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Vitura: 2022 Annual Results
08 Mar 2023 09:35 CET
Issuer
VITURA
- No. 1 worldwide for its sustainable development strategy in 2022 GRESB ranking
- 23,000 sq.m let in 2022, 7 transactions in the fourth quarter
- 42,000 sq.m renovated or under renovation
- Portfolio value excl. transfer duties of €1.5 billion
- EPRA NTA of €44.3/share
Regulatory News:
Vitura (Paris:VTR):
“Despite the different geopolitical, macroeconomic, climate and financial challenges faced in 2022, it was a strong year for Vitura. Portfolio activity was brisk, demonstrating the attractiveness of our properties on the market. In our constant pursuit to create value for our shareholders over the long term and provide our tenants with premium workplaces, we have continued to improve and enhance our portfolio, to combine the best levels of service with the highest environmental standards”, says Jérôme Anselme, Vitura's Chief Executive Officer.
Acceleration in lettings
In 2022, Vitura delivered a solid rental performance with leases signed, extended or renewed on 23,000 sq.m, i.e., 13% of the portfolio's total surface area. The fourth quarter was particularly active, with seven transactions secured for a total of 10,000 sq.m.
Some 8,000 sq.m concerns new space, representing a positive impact on the Group's occupancy rate. This mainly concerns Arcs de Seine and Europlaza, which have been repositioned through regular investment programs and have proven their attractiveness by achieving occupancy rates of 78% and 81%, respectively. The 3 percentage point drop in the Group's occupancy rate, which stood at 81% at December 31, 2022 compared with 84% at December 31, 2021(1), is attributable to Unilocations' departure from Europlaza.
Thanks to these signings, extensions and renewals, the average remaining lease term remains at five years.
The Group's tenants are mainly large corporates with solid profiles, over 90% of which have a Dun & Bradstreet rating of 1 or 2. These accounts contributed to stable rental income of €54.0 million in 2022 (compared with €55.4 million in 2021). The full-year impact of leases signed in 2022 will be felt in 2023.
Repositioning the portfolio
Vitura is committed to continuously improving performance and service. To meet its tenants' short-, medium- and long-term expectations with precision and speed, Vitura works with recognized partners, putting people first in keeping with its vision of "Workplaces for people. By people. ".
As part of the repositioning of the Arcs de Seine campus in Boulogne Billancourt, which began in 2016 with the renovation of the common areas and building B, 2022 saw the renovation of 10,000 sq.m building C, by G+ Architectes. In early 2023, the campus' existing amenities, which include a restaurant area and private gardens, were rounded out with a new fitness center and business center, redesigned by ilimelgo.
As with the work carried out on Europlaza in La Défense, the renovation of Arcs de Seine once again demonstrates the ability of Vitura's teams to successfully implement ambitious redevelopment projects.
Rives de Bercy, vacated by Crédit Foncier in December 2022, is currently being renovated by architecture firm Naço. Designed to meet new user expectations, the work will open up access to the heart of the building – its patios and gardens – which will become its new entrance, closer to the metro, footpaths and cycle paths. Naço has also been closely assisted on the 30,000 sq.m project by environmental consultant Wild Trees, who are helping to push the boundaries of environmental performance based on five major concerns: low-carbon footprint, circular economy, energy efficiency, biodiversity and comfort/well-being. The work will be delivered in the first quarter of 2024.
In line with its long-term value creation objective, Vitura is preparing a repositioning program for Passy Kennedy and Office Kennedy. The aim is to bring the two complexes together within a single 34,000 sq.m campus, located along the Seine in Paris’ wider central business district. The campus will offer a host of amenities to meet market expectations – food service facilities, a gym, wellness and social areas, as well as facilities encouraging low-carbon mobility – and be aligned with the most exacting environmental standards.
The estimated portfolio value (excluding transfer duties) stood at €1,506 million at year-end, down 3% compared with the previous 12 months due to a slight increase in capitalization rates in all sectors.
Solid financial fundamentals
The Group's IFRS consolidated net debt stood at €827 million at December 31, 2022, stable compared to end-2021. A credit agreement was signed in June 2022 to refinance €94 million worth of loans, extending the maturity of the Group's debt and strengthening its financial structure. This loan is backed by the Hanami campus, a 34,000 sq.m real estate complex located in Rueil-Malmaison.
Almost two thirds of our debt is composed of green loans and we aim to increase this share to 100%.
