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Rental yield
The diversification of the property portfolio guarantees the stability of the rental yields
over the years.
MANAGEMENT REPORT /
Transactions and performances in 2014
Capitalisation rates applied on the Cofinimmo portfolio and
yield of the Belgian government bonds (in %)
2008 2009 2010
2011
2012
2013
2014
Gross/net rental yields per sector
1
(in %)
7.61%
6.73%
6.30%
6.29%
6.59%
6.41%
6.68%
6.39%
6.88
%
6.49
%
Offices
Healthcare
real estate
Property of
distribution
networks
Other
Global
portfolio
Gross
Net
Gross
Net
Gross
Net
Gross
Net
Gross
Net
The gross rental yield of the portfolio decreased to 6.88% in 2014
(7.03% in 2013). This represents a 5.97% premium compared to the
yield of the Belgian government bonds (OLO) over ten years.
The difference between the gross and net rental yields comes from
the direct costs. These are mainly comprised of technical and com-
mercial costs, as well as rental costs and taxes on unlet buildings.
In the sector of healthcare real estate, the leases are mainly “triple
net”, which means that the insurances, taxes and maintenance
costs are borne by the tenant. Therefore, in this sector, gross and
net yields are almost identical.
0
2
4
6
8
In the healthcare real estate sector, the charges, taxes
and insurances being borne by the tenants, gross and
net yields are almost identical.
7.61%
6.88%
0.91%
Cofinimmo
Office portfolio
Cofinimmo
Global portfolio
10-year Belgian govern-
ment bond
8
6
4
2
0
1
If the portfolio is 100% rented.
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