Intervest Offices & Warehouses NV: Annual results
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Announcement of a solid growth plan towards a real estate portfolio of € 800 million over the next three years, based on reorientation in the office portfolio and the further expansion of logistics real estate. Logistics real estate can be located in Belgium, The Netherlands as well as in Germany. Portfolio reshuffle started through divestment of four office buildings and one semi-industrial building in the Brussels periphery. Expansion on the Intercity Business Park in Mechelen by the purchase of two strategically located buildings. Opening of Greenhouse Antwerp with 2nd RE:flex, an office building geared to the new way of working, with a green façade, trendy meeting facilities and the Greenhouse Café. Agreement for the building of new distribution centre of 12.200 m² on Herentals Logistics 3 site. Proportion of 51% of logistics real estate and 49% office buildings as at 31 December 2016 (49% and 51% respectively at the end of 2015). Occupancy rate improvement: 91% as at 31 December 2016 (90% as at 31 December 2015); the occupancy rate of the office portfolio increased by 1% in 2016 to 86%, while the occupancy rate of the logistics portfolio also increased by 1% to 96%. 50 lease agreements concluded or prolonged, representing 24% of the rental income, activity mainly in the logistics portfolio. EPRA earnings amounted to € 1,73 per share in 2016 (€ 1,90 in 2015). The gross dividend in accordance with the strategy announced was € 1,40 per share for financial year 2016, as a result of which, according to the closing share price as at 31 December 2016, it results in a gross dividend yield of 5,9% (€ 1,71 for 2015). The pay-out ratio of the dividend is 81% in 2016 (90% for 2015). As at 31 December 2016, the fair value of the total real estate portfolio amounted to € 611 million. The fair value of the existing real estate portfolio (excluding acquisitions and divestment) increased in 2016 by 0,4%. The logistics segment recorded a 1,2%increase in value, whereas the office segment depreciated by 0,6%. Strengthening of the shareholders' equity by € 11,6 million through the optional dividend, with 57% of shareholders choosing shares. Debt ratio: 45,7% as at 31 December 2016 (48,2% as at 31 December 2015). Average interest rate of the financing: 3,1% in 2016 (3,5% in 2015); only 4% of the credit lines need to be refinanced in 2017. As of 1 August Jean-Paul Sols, ceo and Inge Tas, cfo are entirely and exclusively dedicated to Intervest.
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