151 / 236
EPRA Cost ratios
(x 1,000 EUR)
31.12.2015
31.12.2014
(I) Administrative/operational expenses per IFRS income statement
-41,494
-36,955
Cost of rent-free periods
-3,718
-2,932
Charges and taxes not recovered from the tenant on let properties
-3,478
-2,513
Net redecoration expenses
-1,105
-928
Technical costs
-5,643
-3,802
Commercial costs
-950
-1,138
Taxes and charges on unlet properties
-3,451
-3,922
Property management costs
-15,343
-14,544
Corporate management costs
-7,806
-7,176
(V) Share of joint venture expenses
-31
-32
EPRA COST RATIO (DIRECT VACANCY COSTS INCLUDED) (A)
-41,525
-36,987
(IX) Direct vacancy costs
5,059
5,219
EPRA COSTS (DIRECT VACANCY COSTS EXCLUDED) (B)
-36,466
-31,768
(X) Gross rental income less ground rent costs
205,622
198,759
(XII) Share of joint venture gross rental income
691
689
GROSS RENTAL INCOME (C)
206,313
199,448
EPRA cost ratio (direct vacancy costs included) (A/C)
20.13%
18.54%
EPRA cost ratio (direct vacancy costs excluded) (B/C)
17.68%
15.93%
*
Overhead and operational expenses capitalised (including share of joint ventures)
1,887
2,269
Cofinimmo capitalises overhead costs and operational expenses (legal fees, project management fees, capitalised interests, etc.) directly linked
to development projects.
Development projects
During 2015, Cofinimmo has done multiple renovation works. For more details on ongoing and future works, see page 56 of the Healthcare real
estate section, page 62 of the Offices section, and page 70 of the Distribution networks section.
147