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Real estate sensitivity analysis

A. Real Estate Sensitivity Analysis by movement in gross current yield
 

Movement in gross current yield

2024 (EUR x 1,000)

-25 bps

-12,5 bps

0 bps

+12,5 bps

+25 bps

As at 31 December 2024

     

Market value property

4,364,801

4,245,233

4,132,042

4,024,730

3,922,850

Gross current yield based on theoretical rent

4.4%

4.6%

4.7%

4.8%

4.9%

      

Revaluation of investment property in EUR

232,759

113,191

-

(107,312)

(209,191)

Revaluation of investment property in %

5.6%

2.7%

0.0%

(2.6%)

(5.1%)

Effect on total return

7.0%

3.4%

0.0%

(3.2%)

(6.3%)

Loan-to-value

21.0%

22.1%

23.2%

24.4%

25.7%

      
 

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

4.7%

4.8%

4.9%

5.0%

5.2%

      

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%

 ­

B. Sensitivity to a 1% parallel shift in interest rates

EUR x 1,000

+1%

-1%

2024

  

Interest expenses on financial liabilities

(500)

500

Total impact on net result

(500)

500

   

EUR x 1,000

+1%

-1%

2023

  

Interest expenses on financial liabilities

(3,039)

3,039

Total impact on net result

(3,039)

3,039

 ­Sensitivity to a 1% parallel shift in interest rates is only applicable for facilities with a floating interest rate.

C. Undiscounted amount by contractual maturity of financial instruments

EUR X 1,000

< 1 year

1-5 years

> 5 years

As at 31 December 2024

   

Cash and cash equivalents

105,772

-

-

Trade and other receivables

12,400

-

-

(Un)Secured debt securities

(125,000)

(500,000)

(435,000)

Trade and other payables

(196,821)

-

-

    

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 debt securities

-

(805,000)

(135,000)

Trade and other payables

(60,020)

-

-

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