUE BELGIUM
FAIR VALUE THE NETHERLANDS
SURFACE AREA M² BELGIUM
SURFACE AREA M² THE NETHERLANDS
98 | 99 | 00 | 01 | 02 | 03 | 04 | 05 | 06 | 07 | 08 | 09 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 |
ANNUAL REPORT 2023-2024 | 9 |
GEOGRAPHICAL
SPREAD CLUSTERS
ROTTERDAM
Expansion in The Netherlands
Acquisition Alexandrium Megastores
(EUR 81.5m) and additional acquisitions of 2 retail units in Woonmall Alexandrium (EUR 4.8m).
Stable occupancy rate
97.89 %
Occupancy levels remained at high levels due to lease renewals and because vacant properties are quickly re-let.
RECOGNITION BY EPRA
'RETAIL ESTATES WAS AGAIN
INCLUDED IN THE EPRA ANNUAL
REPORT SURVEY AND WAS
AWARDED TWO GOLD MEDALS FOR FINANCIAL REPORTING AND SUSTAINABILITY REPORTING.'
10 RETAIL ESTATES I REMARKABLE REAL ESTATE FACTS
KEY FIGURES 2022-2024
The financial year of retail estates nv starts on 1 april and ends on 31 march. The key figures below are consolidated figures.
31.03.2023 | ||||||||
31.03.2024 | (excluding non- | 31.03.2023 | 31.03.2022 | |||||
REAL ESTATE PORTFOLIO | recurring income2) | |||||||
Number of properties | 1,020 | 1,013 | 987 | |||||
Total lettable area in m² | 1,228,576 | 1,211,004 | 1,177,577 | |||||
Estimated fair value (in €) | 2,028,317,000 | 1,888,562,000 | 1,759,879,000 | |||||
Estimated investment value (in €) | 2,134,531,000 | 1,983,204,000 | 1,833,757,000 | |||||
Average rent prices per m² | 119.06 | 114.89 | 104.14 | |||||
Occupancy rate | 97.89% | 98.08% | 97.83% | |||||
31.03.2023 | ||||||||
31.03.2024 | (excluding non- | 31.03.2023 | 31.03.2022 | |||||
BALANCE SHEET INFORMATION | recurring income2) | |||||||
Shareholders' equity | 1,174,361,000 | 1,104,064,000 | 920,980,000 | |||||
Shareholders' equity attributable to the | ||||||||
shareholders of the parent company | 1,167,356,083 | 1,097,249,112 | 920,980,000 | |||||
Debt ratio (RREC legislation, max. | ||||||||
65%)1 | 44.62% | 44.77% | 49.15% | |||||
31.03.2023 | ||||||||
31.03.2024 | (excluding non- | 31.03.2023 | 31.03.2022 | |||||
RESULTS | recurring income2) | |||||||
Net rental income | 138,829,000 | 125,401,000 | 115,579,000 | |||||
Property result | 136,431,000 | 123,482,000 | 113,504,000 | |||||
Property costs | -16,340,000 | -15,332,000 | -10,524,000 | |||||
Operating corporate costs and other | ||||||||
current operating income and expenses | -8,473,000 | -7,097,000 | -6,050,000 | |||||
Operating result before result on | ||||||||
portfolio | 111,617,000 | 101,053,000 | 96,930,000 | |||||
Result on portfolio | 50,425,000 | 51,460,000 | 22,096,000 | |||||
Operating result | 162,043,000 | 152,513,000 | 119,026,000 | |||||
Financial result | -38,059,000 | 22,723,000 | 16,158,000 | |||||
Net result (share Group) | 122,967,000 | 180,621,000 | 131,837,000 | |||||
EPRA resultaat (aandeel Groep) | 88,366,000 | 80,501,000 | 88,203,000 | 75,265,000 |
- The Royal Decree of 13 July 2014 relating to the regulated real estate companies (the «RREC R.D.»), last modified by the Royal Decree of 23 april 2018 in execution of the Law of 12 May 2014 relating to the regulated real estate companies (the «RREC Law»).
- EPRA earnings per share at 31 March 2023 is EPRA earnings at 31 March 2023 adjusted for non-recurring results due to various refunds of Dutch corporate taxes relating to previous financial years.
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Retail Estates NV published this content on 19 June 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 June 2024 05:07:01 UTC.
