Real estate sensitivity analysis
A. Real Estate Sensitivity Analysis by movement in gross current yield
Movement in gross current yield | |||||
2023 (EUR x 1,000) | -25 bps | -12,5 bps | 0 bps | +12,5 bps | +25 bps |
As at 31 December 2023 | |||||
Market value property | 3,973,935 | 3,870,069 | 3,771,494 | 3,677,816 | 3,588,679 |
Gross current yield based on theoretical rent | 4.658% | 4.783% | 4.908% | 5.033% | 5.158% |
Revaluation of investment property in EUR | 202,441 | 98,575 | - | (93,678) | (182,815) |
Revaluation of investment property in % | 5.4% | 2.6% | 0.0% | (2.5%) | (4.8%) |
Effect on total return | 5.7% | 2.8% | 0.0% | (2.6%) | (5.1%) |
Loan-to-value | 20.8% | 21.3% | 21.8% | 22.3% | 22.8% |
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 | |||||
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% |
B. Sensitivity to a 1% parallel shift in interest rates
EUR x 1,000 | +1% | -1% |
2023 | ||
Interest debts | (3,039) | 3,039 |
Total impact on net result | (3,039) | 3,039 |
EUR x 1,000 | +1% | -1% |
2022 | ||
Interest debts | (3,184) | 3,184 |
Total impact on net result | (3,184) | 3,184 |
C. Undiscounted amount by contractual maturity of financial instruments
EUR X 1,000 | < 1 year | 1-5 years | > 5 years |
As at 31 December 2023 | |||
Cash and cash equivalents | 16,271 | - | - |
Trade and other receivables | 8,422 | - | - |
(Un)Secured bank loans | - | (805,000) | (135,000) |
Trade and other payables | (60,020) | - | - |
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 | - | - |
(Un)Secured bank loans | - | (885,000) | - |
Trade and other payables | - | (48,429) | - |