35 / 220
Gross/net rental yields per sector
1
(in %)
Offices
Healthcare real
estate
Property
of distribution
networks
Other
Total
Portfolio
8
7
6
5
4
3
2
1
0
6.31
Brut
6.29
Net
7.77
Brut
6.78
Net
6.61
Brut
6.47
Net
7.06
Brut
6.76
Net
7.03
Brut
6.55
Net
1
If portfolio rented at 100%.
2
Until the first possible break option.
Three elements help to maintain a positive reversion:
•
the office occupancy rate, which is still relatively high (91.24%);
•
the tenant rotation rate over the entire portfolio, which remains
limited at 2%;
•
healthcare real estate and property of distribution networks have
leases which are indexed positively and rents which are protected
by their long duration.
The negative reversion in the office portfolio is due to renegotiations of
contracts.
A minimum of 70% of the rental income is contractually guaranteed until
2019. This percentage increases to 78% in case no termination option is
exercised and all tenants remain in their rented space until the contractual
end of the leases.
Guaranteed rental income
2
- in contractual rents
(x €1,000,000)
AXA Group (offices)
Korian Group (healthcare real estate)
International public sector (offices)
Other tenants (offices)
MAAF
240
220
200
180
160
140
120
100
80
60
40
20
0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 >2031
0
000000
000000
000000
000000
000000
Buildings Agency (Belgian Federal State) (offices)
Senior Living Group/Medica (healthcare real estate)
Armonea (healthcare real estate)
Other operators (healthcare real estate)
AB Inbev Group
The gross rental yield of the portfolio remains stable at 7.03% (7.01% in
2012).
\ 29
Global Portfolio
\ Management Report