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MCB (MANDATORY CONVERTIBLE BONDS)
Mandatory Convertible Bonds (MCB) are debt instruments for which the
debtor has the possibility to reimburse his loan at term with shares.
MSCI (MORGAN STANLEY CAPITAL INTERNATIONAL)
European stock market index launched by Morgan Stanley Capital
International grouping listed companies worldwide.
NET CURRENT CASH FLOW
Net current result (Group share) before the result on the portfolio plus
(+) contributions to depreciations, writebacks on trade receivables and
(writebacks of) provisions less (-) other non-cash items such as write-
backs of lease payments sold and discounted, positive and negative
changes in the fair value of financial instruments and the spreading of
rent-free periods and concessions granted to tenants.
NET CURRENT RESULT
Operating result plus financial result (financial income - financial charges)
minus income taxes.
NET RESULT
Net current result + result on the portfolio.
OCCUPANCY RATE
The occupancy rate is calculated by dividing the (indexed) contractual
rents of the leases in force by the sum of these contractual rents and of
the estimated rental values of the vacant spaces, the latter being calcu-
lated based on the level of current rents on the market.
OPERATING MARGIN
Operating result in relation to net rents.
PAY-OUT RATIO
Percentage of the net current result distributed in the form of a dividend.
PPP (PUBLIC-PRIVATE PARTNERSHIP)
Partnership between the public and private sector regarding projects with
a public destination: urban renovation, infrastructure works, public build-
ings, etc.
PRIVATE PLACEMENT
Fund-raising from a limited number of (institutional) investors without
approaching the general public.
RECORD DATE
Date on which the positions are closed in order to identify the shareholders
who qualify to receive a dividend. i.e. two working days after the ex date.
REIT (REAL ESTATE INVESTMENT TRUST)
Listed real estate investment trust as existing in the United States.
RESULT ON THE PORTFOLIO
Realised and unrealised gains and losses compared to the last valuation
by the real estate expert, including the amounts of exit tax due following
the entry of a building into the Sicafi/Bevak, SIIC or FBI regimes.
REVALUED NET ASSETS
Net Asset Value (NAV). Equity estimated at its market value, i.e. the dif-
ference between the company’s assets and liabilities (these both being
presented directly at market value on the Cofinimmo balance sheet). This
value is calculated at the company based on the property valuation pro-
vided by the independent real estate experts.
ROYAL DECREE OF 07.12.2010
Royal Decree concerning Sicafis/Bevaks.
SERVICE FLATS
Small apartments providing accommodation to (semi)-autonomous
elderly people combined with domestic and meal services.
SIIC (SOCIETE D’INVESTISSEMENT IMMOBILIER COTEE)
French fiscal status for property companies, comparable to the Sicafi/
Bevak status.
SSR (CLINIQUE DE SOINS DE SUITE ET DE READAPTATION)
Clinic providing rehabilitation care to patients following a hospital stay for
a health complaint or surgery.
SWAP RATE
Interbank interest rate.
TAKE-UP
Letting of rental spaces.
TRIPLE NET
So-called “triple net” rental contracts or yields imply that insurance costs,
taxes and maintenance expenses are payable by the tenant (lessee). This
mainly concerns the leases of healthcare assets.
VELOCITY
This parameter indicates the speed of circulation of the share and is
obtained by dividing the total volume of shares exchanged over the year
by the total number of shares.
WITHHOLDING TAX
Tax withheld by a bank or by another financial intermediary on payment
of a dividend.
ZBC (ZELFSTANDIG BEHANDELCENTRUM)
Independent private clinic in the Netherlands.
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