Acquisition value of an investment property
This term is used at the acquisition of a property. If transfer costs are paid, they are included in the acquisition value.
Corporate governance
Corporate governance is an important instrument for constantly improving the management of the company and to protect the interest of the shareholders.
Current rents
Annual rent on the basis of the rental situation on a certain moment in time.
Debt ratio
The debt ratio is calculated as the relation of all liabilities (excluding provisions and accrued charges and deferred income) less the change in fair value of financial instruments, compared to total assets.
The calculation method of the debt ratio is pursuant to article 13, §1 second paragraph of the Royal Decree of 13 July 2014. By means of this Royal Decree the maximum debt ratio of the company is 65%.
Diluted net result
The diluted net result per share is the net result as published in the income statement, divided by the weighted average number of ordinary shares, adapted to the effect of potential ordinary shares leading to dilution.
EPRA vacancy rate
The EPRA vacancy rate is calculated as the ratio between the estimated rental value of the vacant properties available for letting and the same estimated rental value of the entire portfolio available for letting.
Fair value of investment properties (in accordance with Beama interpretation of IAS 40)
This value is equal to the amount at which a building might be exchanged between knowledgeable, willing parties in normal competitive conditions. From the perspective of the seller, they should be understood as involving the deduction of registration fees. This fair value is the carrying amount under IFRS.
In practice, this means that the fair value is equal to the investment value divided by 1,025 (for buildings with a value of more than € 2,5 million) or the investment value divided by 1,10/1,125 (for buildings with a value of less than € 2,5 million).
Free float
Free float is the number of shares circulating freely on the stock exchange and therefore not in permanent ownership.
Gross dividend
The gross dividend per share is the operating distributable result divided by the number of shares entitled to dividend.
Gross dividend yield
The gross dividend yield is the gross dividend divided by the share price on closing date.
Gross initial yield
The gross initial yield is calculated as the relation between rental income on an annual basis on the acquisition date of the investment property and the investment value of the investment property.
Gross market rent
The gross market rent comprises the current rents increased by the estimated rental value of vacant properties.
Gross yield
The gross yield is calculated as the relation between gross market rent and the investment value of investment properties.
Investment value of an investment property
This is the value of a building estimated by an independent property expert, and including the transfer costs without deduction of the registration fee. This value corresponds to the formerly used term “value deed in hand”.
Liquidity of the share
The ratio between the number of shares traded daily and the number of capital shares.
Net asset value EPRA
Total shareholders’ equity attributable to the shareholders of the parent company, adjusted for the fair value of financial instruments and deferred taxes, divided by the number of shares at the end of the year.
Net value (investment value)
Total shareholders’ equity increased with the reserve for the impact on the fair value of estimated transaction rights and costs resulting from the hypothetical disposal of investment properties, divided by the number of shares at the end of the year.
Net value (fair value)
Total shareholders’ equity divided by the number of shares at the end of the year.
Net dividend
The net divided is equal to the gross dividend after deduction of withholding tax of 25%.
Net dividend yield
The net dividend yield is equal to the net dividend divided by the share price on closing date.
Net result per share
The net result per share is the net result as published in the income statement, divided by the weighted average number of ordinary shares (i.e. the total amount of issued shares less the own shares) during the financial year.
Net yield
The net yield is calculated as the relation between the gross market rent, less the allocated property charges, and the investment value of investment properties.
Occupancy rate
The occupancy rate is calculated as the ratio of the rental income to the same rental income plus the estimated rental value of the vacant locations for rent.
EPRA result
The operating distributable result is the operating result before the result on portfolio less the financial result and taxes, and exclusive the change in fair value of financial derivatives (which are not considered as effective hedge in accordance with IAS 39) and other non-distributable elements on the basis of the statutory annual accounts of Vastned Retail Belgium.
Regulated real estate company (RREC)
The status of regulated real estate company is regulated by the Act of 12 May 2014 on regulated real estate companies (RREC Act) and by the Royal Decree of 13 July 2014 on regulated real estate companies (RREC Royal Decree) in order to stimulate joint investments in property.
RREC Act
The Act of 12 May 2014 on regulated real estate companies.
RREC Royal Decree
The Royal Decree of 13 July 2014 on regulated real estate companies.
Vacancy rate
The vacancy rate is calculated as the ratio between the estimated rental value of the vacant properties and the same estimated rental value increased by commercial rental income.
Yield
The yield is calculated as the ratio between the rental income (increased or not by the estimated rental value of vacant locations for rent) and the investment value of investment properties