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Regulated information
- Qualitative residential real estate portfolio
- Increase in the fair value of the real estate portfolio to € 671.16 million at 30 September 2021.
- The investment properties available for rent consist for 90.6% of residential real estate.
- More than 50% of the investment properties available for rent are younger than 10 years; more than 70% are younger than 20 years.
- Strong letting market results in a record occupancy rate
- Accelerating residential letting market with strong demand for qualitative housing.
- Increase of the average occupancy rate to 96.9% in the first 9 months of 2021 (compared to 94.3% in the first 9 months of 2020).
- Increase of the operating margin
- Increase of the operating margin to 69.2% in the first 9 months of 2021 (compared to 62.0 % in the first 9 months of 2020).
- Continuation of strong EPRA earnings growth
- 15.8% increase in the EPRA earnings to € 11.50 million in the first nine months of 2021 (compared to € 9.94 million in the first nine months of 2020).
- 15.7% increase in the EPRA earnings per share to € 3.50 in the first nine months of 2021 (compared to € 3.02 in the first nine months of 2020).
EPRA earnings per share | 2018 | 2019 | 2020 | 2021 |
9 months | € 2.30 | € 2.50 | € 3.02 | € 3.50 |
Full year | € 3.21 | € 3.85 | € 4.44 |
- Increase in the distributable result
- Increase in the distributable result to € 16.74 million during the first 9 months of 2021 (compared to € 12.26 million during the first 9 months of 2020.
- Increase in the distributable result per share to € 5.09 during the first 9 months of 2021 (compared to € 3.73 during the first 9 months of 2020).
- Net Asset Value per share (NAV)
- Increase in the EPRA NTA per share to € 105.02 at 30 September 2021 (+ 8.8% compared to € 96.50 at 31 December 2020).
- Well balanced capital structure and strong liquidity position
- Debt ratio of 50.25% (RREC Royal Decree) and 48.93% (IFRS) at 30 September 2021.
- The average cost of debt amounts to 1.58 % in the first 9 months of 2021.
- Home Invest Belgium has € 35 million available credit lines.
- The company has no credit lines or bonds maturing in 2021 and 2022. The first coming maturity date is in 2023.
- Dividend
- Given the solid operational results of the company, the board of directors has decided to distribute an interim dividend of € 4,25 per share in December 2021.
- The board of directors expects a dividend policy for 2021 and for the coming years which aims at a yearly dividend increase equal to or higher than the inflation.
1 | RESULTS OF THE 3RD QUARTER 2021 |
1. | Real estate portfolio | p.3 | |
2. | Consolidated key figures | p.4 | |
3. | Notes to the consolidated key figures | p.6 | |
3.1. | Notes to the consolidated income statement | p.6 | |
3.2. | Notes to the consolidated balance sheet | p.7 | |
3.3. | Funding structure | p.8 | |
4. | Activities in the first 9 months of 2021 | p.10 | |
4.1. | Rental activities | p.10 | |
4.2. | Acquisitions | p.10 | |
4.3. | Development and refurbishment projects | p.11 | |
4.4. | Sales | p.12 | |
5. | Outlook | p.13 | |
6 | Alternative performance measures | p.15 | |
7. | Shareholder's calendar | p.20 |
2 | RESULTS OF THE 3RD QUARTER 2021 |
At 30 September 2021, Home Invest Belgium holds a real estate portfolio1 of € 671.16 million, compared to € 645.63 million at 31 December 2020, or an increase of 4.0%.
REAL ESTATE PORTFOLIO | 30/09/2021 | 31/12/2020 |
Fair value of investment properties | € 648.55 m | € 623.88 m |
Investment properties available for rent | € 620.18 m | € 592.89 m |
Development projects | € 28.36 m | € 30.99 m |
Investments in associated companies and joint ventures | € 22.62 m | € 21.75 m |
TOTAL | € 671.16 m | € 645.63 m |
The fair value of the investment properties available for rent amounts to € 620.18 million across 48 sites.
The total contractual annual rents and the estimated rental value of vacant space is € 30.09 million as at 30 September 2021.
The investment properties available for rent are valued by independent real estate experts at an average gross rental yield2 of 4.9%.
Residential properties accounted for 90.6% of investment properties available for rent at 30 September 2021.
At 30 September 2021, 69.2% of the investment properties available for rent are located in the Brussels Capital Region, 12.6% in the Walloon Region, 10.1% in the Flemish Region and 8.1% in The Netherlands.
Investment properties available for rent | Investment properties available for rent | ||
By type | By geographical distribution | ||
- The estate portfolio consists of (i) investment properties and (ii) investments in associated companies and joint ventures equity method.
- Gross rental yield = (contractual gross rents on a yearly basis + estimated rental value on vacant spaces) / (fair value of the investment properties available for rent).
3 | RESULTS OF THE 3RD QUARTER 2021 |
CONSOLIDATED KEY FIGURES | (in k €) | ||
INCOME STATEMENT | 30/09/2021 | 30/09/2020 | |
NET RENTAL INCOME | 20.015 | 19.567 | |
OPERATIONAL RESULT BEFORE PORTFOLIO RESULT | 13.848 | 12.130 | |
OPERATING MARGIN3 | 69,2% | 62,0% | |
XVI. Result on the sale of investment properties | 431 | 763 | |
XVIII. Changes in fair value of investment properties | 17.609 | 4.142 | |
XIX. Other portfolio result | 756 | -549 | |
PORTFOLIO RESULT | 18.796 | 4.356 | |
OPERATING RESULT | 32.644 | 16.487 | |
XX. Financial income | 46 | 46 | |
XXI. Net interest charges | -3.312 | -3.133 | |
XXII. Other financial charges | -75 | -30 | |
XXIII. Changes in fair value of financial assets and liabilities | 2.107 | -3.871 | |
FINANCIAL RESULT | -1.234 | -6.988 | |
XXIV. Share in the profit of associated companies and joint ventures | 1.629 | 462 | |
TAXES | -162 | -177 | |
NET RESULT | 32.876 | 9.784 | |
Exclusion of portfolio result | -18.796 | -4.356 | |
Exclusion of changes in real value of financial assets and liabilities | -2.107 | +3.871 | |
Exclusion of non-EPRA elements of the share in the result of associated companies and joint ventures | -471 | +638 | |
EPRA EARNINGS4 | 11.502 | 9.936 | |
Average number of shares5 | 3.288.501 | 3.288.146 | |
NET RESULT PER SHARE (in €) | 10,00 | 2,98 | |
EPRA EARNINGS PER SHARE (in €) | 3,50 | 3,02 |
- Operating margin = (operating result before portfolio result)/(net rental result).
- EPRA earnings is the net result excluding the (i) portfolio result (ii) the changes in the fair value of financial assets and liabilities and (iii) the non-EPRA elements of the share in the result of associated companies and joint ventures. This term is used in accordance with the Best Practices Recommendations of EPRA.
- The average number of shares is calculated excluding the 11.176 shares held by the company.
4 | RESULTS OF THE 3RD QUARTER 2021 |
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Home Invest Belgium NV published this content on 18 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 November 2021 16:52:09 UTC.