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DATA ACCORDING TO THE EPRA PRINCIPLES
EPRA Cost ratios
(x€1,000)
31.12.2014
31.12.2013
(i)
Administrative/operational expenses per IFRS income statement
-36,955
-37,323
Rent-free periods
-2,932
-2,479
Taxes and charges on rented properties not recovered
-2,513
-2,376
Net redecoration costs
-928
-1,176
Technical costs
-3,802
-5,114
Commercial costs
-1,138
-957
Taxes and charges on unlet properties
-3,922
-4,075
Property management costs
-14,544
-14,258
Corporate management costs
-7,176
-6,888
(v)
Share of joint venture expenses
-32
-110
EPRA COSTS (DIRECT VACANCY COSTS INCLUDED) (A)
-36,987
-37,433
(ix)
Direct vacancy costs
5,219
5,677
EPRA COSTS (DIRECT VACANCY COSTS EXCLUDED) (B)
-31,768
-31,756
(x)
Gross rental income less ground rent costs
198,759
197,664
(xii) Add: Share of joint venture gross rental income
689
683
Gross rental income (C)
199,448
198,347
EPRA cost ratio (direct vacancy costs included) (A/C)
18.54%
18.87%
EPRA cost ratio (direct vacancy costs excluded) (B/C)
15.93%
16.01%
* Overhead and operational expenses capitalised (including share of joint ventures)
2,269
2,534
Cofinimmo capitalises overhead costs and operational expenses directly related to development projects (legal fees, project management
fees, capitalised interests, etc.).
Development projects
In 2014, Cofinimmo worked on several redevelopment projects. For details on the ongoing and future projects, see page 44 of the chapter
“Offices”, page 52 of the chapter “Healthcare real estate” and page 60 of the chapter “Property of distribution networks”.
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