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Global information
(x €1,000,000)
31.12.2014
31.12.2013
Portfolio of investment properties (in fair value)
3,199.2
3,347.0
(x €1,000)
31.12.2014
31.12.2013
Property result
208,074
216,909
Operating result before result on the portfolio
177,742
185,619
Financial result (excluding IAS39 impact)
-51,432
-61,249
IAS39 impact
-136,143
-13,686
Net current result - Group share
-15,655
104,924
Result on the portfolio - Group share
-37,016
-46,187
Net result - Group share
-52,671
58,737
(in %)
31.12.2014
31.12.2013
Operating costs/average value of the portfolio under management
1
0.85%
0.83%
Operating margin
85.4%
85.6%
Weighed residual lease term
2
(in years)
11.0
11.6
Occupancy rate
3
95.2%
95.4%
Gross rental yield at 100% occupancy
6.9%
7.0%
Net rental yield at 100% occupancy
6.5%
6.5%
Debt ratio
4
48.1%
48.9%
Average cost of debt
5
3.4%
3.9%
Average debt maturity (in years)
3.4
3.8
1
Average value of the portfolio plus the value of sold receivables relating to
buildings which maintenance costs payable by the owner are still met by the
Group through total cover insurance premiums.
2
Up until the date of the tenant’s first break option.
3
Calculated according to the actual rents and, for unoccupied buildings, the rental
value estimated by the independent real estate experts.
4
Legal ratio calculated in accordance with the legislation regarding RREC as
financial and other debts divided by total assets.
5
Including bank margins.
Key figures
MANAGEMENT REPORT /
Key figures
12