Retail Estates SA2011年年度报告.pdf

1、fi.bevastgoedbevak-sicafiindustrielaan 6b-1740 Retail estates-exceRpt of the annual RepoRt 2010-2011At the heart of everyday lifeExcerpt of the annual report 2011Risk management 2letteR to the shaReholdeRs 10management RepoRt 16financial RepoRt 52Sfi.bevastgoedbevak-sicafiindustrielaan 6b-1740 Retai

2、l estates-exceRpt of the annual RepoRt 2010-2011At the heart of everyday lifeExcerpt of the annual report 2011Risk management 2letteR to the shaReholdeRs 10management RepoRt 16financial RepoRt 52SummaryExcerpt of the annual report 2011 Retail Estates 1Investing in peripheral retailAs in other countr

3、ies,the owning and letting of out-of-town retail properties has become a mature niche market,with increasingly professional lessors and tenants.Out-of-town retailing is constantly growing its market share at the expense of other retail channels.The properties are let out on an unfitted(casco)basis,w

4、ith clearly defined and controllable maintenance obligations.This,and the fact that the sector has few vacancy or rent collection problems,explains why property values have remained so far very stable even in difficult economic times.Investing in Retail EstatesRetail Estates,with its team of 14 staf

5、f,is specifically committed to the niche of out-of-town retailing and has become a reference in the sector over the last 13 years.Retail Estates has a strong defensive profile in terms of investment and financing strategy.Shareholders enjoy the value that this type of real estate continues to genera

6、te as well as a stable dividend policy with an annually increasing dividend.Risk Management4 Retail Estates Risk ManagementRisk Management1.Market value of the propertyThe value of the portfolio is assessed quarterly by an independent expert.A fall in value leads to a fall in the companys equity and