Cofinimmo - Annual Financial Report 2014

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EPRA Vacancy rate2
(x €1,000) 2014
Offices Healthcare real estate Pubstone
Belgium
Pubstone
Nether-
lands
Cofinimur
I France
Other TOTAL
Belgium France
Nether-
lands Germany
Rental space
(in m²)
654,115 429,087 210,544 38,193 4,637 312,811 48,076 59,868 23,026 1,780,357
ERV3 of vacant
spaces
9,373 - 700 20 - 194 118 299 8 10,712
ERV3 of the total
portfolio
94,130 49,152 28,112 5,254 833 18,229 9,177 8,311 4,237 217,435
EPRA VACANCY
RATE
9.96% 0.00% 2.49% 0.39% 0.00% 1.06% 1.29% 3.60% 0.18% 4.93%
1 For more details on sector information, see Note 5.
2 For more details on the vacancy rate, see the chapter “Property report”,
pages 88 to 95.
3 ERV = Estimated Rental Value.
DATA ACCORDING TO THE EPRA PRINCIPLES
EPRA Net Initial Yield (NIY) and EPRA ‘topped-up’ NIY 1
(x €1,000,000) 2014
Offices Healthcare real estate Property of
distribution networks
Other TOTAL
Belgium France
Nether-
lands Germany Belgium
Nether-
lands France
Investment properties in fair
value
1,312.0 821.3 379.4 77.0 11.4 272.2 149.4 111.9 64.6 3,199.2
Assets held for sale - - -2.4 - - - - -0.9 - -3.3
Development projects -65.7 -16.3 -4.0 -1.1 - - - -0.2 -1.6 -88.9
Properties available for lease 1,246.3 805.0 373.0 75.9 11.4 272.2 149.4 110.8 63.0 3,107.0
Estimated transaction costs
resulting from the hypothetical
disposal of investment
properties
31.1 20.5 25.3 1.9 0.6 29.9 9.0 7.4 1.5 127.2
Gross up completed
property portfolio valuation
1,277.4 825.5 398.3 77.8 12.0 302.1 158.4 118.2 64.5 3,234.2
Annualised gross rental income 87.8 50.9 24.9 5.6 0.8 19.6 10.3 7.7 4.3 211.9
Property charges -14.3 -0.2 -0.2 -0.0 -0.0 -0.6 -0.3 -0.2 -0.2 -16.0
Annualised net rental income 73.5 50.7 24.7 5.6 0.8 19.0 10.0 7.5 4.1 195.9
Rent-free periods expiring
within 12 months
and other lease incentives
-0.6 - - - - - - - - -0.6
Topped-up net annualised
rental income
72.9 50.7 24.7 5.6 0.8 19.0 10.0 7.5 4.1 195.3
EPRA NIY 5.75% 6.14% 6.20% 7.15% 6.95% 6.30% 6.27% 6.41% 6.38% 6.06%
EPRA ‘TOPPED-UP’ NIY 5.70% 6.14% 6.20% 7.15% 6.95% 6.30% 6.27% 6.41% 6.38% 6.04%
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