Vitura: 2021 Annual Results
- No. 1 worldwide for its sustainable development strategy in 2021 GRESB ranking
- 100% collection rate
- Acquisition of an asset with high value-creation potential
- Green loan signed for €525 million
- Portfolio value up 7.7%
- EPRA NTA stable at €49.0 per share
- Dividend payout of €1.25 per share
Regulatory News:
Vitura (Paris:VTR):
Jérôme Anselme, Chief Executive Officer of Vitura, commented: "Despite the ongoing global pandemic and uncertain environment, 2021 was a very active year for Vitura, with the acquisition of our second Parisian real estate asset, solid rental transactions and the success of our CSR strategy rewarded by the GRESB and marked by the signature of a €525 million green loan. Driven by the new Vitura identity, we are reimagining sustainable, flexible office spaces of the future that will continue to meet the high expectations of our users. We are confident that 2022 will be another very dynamic year for our teams, with plans to carry out extensive work on our properties in order to improve the quality of our assets and create long-term value for our shareholders."
A new identity that reflects Vitura's asset management strategy
In 2021, shareholders approved Vitura's new identity, a name that conveys the notions of vitality, agility, and sustainability – the values that guide the Company on a daily basis. The accompanying brand vision, “Workplaces for People. By people.” emphasizes the trust-based partnerships Vitura forges with its stakeholders, who share its goal of long-term value creation.
This goal was illustrated throughout the year, in particular with the acquisition of the Office Kennedy property, an iconic 10,000-sq.m asset with strong value creation potential. Adjacent to the Passy Kennedy building acquired in 2018, it gives the Company the opportunity to offer modern amenities and connected spaces redesigned as living areas where lessees can meet and interact.
Strong letting activity
In 2021, leases were signed, extended or renewed on 26,500 sq.m, i.e., 15% of the portfolio's total surface area. Thanks to these lettings, the average remaining lease term was unchanged at 4.9 years and rental income remained stable over the period, totalling 63.3 million in 2021. This amount takes into account termination indemnities paid by lessees, covering the rental income due under their lease. Excluding termination indemnities, rental income amounted to €55.4 million, compared with €63.0 million in 2020.
The momentum has continued into 2022, with leases signed on 16,000 sq.m since September 30, 2021 (of which 9,000 sq.m in early 2022). In particular, the Arcs de Seine building will welcome two new tenants: the Idex group, a leader in the local and renewable energy market, and BaByliss, a subsidiary of the Conair group. Existing tenant Huawei, a world leader in telecoms currently accounting for 7.5% of the portfolio's surface area, has chosen to extend the non-cancellable term of its lease to 2026.
Vitura's portfolio occupancy rate stood at 78.5% at December 31, 2021, with the Office Kennedy building fully let, and 77.3% on a like-for-like basis, compared with 90.1% at December 31, 2020. This decrease is mainly attributable to Canal+'s departure from the Arcs de Seine building, Vinci's departure from the Hanami campus and Crédit Foncier de France's partial departure from Rives de Bercy. Crédit Foncier de France will continue to occupy half the surface area of Rives de Bercy until December 31, 2022, having extended its lease for an additional year. Potential tenants have already expressed an interest in the vacant units, which are either recently renovated or currently undergoing redevelopment, reflecting the properties' attractiveness and the portfolio's solid fundamentals.
Vitura places the continuous improvement of its assets at the heart of its asset management strategy. Following the repositioning of the Europlaza tower, the Arcs de Seine building’s entrance hall has been completely redesigned to provide trendy new spaces where tenants can meet and interact.
The estimated value (excluding transfer duties) of Vitura's assets stood at €1,560 million at December 31, 2021, up 7.7% as reported and 0.6% like for like from €1,448 million at December 31, 2020, reflecting the portfolio's resilience.
EPRA "topped-up" NIY stood at 4.0% at December 31, 2021.
Solid financial fundamentals
Vitura’s EPRA earnings totaled €38.7 million for 2021 and €39.0 million like for like, down €3.4 million as reported. This decrease was mainly attributable to refinancing costs and the impact of the temporary vacancy of certain units.
Recurring cash flow, supported by the financial strength of our tenants who have paid 100% of their rent, stood at €45.7 million at December 31, 2021, compared with €46.6 million in 2020.
IFRS net attributable income rose sharply, coming in at €36.9 million in 2021, compared with €16.1 million in 2020. The increase mainly results from an increase in property values in 2021, after a decrease in 2020.
