Real estate sensitivity analysis
A. Real Estate Sensitivity Analysis by movement in gross current yield
Movement in gross current yield | |||||
2022 (EUR x 1,000) | -25 bps | -12,5 bps | 0 bps | +12,5 bps | +25 bps |
As at 31 December 2022 | -25 bps | -12,5 bps | 0 bps | +12,5 bps | +25 bps |
Market value property | 4,227,787 | 4,095,751 | 3,971,713 | 3,854,967 | 3,744,888 |
Gross current yield based on theoretical rent | 3.878% | 4.003% | 4.128% | 4.253% | 4.378% |
Revaluation of investment property in EUR | 256,074 | 124,038 | - | (116,746) | (226,825) |
Revaluation of investment property in % | 6.4% | 3.1% | 0.0% | (2.9%) | (5.7%) |
Effect on total return | 7.3% | 3.5% | 0.0% | (3.3%) | (6.5%) |
Loan-to-value | 19.0% | 19.5% | 20.1% | 20.6% | 21.2% |
Movement in gross current yield | |||||
2021 (EUR x 1,000) | -25 bps | -12,5 bps | 0 bps | +12,5 bps | +25 bps |
As at 31 December 2021 | -25 bps | -12,5 bps | 0 bps | +12,5 bps | +25 bps |
Market value property | 4,211,324 | 4,074,660 | 3,946,588 | 3,826,323 | 3,713,169 |
Gross current yield based on theoretical rent | 3.727% | 3.852% | 3.977% | 4.102% | 4.227% |
Revaluation of investment property in EUR | 264,736 | 128,072 | - | (120,268) | (233,420) |
Revaluation of investment property in % | 6.7% | 3.2% | 0.0% | (3.0%) | (5.9%) |
Effect on total return | 8.3% | 4.0% | 0.0% | (3.8%) | (7.3%) |
Loan-to-value | 19.2% | 19.7% | 20.3% | 20.9% | 21.5% |
B. Sensitivity to a 1% parallel shift in interest rates
EUR x 1,000 | +1% | -1% |
2022 | ||
Interest debts | (3,184) | 3,184 |
Total impact on net result | (3,184) | 3,184 |
EUR x 1,000 | +1% | -1% |
2021 | ||
Interest debts | (798) | 798 |
Total impact on net result | (798) | 798 |
C. Undiscounted amount by contractual maturity of financial instruments
EUR X 1,000 | < 1 year | 1-5 years | > 5 years |
As at 31 December 2022 | |||
Cash and cash equivalents | 41,501 | - | - |
Trade and other receivables | 13,106 | - | - |
Secured bank loans | - | (885,000) | - |
Trade and other payables | - | (48,429) | - |
EUR X 1,000 | < 1 year | 1-5 years | > 5 years |
As at 31 December 2021 | |||
Cash and cash equivalents | 43,546 | - | - |
Trade and other receivables | 5,540 | - | - |
Secured bank loans | - | (890,000) | - |
Trade and other payables | - | (48,550) | - |