Companies
14In your selectionBELGIAN LISTED REAL ESTATE
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Average NTA discount
—Positive = discount to NTAAverage dividend yield
—Gross · annual basisAverage LTV
45.2%Debt relative to property valueCompanies
14| Watchlist | Details | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| AAedificaAED · Healthcare | —Unavailable | — | € 77.82 | — | — | € 4.20 | — | 30% | € 2.94 | — | 42.2% | ||
| AAscencioASCE · Retail | —Unavailable | — | € 66.96 | — | — | € 4.45 | — | 30% | € 3.11 | — | 44.8% | ||
| CPCare Property InvestCPINV · Healthcare | —Unavailable | — | € 17.08 | — | — | € 1.00 | — | 15% | € 0.85 | — | 48.2% | ||
| HIHome Invest BelgiumHOMI · Residential | —Unavailable | — | € 25.48 | — | — | € 1.03 | — | 30% | € 0.72 | — | 50.7% | ||
| IMImmo MouryIMMOU · Mixed | —Unavailable | — | € 56.58* | —* | —* | € 1.80 | — | 30% | € 1.26 | — | 47.9%* | ||
| IInclusioINCLU · Residential | —Unavailable | — | € 31.50 | — | — | € 0.94 | — | 30% | € 0.66 | — | 43.0% | ||
| MMonteaMONT · Logistics | —Unavailable | — | € 81.92 | — | — | € 4.19 | — | 30% | € 2.93 | — | 42.6% | ||
| QQrfQRF · Retail | —Unavailable | — | € 14.77 | — | — | € 0.84 | — | 30% | € 0.59 | — | 60.7% | ||
| RERetail EstatesRET · Retail | —Unavailable | — | € 85.16 | — | — | € 5.25 | — | 30% | € 3.68 | — | 39.6% | ||
| VVastnedVASTB · Retail | —Unavailable | — | € 40.17 | — | — | € 1.90 | — | 30% | € 1.33 | — | 38.2% | ||
| WEWarehouses Estates BelgiumWEB · Mixed | —Unavailable | — | € 51.76 | — | — | € 3.35 | — | 30% | € 2.34 | — | 47.3% | ||
| WWDPWDP · Logistics | —Unavailable | — | € 21.70 | — | — | € 1.29 | — | 30% | € 0.90 | — | 43.2% | ||
| WBWereldhave BelgiumWEHB · Retail | —Unavailable | — | € 72.47 | — | — | € 4.15 | — | 30% | € 2.91 | — | 33.0% | ||
| XXiorXIOR · Student housing | —Unavailable | — | € 38.69 | — | — | € 1.84 | — | 30% | € 1.29 | — | 51.5% |
* Immo Moury: IFRS NAV instead of EPRA NTA; IFRS earnings (including revaluations) instead of EPRA earnings, including for P/E and payout. LTV: statutory debt ratio. Occupancy: weighted by property value. The discount is calculated against IFRS NAV.
VALUATION IN CONTEXT
Discount versus dividend
No comparable figures in this selection.
LOOK BEYOND THE PRICE
A discount is
where the analysis begins.
A low valuation only becomes meaningful alongside property quality, leverage and dividend sustainability.
THE MARKET OVER TIME
Average discount over time
All companies · equally weighted · weekly closing prices
IFRS NAVEPRA NAV → NTAPositive = discount · negative = premium
Calculation and coverage
Each week, we calculate (1 − share price / net asset value per share) × 100 for each company. The arithmetic average gives each available company equal weight. Missing values are excluded; the company count is shown for each line. Immo Moury only reports IFRS NAV, so the two averages may cover different sets of companies.
The historical series tracks the current 14 companies from their available listing history. Mergers and changes in composition or valuation methods may affect comparability. This is not a historical sector index. The filters above do not change this chart.
Net asset values apply from their balance sheet date, even if published later or reported as comparative figures. The latest value is carried forward between reports. This retrospective view therefore does not represent only the information known at the time.
EPRA NAV is used until the first confirmed EPRA NTA; the series never switches back to NAV afterwards. NAV and NTA are different measures. The anomalous June 2020 NTA for Care Property Invest is excluded: the last confirmed NTA is carried forward until the next valid report. The original source value is retained.
EARNINGS & DIVIDENDS OVER TIME
Average valuation and yield over time
Equally weighted · weekly closing prices
Average price / EPRA earnings (TTM)
11.28×Average gross dividend yield
7.41%Calculation and coverage
Arithmetic average of the individual ratios, with equal weight for each available company. Price / EPRA earnings uses reported earnings per share over twelve months. Missing or non-positive earnings are excluded; Immo Moury is excluded because it reports IFRS earnings. The dividend average includes Immo Moury and uses the announced annual gross dividend, otherwise the last known dividend. A confirmed zero dividend is included.
We track the current fourteen companies. Earnings apply retrospectively from the accounting period end; dividend forecasts apply from their announcement. Publication dates are retained separately. This is not a point-in-time backtest. The number of companies may change due to missing figures, listings and mergers, which can affect the average. This is not a historical sector index. The filters above do not change these charts.