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GLOSSARY
NET CURRENT RESULT
Operating result plus financial result (financial income - financial charges)
less income taxes.
NET RESULT
Net current result + result on the portfolio.
OCCUPANCY RATE
The occupancy rate is calculated by dividing the (indexed) contractual
rents of the leases in force by the sum of these contractual rents and of
the estimated rental values of the vacant spaces, the latter being calcu-
lated based on the level of current rents on the market.
OPERATING MARGIN
Operating result in relation to net rents.
PAY-OUT RATIO
Percentage of the net current result distributed in the form of a dividend.
PPP (PUBLIC-PRIVATE PARTNERSHIP)
Partnership between the public and private sectors regarding projects for
collective use: urban renovation, infrastructure works, public buildings,
etc.
PRIVATE PLACEMENT
Fund-raising from a limited number of (institutional) investors without
approaching the general public.
RECORD DATE
Date on which the positions are closed in order to identify the share-
holders who qualify to receive a dividend. i.e. two working days after the
ex date.
REIT (REAL ESTATE INVESTMENT TRUST)
Listed real estate investment trust as existing in the United States.
RESULT ON THE PORTFOLIO
Realised and unrealised gains and losses compared to the last valuation
by the real estate expert, including the amounts of exit tax due following
the entry of a building into the RREC, SIIC or FBI regimes.
REVALUED NET ASSETS
Net Asset Value (NAV). Equity estimated at its market value, i.e. the dif-
ference between the company’s assets and liabilities (these both being
presented directly at market value on the Cofinimmo balance sheet). This
value is calculated at the company based on the property valuation pro-
vided by the independent real estate experts.
ROYAL DECREE OF 13.07.2014
Royal Decree concerning Regulated Real Estate Companies (RREC).
SERVICE FLATS
Small apartments providing accommodation to (semi)-autonomous
elderly people combined with domestic and meal services.
SIIC (SOCIÉTÉ D’INVESTISSEMENTS IMMOBILIERS
COTÉE)
French fiscal status for property companies, comparable to the RREC
status.
SSR (CLINIQUE DE SOINS DE SUITE ET DE
READAPTATION)
Clinic providing rehabilitation care to patients following a hospital stay for
a health complaint or surgery.
SWAP RATE
Interbank interest rate.
TAKE-UP
Letting of rental spaces.
TRIPLE NET
So-called “triple net” rental contracts or yields imply that insurance costs,
taxes and maintenance expenses are payable by the tenant (lessee).
This mainly concerns the leases of healthcare assets.
VELOCITY
This parameter indicates the speed of circulation of the share and is
obtained by dividing the total volume of shares exchanged over the year
by the total number of shares.
WITHHOLDING TAX
Tax withheld by a bank or by another financial intermediary on payment
of a dividend.
ZBC (ZELFSTANDIG BEHANDELCENTRUM)
Independent private clinic in the Netherlands.