In response to the sharp rise in interest rates, the Group set up new interest rate hedges to hedge against changes in the Euribor. The cost of setting up these instruments totaled €8 million for the period. At December 31, 2022, 100% of the Group's debt was hedged, at an average rate of 0.70%.
The loan-to-value ratio remained unchanged at 54.9%, with an average maturity of 3.5 years.
Excluding non-recurring items, Vitura's EPRA earnings amounted to €18.9 million for 2022, compared with €28.7 million for the prior year. The €9.8 million contraction mainly corresponds to the increase in financial expenses for the period (negative €5.0 million impact) and vacancy costs (negative €4.6 million impact).
Recurring cash flow stood at €24.5 million at December 31, 2022, driven by the financial solidity of the Group's tenants.
The Group reported a net loss of €4.2 million in 2022 under IFRS, compared with net income of €36.9 million in 2021. The decrease is mainly due to a decline in property values in 2022 (negative impact of €67 million), in line with the market, following an increase in 2021. Changes in fair value of financial instruments had a positive impact of €49 million over the period.
EPRA NTA stood at €756 million at December 31, 2022, vs. €822 million one year earlier. The decrease is mainly attributable to changes in property values (negative €67 million impact), the dividend distribution (negative €21 million impact), 2022 EPRA earnings (positive €14 million impact) and the capital increase carried out in March 2021 (positive €8 million impact). At December 31, 2022, EPRA NTA stood at €44.3 per share.
Proactive environmental approach delivers results, CSR communities set up
Since the Company was founded in 2006, environmental excellence has been one of Vitura’s core values. Each year, it strengthens its leadership position with an increasingly demanding and innovative action plan. Vitura has been awarded the highest levels of certification by non-financial rating agencies, and in 2022 was ranked world number one in the GRESB ranking (listed office property companies category) for the fourth year in a row. This achievement comes despite increasing competition, with all real estate companies now legally obliged to take action in this area.
Vitura also brings its stakeholders on board through an ISO 14001-certified environmental management system.
In 2022, Vitura went a step further in its environmental approach. Recognizing that ESG information must be as accessible, reliable and verifiable as financial information, Vitura automated the collection of energy data at all of its sites thanks to a new partnership with Stonal, one of the leaders in this market. In addition, amid tensions over Europe's energy supply, Vitura stepped up its efforts to raise awareness and educate its stakeholders on energy issues and ESG more generally. Ahead of winter, it initiated energy efficiency plans with its property managers and tenants. Thanks to Vitura's already close relationship with its tenants, the teams were able to spring into action and draw up programs tailored to the buildings in question and their specific characteristics. This saw the creation of CSR communities that will help foster discussion and unlock new initiatives.
This approach has yielded clear results: in 2022, the Group reduced its greenhouse gas emissions by 40% and its energy consumption by 32% compared to 2013.
Dividend distribution
On March 7, 2023, the Board of Directors authorized the 2022 individual and consolidated financial statements for issue. In order to pursue its investment policy and continue to optimize its financial flexibility, Vitura has decided to recommend to the General Shareholders' Meeting to be held on May 10, 2023 that the 2023 dividend be capped at the level of the distribution obligations for listed real estate investment companies in France (SIICs), i.e., €3.5 million.
Appointment to the Board of Directors
The Board of Directors has decided to appoint Erin Cannata to replace Jérôme Anselme on the Board of Directors. Jérôme Anselme will step down as a director and will continue to serve as Chief Executive Officer. Shareholders will be asked to approve the appointment at the next General Shareholders' Meeting.
Key figures
In € millions (as reported) |
2022 |
2021 |
Change |
|||
Rental income (IFRS) |
54.0 |
55.4 |
-2.4% |
|||
EPRA earnings |
14.1 |
38.7 |
-63.6% |
|||
Recurring income |
18.9 |
28.7 |
-34.2% |
|||
Portfolio (excl. transfer duties) |
1,506 |
1,560 |
-3.4% |
|||
Occupancy rate |
81% |
84% |
-3 pts |
|||
LTV ratio |
54.9% |
53.2% |
+1.7 pts |
|||
EPRA NTA (in €) |
44.3 |
48.9 |
-8.1% |
Investor Calendar
- May 10, 2023: General Shareholders' Meeting
- May 11, 2023: First-quarter 2023 revenue
- May 23, 2022: Ex-dividend date
- May 25, 2023: Dividend payment date
About Vitura
Created in 2006, Vitura is a listed real estate company (“SIIC”) that invests in prime office properties in Paris and Greater Paris. The total value of the portfolio was estimated at €1,506 million at December 31, 2022 (excluding transfer duties).
