146 / 236
EPRA Net Initial Yield (NIY) and EPRA “topped-up” NIY
1
(x 1,000,000 EUR)
2015
Healthcare real estate
Offices Property of distribution networks Other
TOTAL
Belgium France Netherlands Germany
Belgium Netherlands France
Investment properties at fair
value
772.7
383.5
105.1
67.1
1,241.1
274.3
147.1
116.7 26.8 3,134.4
Assets held for sale
-
-2.2
-
-
-
-
-
-0.7
-
-2.9
Development projects
-2.3
-4.7
-5.7
-
-45.5
-1.0
-
-0.7
-1.7
-61.6
Properties available for lease 770.4 376.6
99.4
67.1 1,195.6 273.3
147.1
115.3 25.1 3,069.9
Estimated transaction costs
and rights resulting from
the hypothetical disposal of
investment property
19.3
25.7
0.9
3.2
29.9
30.0
8.8
7.8
0.6
126.2
Gross up completed property
portfolio valuation
789.7 402.3
100.3
70.3 1,225.5 303.3
155.9 123.1
25.7 3,196.1
Annualised gross rental income
48.1
24.9
7.0
4.7
85.9
19.7
10.2
7.8
1.8
210.1
Property charges
-0.4
-0.2
-0.2
-0.1
-16.7
-0.6
-0.3
-0.2 -0.2
-18.9
Annualised net rental income
47.7
24.7
6.8
4.6 69.2
19.1
9.9
7.6 1.6 191.2
Rent-free periods expiring within
12 months and other lease
incentives
-
-
-
-
-1.9
-
-
-
-
-1.9
Topped-up net annualised
rental income
47.7
24.7
6.8
4.6 67.3
19.1
9.9
7.6 1.6 189.3
EPRA NIY
6.05% 6.14%
6.84% 6.51% 5.49% 6.28%
6.31% 6.12% 6.29% 5.98%
EPRA “TOPPED-UP” NIY
6.05% 6.14%
6.84% 6.51% 5.49% 6.28%
6.31% 6.12% 6.29% 5.92%
1
For more details on the rental vacancy rate, refer to the property report on page 97 .
2
For more details on the sectoral information, refer to Note 5.
3
ERV = Estimated Rental Value.
EPRA Vacancy Rate
2
(x 1,000,000 EUR)
2015
Healthcare real estate
Offices Property of distribution networks
Other
TOTAL
Belgium France Netherlands Germany
Belgium Netherlands France
Rental space (in m²)
376,785 210,544
50,253 22,734 635,787 309,557
47,953 59,601
15,830 1,729,044
ERV
3
of vacant space
-
700
20
-
9,895
271
236
260
-
11,382
ERV
3
of the total portfolio
46,519 29,368
6,658 4,681
92,842 18,225
9,092
8,303
1,772 217,460
EPRA VACANCY RATE
0.00% 2.38%
0.31% 0.00% 10.66% 1.49%
2.60% 3.13% 0.00% 5.23%
142
Data according to the EPRA Principles