EPRA NTA stood at €824.1 million at December 31, 2021, up from €779.3 million one year earlier. The increase reflects growth in IFRS consolidated net income (positive €35.6 million impact), the dividend payout (negative €31.8 million impact) and capital increase carried out in October 2021 (positive €33.4 million). At December 31, 2021, EPRA NTA stood at €49.0 per share.
The Group's IFRS consolidated net debt stood at €830 million at December 31, 2021, up €62 million compared to the previous year. This change is mainly due to €66 million in financing taken out for the acquisition of the Office Kennedy building. A €525 million sustainable refinancing agreement was also signed in November 2021 extending the maturity of the Group's debt and strengthening its financial structure. The loan-to-value ratio remains stable at 53.2%, with an average maturity of nearly 4 years, and an average interest rate of 1.6%.
Strong commitment to sustainable development
Vitura has always been firmly committed to environmental, social and governance (ESG) issues.
This year, Vitura stood out once again for its high quality sustainable development approach, which was recognized by renowned ESG organizations. In 2021, the Company was named Global Sector Leader in the Global Real Estate Sustainability Benchmark's (GRESB) listed office property companies category, with a score of 96/100, up two points versus last year's ranking.
More recently, Vitura's commitment to the energy transition was illustrated by its decision to connect its Hanami campus to the geothermal energy network currently under construction and set to go live from 2023. Hanami will then be able to provide its tenants with competitive renewable energy while at the same time eliminating 430 metric tons of CO2 emissions per year.
Vitura has also decided to officially demonstrate its commitment to the environment by gaining AFNOR (the French International Organization for Standardization member body) certification for its property business’ environmental management system under ISO 14001.
2022 distribution: €1.25 per share
At the next Annual General Meeting of Shareholders, on May 18, 2022, Vitura will propose a dividend of 1.25 euro per share. This dividend will enable the Company to continue its continuous improvement process by maintaining a high level of investment in its assets.
Key figures
| In € millions (as reported)
|
2021
|
2020
|
Change
|
|||
| Rental income (IFRS)
|
55.4
|
63.0
|
-12.2%
|
|||
| Adjusted rental income(1)
|
63.3
|
63.0
|
0%
|
|||
| EPRA earnings
|
38.7
|
42.1
|
-8.0%
|
|||
| Portfolio (excl. transfer duties)
|
1560
|
1448
|
+7.7%
|
|||
| Occupancy rate
|
78.5%
|
90.1%
|
-11.6 pts
|
|||
| LTV ratio
|
53.2%
|
53.0%
|
+0.2 pts
|
|||
| EPRA NTA (in €)
|
49.0
|
49.0
|
0%
|
| (1)
|
Taking into account termination indemnities paid by lessees covering the rental income due under their lease, rental income came to €63.3 million in 2021.
|
***
Vitura’s Board of Directors met on March 2, 2022 to approve the 2021 audited consolidated financial statements for issue. The annual results presentation can be viewed on the Company’s website: www.vitura.fr
***
Investor Calendar
- May 18, 2022: General Shareholders’ Meeting
- May 19, 2022: First-quarter 2022 revenue
- May 25, 2022: Dividend payment date
About Vitura
Created in 2006, Vitura is a listed real estate company ("SIIC") that invests in prime office properties in Paris and Greater Paris. The total value of the portfolio was estimated at €1,560 million at December 31, 2021 (excluding transfer duties).
Thanks to its strong commitment to sustainable development, Vitura was named the number one Global Sector Leader in the 2021 Global Real Estate Sustainability Benchmark’s (GRESB) listed office property companies category and received two Gold Awards from the European Public Real Estate Association (EPRA) for the quality and transparency of its financial and non-financial reporting.
Vitura is a REIT listed on Euronext Paris since 2006, in compartment B (ISIN: FR0010309096). The Company had a market capitalization of €`559 million at March 2, 2022.