Thanks to its strong commitment to sustainable development, Vitura was named Global Sector Leader in the most recent Global Real Estate Sustainability Benchmark’s (GRESB) listed office property companies category and received two Gold Awards from the European Public Real Estate Association (EPRA) for the quality and transparency of its financial and non-financial reporting.
Vitura is a REIT listed on Euronext Paris since 2006, in compartment B (ISIN: FR0010309096). The Company had a market capitalization of €414 million at March 7, 2023.
Visit our website to find out more: www.vitura.fr
(1 ) The 81% occupancy rate at December 31, 2022 excludes Rives de Bercy, which is undergoing redevelopment work. Including Rives de Bercy, the occupancy rate stood at 68% (compared with 78.5% at December 31, 2021).
APPENDICES
IFRS Income Statement (consolidated)
In thousands of euros, except per share data |
|
|
||
2022 |
2021 |
|||
12 months |
12 months |
|||
|
|
|
||
|
||||
Rental income |
54 047 |
55 362 |
||
Income from other services |
23 975 |
29 558 |
||
Building-related costs |
(28 646) |
(21 249) |
||
Net rental income |
49 377 |
63 671 |
||
0 |
0 |
|||
Sale of building |
0 |
0 |
||
Administrative costs |
(8 817) |
(18 204) |
||
Other operating expenses |
(10) |
40 |
||
Other operating income |
453 |
0 |
||
Total change in fair value of investment property |
(66 653) |
1 348 |
||
|
0 |
0 |
||
Net operating income |
(25 651) |
46 855 |
||
|
0 |
0 |
||
Financial income |
48 863 |
5 487 |
||
Financial expenses |
(27 396) |
(15 409) |
||
Net financial expense |
21 467 |
(9 922) |
||
|
0 |
0 |
||
Corporate income tax |
0 |
0 |
||
|
0 |
0 |
||
CONSOLIDATED NET INCOME |
(4 183) |
36 932 |
||
of which attributable to owners of the Company |
(4 183) |
36 932 |
||
of which attributable to non-controlling interests |
0 |
0 |
||
|
0 |
0 |
||
Other comprehensive income |
0 |
0 |
||
|
0 |
0 |
||
TOTAL COMPREHENSIVE INCOME |
(4 183) |
36 932 |
||
of which attributable to owners of the Company |
(4 183) |
36 932 |
||
of which attributable to non-controlling interests |
0 |
0 |
||
|
- |
- |
||
Basic earnings per share (in euros) |
(0,25) |
2,29 |
||
Diluted earnings per share (in euros) |
(0,25) |
2,21 |
IFRS Balance Sheet (consolidated)
In thousands of euros |
|
|
||
Dec. 31, 2022 |
Dec. 31, 2021 |
|||
|
||||
Non-current assets |
||||
|
||||
Property, plant and equipment |
7 |
17 |
||
Investment property |
1 506 480 |
1 559 790 |
||
Non-current loans and receivables |
11 254 |
14 741 |
||
Financial instruments |
50 487 |
5 330 |
||
Total non-current assets |
1 568 228 |
1 579 878 |
||
|
||||
Current assets |
||||
|
||||
Trade accounts receivable |
19 412 |
11 634 |
||
Other operating receivables |
17 237 |
14 032 |
||
Prepaid expenses |
463 |
432 |
||
Total receivables |
37 112 |
26 098 |
||
|
||||
Financial instruments |
3 699 |
0 |
||
Cash and cash equivalents |
15 167 |
57 480 |
||
Total cash and cash equivalents |
18 866 |
57 480 |
||
|
||||
Total current assets |
55 978 |
83 578 |
||
TOTAL ASSETS |
1 624 207 |
1 663 456 |
||
|
||||
Shareholders' equity |
||||
|
||||
Share capital |
64 933 |
64 000 |
||
Legal reserve and additional paid-in capital |
60 047 |
71 445 |
||
Consolidated reserves and retained earnings |
634 642 |
600 558 |
||
Net attributable income |
(4 183) |
36 932 |
||
Total shareholders’ equity |
755 438 |
772 935 |
||
|
||||
Non-current liabilities |
||||
|
||||
Non-current borrowings |
679 873 |
727 855 |
||
Other non-current borrowings and debt |
