Retail Estates SA2009年年度报告.pdf

1、Excerpt of theAnnual report 2008-2009RETAIL ESTATES Annual report 2008-2009-1-RISk mAnAgEmEnT 2LETTER To ThE ShAREhoLdERS 8mAnAgEmEnT REpoRT 12CoRpoRATE govERnAnCE 28FInAnCIAL REpoRT 45SummARyRETAIL ESTATES Annual report 2008-2009-2-Brugge511233.96”N-31330.86”EBruggeDudzelestw.23/Fort Lapin/6 713 m2

2、/RETAIL ESTATES Annual report 2008-2009-3-Risk managementRepresentative real estate portfolio with discount store chains as tenantsRETAIL ESTATES Annual report 2008-2009-4-98.28%390.03 mio eoccupancy ratetotal lettable area shop premises334 KeyfiguresRetailEstatesnvlimitsitsrisksbyfocusedspecializat

3、ionanditsknowledgeofretailing“”RETAIL ESTATES Annual report 2008-2009-5-1.MarketvalueofthepropertyThe value of the portfolio is assessed quarterly by an independent expert.A fall in value leads to a fall in the companys equity and a raise in the value leads to a raise in the companys equity.The valu

4、e of retail properties on the outskirts of towns is mainly determined by the commercial value of the property locations.As a result of the shortage of well-located sites,the evolution of supply and demand is exerting upward pressure,both in the market for private investors and among institutional in

5、vestors.Values are generally inflation-proof due to rent indexing,but are also interest-sensitive because of the high level of debt with which many investors work.Institutional investors willingness to invest can suffer sharp temporary falls owing to macro-economic factors influencing the availabili

6、ty and cost of credit.Experience shows that the private investor market,which continues to represent over 60%of investments,is less sensitive here.2.DevelopmentsintherentalmarketVarious risks obviously arise in this area,not only in the field of vacant properties,but also as regards rentability,the