Visit our website to find out more: www.vitura.fr
APPENDICES
IFRS Income Statement (consolidated)
| In thousands of euros, except per share data
|
|
|
||
|
|
2021
|
2020
|
||
|
|
12 months
|
12 months
|
||
|
|
||||
| Rental income
|
55,362
|
63,032
|
||
| Income from other services
|
29,558
|
21,845
|
||
| Building-related costs
|
(21,249)
|
(21,552)
|
||
| Net rental income
|
63,671
|
63,324
|
||
| Sale of building
|
0
|
0
|
||
| Administrative costs
|
(18,204)
|
(8,983)
|
||
| Other operating expenses
|
40
|
(61)
|
||
| Other operating income
|
0
|
600
|
||
| Increase in fair value of <<investment property
|
24,694
|
29,129
|
||
| Decrease in fair value of investment property
|
(23,346)
|
(55,103)
|
||
| Total change in fair value of investment property
|
1,348
|
(25,974)
|
||
|
|
||||
| Net operating income
|
46 855
|
28 906
|
||
|
|
||||
| Financial income
|
5,487
|
230
|
||
| Financial expenses
|
(15,409)
|
(13,042)
|
||
| Net financial expense
|
(9,922)
|
(12,812)
|
||
|
|
||||
| Corporate income tax
|
0
|
0
|
||
|
|
||||
| CONSOLIDATED NET INCOME
|
36,932
|
16,094
|
||
| of which attributable to owners of the Company
|
36,932
|
16,094
|
||
| of which attributable to non-controlling interests
|
0
|
0
|
||
|
|
||||
| Other comprehensive income
|
0
|
0
|
||
|
|
||||
| TOTAL COMPREHENSIVE INCOME
|
36,932
|
16,094
|
||
| of which attributable to owners of the Company
|
36,932
|
16,094
|
||
| of which attributable to non-controlling interests
|
0
|
0
|
||
| Basic earnings per share (in euros)
|
2.29
|
1.00
|
||
| Diluted earnings per share (in euros)
|
2.21
|
0.97
|
||
IFRS Balance Sheet (consolidated)
| In thousands of euros
|
|
|
||
|
|
Dec. 31, 2021
|
Dec. 31, 2020
|
||
|
|
||||
| Non-current assets
|
||||
|
|
||||
| Property, plant and equipment
|
17
|
25
|
||
| Investment property
|
1,559,790
|
1,448,170
|
||
| Non-current loans and receivables
|
14,741
|
17,780
|
||
| Financial instruments
|
5,330
|
8
|
||
| Total non-current assets
|
1,579,878
|
1,465,983
|
||
|
|
||||
| Current assets
|
||||
|
|
||||
| Trade accounts receivable
|
11,634
|
11,474
|
||
| Other operating receivables
|
14,032
|
11,459
|
||
| Prepaid expenses
|
432
|
366
|
||
| Total receivables
|
26,098
|
23,299
|
||
|
|
||||
| Cash and cash equivalents
|
57,480
|
62,836
|
||
| Total cash and cash equivalents
|
57,480
|
62,836
|
||
|
|
||||
| Total current assets
|
83,578
|
86,135
|
||
| TOTAL ASSETS
|
1,663,456
|
1,552,118
|
||
|
|
||||
| Shareholders' equity
|
||||
|
|
||||
| Share capital
|
64,000
|
60,444
|
||
| Legal reserve and additional paid-in capital
|
71,445
|
74,206
|
||
| Consolidated reserves and retained earnings
|
600,558
|
583,574
|
||
| Net attributable income
|
36,932
|
16,094
|
||
| Total shareholders’ equity
|
772,935
|
734,318
|
||
|
|
||||
| Non-current liabilities
|
||||
|
|
||||
| Non-current borrowings
|
727,855
|
671,322
|
||
| Other non-current borrowings and debt
|
9,429
|
8,585
|
||
| Non-current corporate income tax liability
|
0
|
0
|
||
| Financial instruments
|
0
|
658
|
||
| Total non-current liabilities
|
737,284
|
680,565
|
||
|
|
||||
| Current liabilities
|
||||
|
|
||||
| Current borrowings
|
96,205
|
96,821
|
||
| Financial Instruments
|
453
|
0
|
||
| Trade accounts payable
|
22,319
|
10,056
|
||
| Corporate income tax liability
|
0
|
0
|
||
| Other operating liabilities
|
15,459
|
8,916
|
||
| Prepaid revenue
|
18,801
|
21,442
|
||
| Total current liabilities
|
153,237
|
137,235
|
||
|
|
||||
| Total liabilities
|
890,521
|