10 541 |
9 429 |
||
Non-current corporate income tax liability |
0 |
0 |
||
Financial instruments |
0 |
0 |
||
Total non-current liabilities |
690 414 |
737 284 |
||
|
||||
Current liabilities |
||||
|
||||
Current borrowings |
144 974 |
96 205 |
||
Financial Instruments |
0 |
453 |
||
Trade accounts payable |
7 124 |
22 319 |
||
Corporate income tax liability |
0 |
0 |
||
Other operating liabilities |
9 424 |
15 459 |
||
Prepaid revenue |
16 833 |
18 801 |
||
Total current liabilities |
178 354 |
153 237 |
||
|
||||
Total liabilities |
868 768 |
890 521 |
||
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES |
1 624 207 |
1 663 456 |
IFRS Statement of Cash Flows (consolidated)
In thousands of euros |
|
|
||
|
2022 |
2021 |
||
|
|
|
||
OPERATING ACTIVITIES |
|
|
||
Consolidated net income |
(4 183) |
36 932 |
||
|
|
|
||
Elimination of items related to the valuation of buildings: |
|
|
||
Fair value adjustments to investment property |
66 653 |
(1 348) |
||
Annulation des dotations aux amortissement |
0 |
0 |
||
Indemnité perçue des locataires pour le remplacement des composants |
0 |
0 |
||
|
|
|
||
Elimination of other income/expense items with no cash impact: |
|
|
||
Depreciation of property, plant and equipment (excluding investment property) |
10 |
9 |
||
Free share grants not vested at the reporting date |
0 |
0 |
||
Fair value of financial instruments (share subscription warrants, interest rate caps and swaps) |
(49 310) |
(5 527) |
||
Adjustments for loans at amortized cost |
2 069 |
1 393 |
||
Contingency and loss provisions |
0 |
0 |
||
Corporate income tax |
0 |
0 |
||
Penalty interest |
0 |
0 |
||
|
||||
Cash flows from operations before tax and changes in working capital requirements |
15 238 |
31 459 |
||
|
|
|
||
Other changes in working capital requirements |
(24 600) |
9 440 |
||
Working capital adjustments to reflect changes in the scope of consolidation |
||||
|
|
|
||
Change in working capital requirements |
(24 600) |
9 440 |
||
Net cash flows from operating activities |
(9 361) |
40 899 |
||
|
|
|
||
INVESTING ACTIVITIES |
|
|
||
Acquisition of fixed assets |
(13 343) |
(110 272) |
||
Net increase in amounts due to fixed asset suppliers |
(6 125) |
6 965 |
||
|
|
|
||
Net cash flows used in investing activities |
(19 468) |
(103 307) |
||
|
|
|
||
FINANCING ACTIVITIES |
|
|
||
Capital increase |
8 225 |
34 526 |
||
Capital increase transaction costs |
0 |
(659) |
||
Change in bank debt |
(3 971) |
62 615 |
||
Issue of financial instruments (share subscription warrants) |
0 |
0 |
||
Refinancing/financing transaction costs |
(1 073) |
(7 378) |
||
Net increase in liability in respect of refinancing |
0 |
0 |
||
Purchases of hedging instruments |
0 |
0 |
||
Net increase in current borrowings |
3 763 |
(713) |
||
Net decrease in current borrowings |
0 |
0 |
||
Net increase in other non-current borrowings and debt |
1 113 |
844 |
||
Net decrease in other non-current borrowings and debt |
0 |
0 |
||
Purchases and sales of treasury shares |
(216) |
(411) |
||
Dividends paid |
(21 323) |
(31 770) |
||
|
|
|
||
Net cash flows from financing activities |
(13 483) |
57 053 |
||
Change in cash and cash equivalents |
(42 312) |
(5 355) |
||
|
|
|
||
Cash and cash equivalents at beginning of period* |
57 480 |
62 836 |
||
|
|
|
||
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
15 167 |
57 480 |
||
* There were no cash liabilities for any of the periods presented above. |
French GAAP Income Statement
