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Dividend Policy

The dividend policy is set by the Board of Directors of Qrf’s statutory manager and subsequently proposed to the Annual General Meeting of shareholders at the end of each financial year.

Dividend

 2017201620152014
EPRA earnings per share 1.59 EUR  1.59 EUR  1.49 EUR  1.40 EUR
Pay-out ratio 84.7%  84.2%  88.6%  93.1%
Gross dividend per share 1.35 EUR  1.34 EUR  1.32 EUR  1.30 EUR
Closing price at the end of the financial year 24.38  26.90 EUR  26.93 EUR  25.90 EUR
Gross dividend yield (based on the closing price at the end of the financial year) 5.5%  5.0%  4.9%  5.0%

 

Witholding tax

A 30% withholding tax applies on dividends paid by a Belgian REIT.

 

Obligation to distribute dividends

In accordance with the provisions of the Law of 12 May 2014 and the Royal Decree of 13 July 2014, Qrf, in its capacity as a public Belgian REIT, must distribute a minimum amount as compensation for the provided share capital, corresponding to at least the positive differene between the following amounts :

  • at least 80% of the adjusted net income and the net capital gains on realisation of investment properties not exempt from the obligation of distribution;
  • the net decrease in Qrf’s debt over the course of the year.

This obligation to pay is subject to two limits. On the one hand, the distribution can not be in violation of Article 617 of the Belgian Companies Code, and on the other hand, such payment is possible only on condition that the debt ratio (on statutory and consolidated level) after payment remains at or below 65% of total assets.

 

Optional dividend

The statutory manager of Qrf has the possibility to decide that the dividend for a financial year is paid out as an optional dividend. An optional dividend is a form of dividend payment where shareholders have the option to receive their dividend in cash or in shares.

 ING Belgium has been appointed as paying agent for the shares of Qrf City Retail.