817,800
|
||
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES
|
1,663,456
|
1,552,118
|
||
IFRS Statement of Cash Flows (consolidated)
| In thousands of euros
|
|
|
||
|
|
2021
|
2020
|
||
| OPERATING ACTIVITIES
|
|
|
||
| Consolidated net income
|
36,932
|
16,094
|
||
|
|
|
|
||
| Elimination of items related to the valuation of buildings:
|
|
|
||
| Fair value adjustments to investment property
|
(1,348)
|
25,974
|
||
| Restatement of depreciation and amortization
|
0
|
0
|
||
| Indemnity received from lessees for the replacement of components
|
0
|
0
|
||
|
|
|
|
||
| Elimination of other income/expense items with no cash impact:
|
|
|
||
| Depreciation of property, plant and equipment (excluding investment property)
|
9
|
13
|
||
| Free share grants not vested at the reporting date
|
0
|
0
|
||
| Fair value of financial instruments (share subscription warrants, interest rate caps
and swaps)
|
(5,527)
|
2
|
||
| Adjustments for loans at amortized cost
|
1,393
|
2,265
|
||
| Contingency and loss provisions
|
0
|
0
|
||
| Corporate income tax
|
0
|
0
|
||
| Penalty interest
|
0
|
0
|
||
|
|
||||
| Cash flows from operations before tax and changes in working capital requirements
|
31,459
|
44,347
|
||
| Other changes in working capital requirements
|
9,440
|
(1,708)
|
||
| Working capital adjustments to reflect changes in the scope of consolidation
|
||||
|
|
|
|
||
| Change in working capital requirements
|
9,440
|
(1,708)
|
||
|
|
|
|
||
| Net cash flows from operating activities
|
40,899
|
42,639
|
||
| INVESTING ACTIVITIES
|
|
|
||
| Acquisition of fixed assets
|
(110,272)
|
(10,224)
|
||
| Net increase in amounts due to fixed asset suppliers
|
6,965
|
650
|
||
|
|
|
|
||
| Net cash flows used in investing activities
|
(103,307)
|
(9,573)
|
||
| FINANCING ACTIVITIES
|
|
|
||
| Capital increase
|
34,526
|
0
|
||
| Capital increase transaction costs
|
(659)
|
0
|
||
| Change in bank debt
|
62,615
|
(1,500)
|
||
| Issue of financial instruments (share subscription warrants)
|
0
|
0
|
||
| Refinancing/financing transaction costs
|
(7,378)
|
(102)
|
||
| Net increase in liability in respect of refinancing
|
0
|
0
|
||
| Purchases of hedging instruments
|
0
|
0
|
||
| Net increase in current borrowings
|
(713)
|
38
|
||
| Net decrease in current borrowings
|
0
|
0
|
||
| Net increase in other non-current borrowings and debt
|
844
|
(1,502)
|
||
| Net decrease in other non-current borrowings and debt
|
0
|
0
|
||
| Purchases and sales of treasury shares
|
(411)
|
(124)
|
||
| Dividends paid
|
(31,770)
|
(11,919)
|
||
|
|
|
|
||
| Net cash flows from (used in) financing activities
|
57,053
|
15,110)
|
||
|
|
|
|
||
| Change in cash and cash equivalents
|
(5,355)
|
17,956
|
||
|
|
|
|
||
| Cash and cash equivalents at beginning of period*
|
62,836
|
44,880
|
||
|
|
|
|
||
| CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
57,480
|
62,836
|
||
| * There were no cash liabilities for any of the periods presented above.
|
||||
French GAAP Income Statement
| In euros
|
|
|
||
|
|
Dec. 31, 2021
|
Dec. 31, 2020
|
||
|
|
12 months
|
12 months
|
||
| Sales of services
|
299,500
|
248,600
|
||
| NET REVENUE
|
299,500
|
248,600
|
||
| Reversal of depreciation and amortization charges, impairment and expense transfers
|
0
|
0
|
||
| Other revenue
|
37,713
|
33,083
|
||
| Total operating revenue
|
337,213
|
281,683
|
||
| Purchases of raw materials and other supplies
|
0
|
0
|
||
| Other purchases and external charges
|
2,475,567
|
1,602,280
|
||