In euros |
|
|
||
Dec. 31, 2022 |
Dec. 31, 2021 |
|||
12 months |
12 months |
|||
|
|
|
||
Sales of services |
300 400 |
299 500 |
||
NET REVENUE |
300 400 |
299 500 |
||
|
|
|
||
Reversal of depreciation and amortization charges, impairment and expense transfers |
0 |
0 |
||
Other revenue |
24 887 |
37 713 |
||
Total operating revenue |
325 287 |
337 213 |
||
|
|
|
||
Purchases of raw materials and other supplies |
0 |
0 |
||
Other purchases and external charges |
1 487 700 |
2 475 567 |
||
Taxes, duties and other levies |
58 596 |
50 333 |
||
Wages and salaries |
450 506 |
408 558 |
||
Social security charges |
247 276 |
194 170 |
||
Fixed assets: depreciation and amortization |
9 924 |
8 536 |
||
Contingency and loss provisions |
0 |
0 |
||
Other expenses |
255 250 |
195 203 |
||
Total operating expenses |
2 509 252 |
3 332 368 |
||
OPERATING LOSS |
(2 183 965) |
(2 995 155) |
||
|
||||
Financial income from controlled entities |
10 515 746 |
5 639 541 |
||
Other interest income |
4 464 |
3 287 |
||
Reversals of impairment and provisions, and transferred charges |
55 782 |
0 |
||
Total financial income |
10 575 992 |
5 642 828 |
||
|
|
|
||
Interest expenses |
1 132 |
944 |
||
Depreciation, amortization, provisions for impairment and other provisions |
345 067 |
55 782 |
||
Total financial expenses |
346 198 |
56 727 |
||
NET FINANCIAL INCOME |
10 229 794 |
5 586 102 |
||
RECURRING LOSS BEFORE TAX |
8 045 829 |
2 590 947 |
||
|
|
|
||
Non-recurring income on capital transactions |
13 092 |
56 974 |
||
Reversal of impairment, provisions and non-recurring expense transfers |
0 |
0 |
||
Total non-recurring income |
13 092 |
56 974 |
||
|
|
|
||
Non-recurring expenses on management transactions |
150 |
0 |
||
Non-recurring expenses on capital transactions |
60 710 |
21 001 |
||
Total non-recurring expenses |
60 860 |
21 001 |
||
NET NON-RECURRING INCOME |
(47 768) |
35 973 |
||
|
|
|
||
Corporate income tax |
0 |
0 |
||
|
|
|
||
TOTAL INCOME |
10 914 372 |
6 037 015 |
||
TOTAL EXPENSES |
2 916 310 |
3 410 096 |
||
NET LOSS |
7 998 062 |
2 626 920 |
French GAAP Balance Sheet
In euros |
|||||||||
ASSETS |
Gross amount |
|
Depr., amort. & prov. |
|
Dec. 31, 2022 |
|
Dec. 31, 2021 |
||
|
|
|
|
||||||
Property, plant and equipment |
|
|
|
|
|||||
Other property, plant and equipment |
34 218 |
(27 600) |
6 618 |
16 542 |
|||||
|
|
|
|
||||||
Financial fixed assets |
|
|
|
|
|||||
Receivables from controlled entities |
194 448 994 |
- |
194 448 994 |
194 448 994 |
|||||
Loans |
- |
- |
- |
- |
|||||
Other financial fixed assets |
1 314 741 |
345 067 |
969 674 |
1 180 265 |
|||||
|
|
|
|
||||||
FIXED ASSETS |
195 797 953 |
|
(372 668) |
|
195 425 286 |
|
195 645 801 |
||
|
|
|
|
||||||
Receivables |
|
|
|
|
|||||
Trade accounts receivable |
719 880 |
- |
719 880 |
393 639 |
|||||
Other receivables |
89 284 782 |
- |
89 284 782 |
91 477 562 |
|||||
|
|
|
|
||||||
Cash and cash equivalents |
2 277 858 |
- |
2 277 858 |
1 210 697 |
|||||
Short-term investment securities |
- |
- |
- |
9 000 000 |
|||||
|
|
|
|
||||||
CURRENT ASSETS |
92 282 520 |
|
- |
|
92 282 520 |
|
102 081 898 |
||
|
|
|
|||||||
Prepaid expenses |
42 052 |
- |
42 052 |
48 380 |
|||||
|
|
|
|||||||
TOTAL ASSETS |
288 122 525 |
|
(372 668) |
|
287 749 859 |
|
297 776 078 |
||
In euros |
|
|
|||||||
EQUITY AND LIABILITIES |
|
|
|
|
Dec. 31, 2022 |
|
Dec. 31, 2021 |
||
|
|
|
|
|
|||||
Capital |
|
|
|
||||||
Share capital (including paid-up capital: 66,862,500) |
|
|
