174 / 236
(x 1,000 EUR)
2015
2014
Office charges
1,828
1,606
IT
811
789
Other
1,017
817
Fees paid to third parties
4,853
3,195
Recurrent
3,067
2,650
Real estate experts
1,063
988
Lawyers
125
62
Property management
461
327
Other
1,418
1,273
Non-recurrent
1,786
545
Mergers and acquisitions (other than business combinations)
1,786
545
Public relations, communication and advertising
529
572
Personnel expenses
11,128
10,916
Salaries
8,433
8,228
Social security
1,651
1,633
Pensions and other benefits
1,044
1,055
Fees earned
-3,609
-2,555
Management fees related to the lease contracts
1
-3,369
-2,284
Fees for additional services
-240
-271
Taxes and regulatory fees
533
427
Depreciation charges on office furniture
81
134
TOTAL
15,343
14,295
NOTE 11. MANAGEMENT COSTS
Management costs are split between asset management costs and other costs.
Property management costs
These costs comprise the costs of the personnel responsible for this activity, the operational costs of the company headquarters and the fees
paid to third parties. The management fees collected from tenants partially covering the costs of the Property Management activity are deducted.
The portfolio is managed in-house, except for the MAAF insurance agencies portfolio and the health real estate properties in Germany. The internal
costs of property management are divided as follows:
1
Management fees related to the lease contracts include rebillings of the management costs of the buildings to the tenants.
The fees of the real estate experts amounted to 1,190,690 EUR for 2015, this figure including both recurrent and non-recurrent fees. These emolu-
ments are calculated partially based on a fixed amount per square metre and partially based on a fixed amount per property.
Corporate management costs
The corporate management costs cover the overhead costs of the company as a legal entity listed on the stock exchange and as an RREC. These
expenses are incurred in order to provide complete and continued information, economic comparability with other types of investment and
liquidity for the shareholders who invest indirectly in a property portfolio. Certain costs of studies relating to the Group’s expansion also come
under this category.
170
ANNUAL ACCOUNTS /
Notes to the consolidated accounts