| Taxes, duties and other levies
|
50,333
|
36,536
|
||
| Wages and salaries
|
408,558
|
254,999
|
||
| Social security charges
|
194,170
|
163,553
|
||
| Fixed assets: depreciation and amortization
|
8,536
|
3,435
|
||
| Contingency and loss provisions
|
0
|
0
|
||
| Other expenses
|
195,203
|
200,131
|
||
| Total operating expenses
|
3,332,368
|
2,260,934
|
||
|
|
|
|
||
| OPERATING LOSS
|
(2,995,155)
|
(1,979,251)
|
||
| Financial income from controlled entities
|
5,639,541
|
802,677
|
||
| Other interest income
|
3,287
|
0
|
||
| Foreign exchange gains
|
0
|
0
|
||
| Total financial income
|
5,642,828
|
802,677
|
||
| Interest and charges on bank borrowings
|
944
|
634
|
||
| Depreciation, amortization, provisions for impairment and other provisions
|
55,782
|
0
|
||
| Foreign exchange losses
|
0
|
0
|
||
| Total financial expenses
|
56,726
|
634
|
||
|
|
|
|
||
| NET FINANCIAL INCOME
|
5,586,102
|
802,042
|
||
| RECURRING LOSS BEFORE TAX
|
2,590,947
|
(1,177,208)
|
||
| Non-recurring income on capital transactions
|
56,974
|
6,619
|
||
| Reversal of impairment, provisions and non-recurring expense transfers
|
0
|
0
|
||
| Total non-recurring income
|
56,974
|
6,619
|
||
| Non-recurring expenses on management transactions
|
0
|
0
|
||
| Non-recurring expenses on capital transactions
|
21,001
|
98,759
|
||
| Total non-recurring expenses
|
21,001
|
98,759
|
||
|
|
|
|
||
| NET NON-RECURRING INCOME (LOSS)
|
35,973
|
(92,140)
|
||
| Corporate income tax
|
0
|
0
|
||
| TOTAL INCOME
|
6,037,015
|
1,090,979
|
||
| TOTAL EXPENSES
|
3,410,096
|
2,360,327
|
||
|
|
|
|
||
| NET INCOME (LOSS)
|
2,626,920
|
(1,269,348)
|
||
French GAAP Balance Sheet
| In euros
|
||||||||
| ASSETS
|
Gross amount
|
Depr., amort.
& prov.
|
Dec. 31, 2021
|
Dec. 31, 2020
|
||||
|
|
|
|
||||||
| Property, plant and equipment
|
|
|
|
|||||
| Other property, plant and equipment
|
34,218
|
(17,676)
|
16,542
|
25,078
|
||||
|
|
|
|
||||||
| Financial fixed assets
|
|
|
|
|||||
| Receivables from controlled entities
|
194,448,994
|
-
|
194,448,994
|
201,434,031
|
||||
| Loans
|
-
|
-
|
-
|
-
|
||||
| Other financial fixed assets
|
1,236,047
|
55,782
|
1,180,265
|
748,879
|
||||
|
|
|
|
||||||
| FIXED ASSETS
|
195,719,259
|
(73,459)
|
195,645,800
|
202,207,988
|
||||
|
|
|
|
||||||
| Receivables
|
|
|
|
|||||
| Trade accounts receivable
|
393,639
|
-
|
393,639
|
298,320
|
||||
| Other receivables
|
91,477,562
|
-
|
91,477,562
|
63,242,363
|
||||
|
|
|
|
||||||
| Cash and cash equivalents
|
1,210,697
|
-
|
1,210,697
|
21,628,362
|
||||
| Short-term investment securities
|
9,000,000
|
-
|
9,000,000
|
-
|
||||
|
|
|
|
||||||
| CURRENT ASSETS
|
102,081,898
|
-
|
102,081,898
|
85,169,045
|
||||
|
|
|
|
||||||
| Prepaid expenses
|
48,380
|
-
|
48,380
|
26,587
|
||||
|
|
|
|
||||||
| TOTAL ASSETS
|
297,849,537
|
(73,459)
|
297,776,078
|
287,403,620
|
||||
| In euros
|
|
|
||||||
| EQUITY AND LIABILITIES
|
|
|
Dec. 31, 2021
|
Dec. 31, 2020
|
||||
|
|
|
|
|
|||||
| Capital
|
|
|
|
|||||
| Share capital (including paid-up capital: 66,862,500)
|
64,000,026
|
60,444,472
|
||||||
| Additional paid-in capital
|
|
|
66,212,886
|
67,055,023
|
||||
| Revaluation reserve
|
|
|
152,341,864
|
152,341,864
|
||||
|
|
|
|
|
|||||
| Reserves
|
|
|
|
|||||
| Legal reserve
|
|
|
6,694,261
|
7,953,220
|
||||
| Other reserves
|
|
|
-
|
-
|
||||
| Earnings
|
|
|
|
|||||
| Retained earnings
|
|
|
43,010
|
10,389
|
||||
| Net income (loss) for the year
|
|
|
2,626,920
|
(1,269,348)
|
||||
|
|
|
|
|
|||||