64 933 291 |
64 000 026 |
|||||
Additional paid-in capital |
|
|
54 814 096 |
66 212 886 |
|||||
Revaluation reserve |
|
|
152 341 864 |
152 341 864 |
|||||
|
|
|
|
||||||
Reserves |
|
|
|
||||||
Legal reserve |
|
|
6 694 261 |
6 694 261 |
|||||
Other reserves |
|
|
- |
- |
|||||
Retained earnings |
|
|
|
||||||
Retained earnings |
|
|
37 819 |
43 010 |
|||||
Net loss for the year |
|
|
7 998 062 |
2 626 920 |
|||||
|
|
|
|
||||||
SHAREHOLDERS’ EQUITY |
|
|
|
|
286 819 392 |
|
291 918 966 |
||
|
|
|
|
|
|||||
OTHER EQUITY |
- |
- |
|||||||
|
|
|
|
|
|||||
Loss provisions |
|
|
- |
- |
|||||
|
|
|
|
|
|||||
CONTINGENCY AND LOSS PROVISIONS |
- |
- |
|||||||
|
|
|
|
|
|||||
Non-current borrowings and debt |
|
|
|
||||||
Miscellaneous borrowings and debt |
|
|
- |
|
4 711 000 |
||||
|
|
|
|
|
|
||||
Trade accounts payable and other current liabilities |
|
|
|
|
|
||||
Trade accounts payable |
|
|
423 850 |
|
732 328 |
||||
Tax and social liabilities |
|
|
506 617 |
|
413 784 |
||||
Amounts owed to fixed asset suppliers |
|
|
- |
|
- |
||||
Other debts |
|
|
- |
|
- |
||||
|
|
|
|
||||||
LIABILITIES |
930 467 |
|
5 857 112 |
||||||
|
|
|
|||||||
TOTAL EQUITY AND LIABILITIES |
287 749 859 |
|
297 776 078 |
||||||
Reconciliation of Alternative Performance Measures (APM)
Recurring cash flow |
||||
In thousands of euros |
2022 |
2021 |
||
Net income under IFRS |
(4 183) |
36 932 |
||
Restatement of changes in fair value of investment property |
66 653 |
(1 348) |
||
Other restatements of changes in fair value |
(48 379) |
(5 527) |
||
Restatement of other fees (1) |
0 |
8 648 |
||
EPRA earnings |
14 090 |
38 706 |
||
Exceptional income and expenses (2) |
4 770 |
(10 042) |
||
18 860 |
28 664 |
|||
Restatement of deferred lease incentives (IAS 17) |
3 557 |
5 644 |
||
Restatement of deferred finance costs |
2 075 |
1 312 |
||
Recurring cash flow |
24 492 |
35 620 |
||
(1) Non-recurring fees due under the Asset Management Agreement. |
||||
(2) Rehabilitation indemnity / study costs / purchase of hedging instruments (CAP) |
||||
EPRA NTA |
||||
|
|
|||
In thousands of euros |
2022 |
2021 |
||
Shareholders’ equity under IFRS |
755 438 |
772 935 |
||
Portion of rent-free periods (1) |
(18 129) |
(21 973) |
||
Elimination of fair value of share subscription warrants |
0 |
453 |
||
Fair value of diluted NAV |
737 309 |
751 416 |
||
Transfer duties (2) |
71 660 |
75 494 |
||
Fair value of financial instruments |
(53 257) |
(5 330) |
||
EPRA NTA |
755 712 |
821 580 |
||
EPRA NTA per share |
44,3 |
48,9 |
||
(1) Lease incentives recorded in assets in the IFRS consolidated financial
|
||||
LTV ratio |
||||
In millions of euros |
2022 |
2021 |
||
Gross amount of balance sheet loans (statutory financial statements) (1) |
827 |
830 |
||
Fair value of investment property |
1 506 |
1 560 |
||
LTV ratio (%) |
54,9% |
53,2% |
||
(1) Consolidated gross debt at December 31, 2020 recorded in the statutory financial statements. |
||||
Occupancy rate |
||||
The occupancy rate is the ratio of space for which the Company receives rent under a lease agreement to the total amount of available space. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230308005383/en/
For more information, please contact:
Investor Relations
Charlotte de Laroche
+33 1 42 25 76 38
info@vitura.fr
Press contact
Aliénor Miens/Alexis Ouaki-Manseur
+33 6 07 26 86 09
alexis.ouaki-manseur@havas.com
Source
VITURA
Provider
BusinessWire
Company Name
VITURA
ISIN
FR0010309096
Symbol
VTR
Market
Euronext