Retail Estates SA2010年年度报告.pdf

1、Excerpt of the Annual report 2009-2010RETAIL ESTATES 09/10Risk management 4LetteR to the shaRehoLdeRs 10management RepoRt 14coRpoRate goveRnance 30FinanciaL RepoRt SummaryKortrijkRisk management5Excerpt of the Annual report 2009-2010RETAIL ESTATES Retail Estates nv limits its risks by its high degre

2、e of spe-cialisation and its knowledge of the city periphery retail market.“”6managementRisk1.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 a rise in the value leads to a rise in the co

3、mpanys equity.The value of city periphery retail properties 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 insti

4、tutional investors.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

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

6、entability,the quality of tenants,building ageing and the trend in supply and demand in the rental market.These are reflected in the first instance in the evolution of rental values.Of course,rental payment risks also exist despite precautions taken by management,which tries to do everything possibl