| SHAREHOLDERS’ EQUITY
|
|
|
291,918,966
|
286,535,620
|
||||
|
|
|
|
|
|||||
| OTHER EQUITY
|
|
|
-
|
-
|
||||
|
|
|
|
|
|||||
| Loss provisions
|
|
|
-
|
-
|
||||
|
|
|
|
|
|||||
| CONTINGENCY AND LOSS PROVISIONS
|
|
|
-
|
-
|
||||
|
|
|
|
|
|||||
| Borrowings
|
|
|
|
|||||
| Miscellaneous borrowings and debt
|
4,711,000
|
0
|
||||||
|
|
|
|
|
|||||
| Trade accounts payable and other liabilities
|
|
|
|
|||||
| Trade accounts payable
|
732,328
|
541,635
|
||||||
| Tax and social liabilities
|
413,784
|
325,306
|
||||||
| Amounts owed to fixed asset suppliers
|
-
|
-
|
||||||
| Other debts
|
-
|
1,059
|
||||||
|
|
|
|
|
|||||
| LIABILITIES
|
|
|
5,857,112
|
868,000
|
||||
|
|
|
|
|
|||||
| TOTAL EQUITY AND LIABILITIES
|
|
|
297,776,078
|
287,403,620
|
||||
Reconciliation of Alternative Performance Measures (APM)
| Vitura recurring cash flow APM
|
||
| In thousands of euros
|
2021
|
2020
|
| Net income under IFRS
|
36,932
|
16,094
|
| Restatement of changes in fair value of investment property
|
(1,348)
|
25,974
|
| Other restatements of changes in fair value
|
(5,527)
|
2
|
| Restatement of other fees (1)
|
8,648
|
0
|
| EPRA earnings
|
38,706
|
42,070
|
| Restatement of deferred lease incentives (IAS 17)
|
5,644
|
2,373
|
| Restatement of deferred finance costs
|
1,312
|
2,163
|
| Recurring cash flow
|
45,662
|
46,606
|
| (1) Non-recurring fees due under the Asset Management Agreement.
|
||
| EPRA NTA APM
|
||
| In thousands of euros
|
2021
|
2020
|
| Shareholders’ equity under IFRS
|
772,935
|
734,318
|
| Portion of rent-free periods (1)
|
(21,973)
|
(26,241)
|
| Elimination of fair value of share subscription warrants
|
453
|
502
|
| Fair value of diluted NAV
|
751,416
|
708,579
|
| Transfer duties (2)
|
75,494
|
70,228
|
| Fair value of financial instruments
|
(2,850)
|
541
|
| EPRA NTA
|
824,059
|
779,347
|
| EPRA NTA per share
|
49.0
|
49.0
|
| (1) Lease incentives recorded in assets in the IFRS consolidated financial statements under “Non-current loans and receivables” and “Other operating receivables”.
|
||
| (2) Transfer duties of 5% applied to the net assets of the subsidiaries holding the properties to allow for the sale of the shares in these entities. 2020 EPRA NTA has been adjusted accordingly.
|
||
| IAP Taux de rendement EPRA
|
||
| In millions of euros
|
2021
|
2020
|
| Gross up completed property portfolio evaluation (B)
|
1,691,709
|
1,556,783
|
| Net value of investment property
|
1,559,787
|
1,448,170
|
| Expenses and transfer duties
|
131,922
|
108,613
|
| Annualized net rents (A)
|
62,683
|
64,099
|
| EPRA NIY (A)/(B)
|
3.7%
|
4.1%
|
| Add: notional rent expiration of rent free periods or other lease incentives (C)
|
5,195
|
8,312
|
| EPRA "topped-up" NIY" [(A)+(C)]/(B)
|
4.0%
|
4.7%
|
| LTV ratio APM
|
||
| In millions of euros
|
2021
|
2020
|
| Gross amount of balance sheet loans (statutory financial statements) (1)
|
830
|
768
|
| Fair value of investment property (excl. transfer duties)
|
1,560
|
1,448
|
| LTV ratio (%)
|
53.2%
|
53.0%
|
| (1) Consolidated gross debt at December 31, 2021 recorded in the statutory financial statements.
|
|
|
Occupancy rate APM
The occupancy rate is the ratio of space for which the Company receives rent under a lease agreement to the total amount of available space.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220302006130/en/
Investor relations
Charlotte de Laroche
+33 1 42 25 76 42
info@vitura.fr
Media relations
Aliénor Miens/Marion Bouchut
+33 6 34 45 34 09
marion.bouchut@havas.com
