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ANNUAL ACCOUNTS /
Notes to the consolidated accounts
Asset category
Fair value at
31.12.2014
Valuation method
Unobservable data (a)
Extreme values
(weighed average)
2014
Extreme values
(weighed average)
2013
France
375,417
Discounted cash flow
Estimated rental value (ERV)
53 - 280 (143)€/m²
53 - 224 (131)€/m²
1
Capitalisation rate
5.75% - 7.50% (5.79%) 5.75% - 8.00% (5.77%)
1
Capitalisation rate of the
final net ERV
5.75% - 12.31% (6.71%) 6.00% - 12.31% (7.11%)
1
Inflation rate
1.25% - 2.05% (2.02%)
1.75% - 2.12% (2.10%)
1
Discounted estimated
rental value
Estimated rental value (ERV)
53 - 280 (141)€/m²
53 - 224 (130)€/m²
1
Capitalisation rate
3.81% - 26.95% (7.11%)
3.32% - 25.35%
(6.64%)
1
Netherlands
and
Germany
87,290 Discounted cash flow
Estimated rental value (ERV)
101 - 180 (148)€/m²
N/A
1.2
Capitalisation rate
7.25% - 7.30% (7.27%)
N/A
1.2
Capitalisation rate of the
final net ERV
7.00% - 11.68% (9.72%)
N/A
1.2
Inflation rate
1.80% - 2.00% (1.92%)
N/A
1.2
Discounted estimated
rental value
Estimated rental value (ERV)
87 - 235 (158)€/m²
N/A
1.2
Capitalisation rate
5.30% - 7.50% (6.51%)
N/A
1.2
Healthcare real
estate under
development
21,440 Residual value
Estimated rental value (ERV)
80 - 202 (170)€/m²
80 - 198 (127)€/m²
Capitalisation rate
5.70% - 14.26%
(7.65%)
5.00% - 7.25% (6.08%)
Costs to completion
(b)
(b)
Inflation rate
1.50% - 1.92% (1.83%)
2.00%
PROPERTY OF
DISTRIBUTION
NETWORKS
533,538
Pubstone Belgium
272,202 Discounted cash flow
Estimated rental value (ERV)
13 - 307 (77)€/m²
13 - 307 (77)€/m²
Capitalisation rate
6.25%
6.85%
Capitalisation rate of the
final net ERV
6.55%
7.10%
Inflation rate
2.00%
2.00%
Discounted estimated
rental value
Estimated rental value (ERV)
13 - 307 (77)€/m²
13 - 307 (77)€/m²
Capitalisation rate
3.50% - 8.50% (5.63%) 4.00% - 9.50% (6.15%)
Pubstone
Netherlands
149,396 Discounted estimated
rental value
Estimated rental value (ERV)
47 - 495 (207)€/m²
47 - 415 (205)€/m²
Capitalisation rate
4.50% - 7.60% (5.44%) 4.50% - 7.60% (5.82%)
Cofinimur I France
111,940 Discounted cash flow
Estimated rental value (ERV)
85 - 700 (150)€/m²
80 - 700 (147)€/m²
Capitalisation rate
6.00% - 8.00% (6.01%)
6.00%
Capitalisation rate of the
final net ERV
4.73% - 14.04%
(7.80%)
4.91% - 14.07% (8.02%)
Inflation rate
1.67% - 2.00% (1.98%)
2.00%
Discounted estimated
rental value
Estimated rental value (ERV)
85 - 700 (150)€/m²
80 - 700 (147)€/m²
Capitalisation rate
4.36% - 36.20%
(6.98%)
4.60% - 27.20%
(7.00%)
OTHER
64,566
Other
64,566 Discounted estimated
rental value
Estimated rental value (ERV)
43 - 369 (163)€/m²
41 - 261 (194)€/m²
Capitalisation rate
4.00% - 8.50% (6.45%) 4.75% - 8.50% (6.07%)
TOTAL
3,199,183
(a)
The net rental income is detailed in Note 6.
(b)
The costs required for the completion of a property are specific to each project and depend on the degree of progress of the works.
1
In 2013, because of the very small size of the healthcare portfolio in the Netherlands, the asumptions used for the Netherlands were grouped with those for France.
2
In 2013, we had not made any acquisitions in Germany yet.