Core Insights - The company experienced a significant growth in net result from core activities, increasing by 17.4% to € 50.9 million in 2025, with earnings per share reaching € 5.25, aligning with the upper end of earnings guidance [2][8] - The EPRA occupancy rate for the entire investment property portfolio improved to 97.3% by the end of 2025, up from 97.0% in 2024, while the retail portfolio occupancy slightly decreased to 98.5% [3][8] - The net asset value per share decreased to € 73.00, reflecting an 11.0% decline from € 82.02 in 2024, primarily due to dilution from stock dividends and capital increases [3][8] Financial Performance - Net rental income rose by 16.5% to € 75.5 million, compared to € 64.8 million at the end of 2024 [8] - The EPRA debt ratio increased to 31.9% from 27.0% in 2024, indicating a higher leverage position [4][8] - The fair value of the investment property portfolio increased by 22.8% compared to December 31, 2024 [8] Financing Activities - The company secured new financings totaling € 170 million in 2025, including € 100 million for the acquisition of Knauf Shopping Pommerloch [4][8] - Additional loans of € 20 million each were obtained for the acquisition of Shopping Ville2, with maturities extending to 2031 and 2030 [5][8] - A € 30 million private placement was completed with Royal London, contributing to long-term funding stability [6][8]