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Changes in the fair value of investment properties, based on unobservable data
(x 1,000 EUR)
FAIR VALUE AT 31.12.2014
3,199,183
Gains/losses recognised on the income statement
-4,026
Acquisitions
74,793
Extensions/Redevelopments
27,552
Investments
24,117
Writeback of lease payments sold
10,214
Disposals
-197,480
FAIR VALUE AT 31.12.2015
3,134,353
Quantitative information related to the determination of the fair value of investment properties,
based on unobservable data (level 3)
1
Net rental income is incorporated in Note 6.
2
In 2015 and 2014, because of the very small size of the healthcare portfolio in Germany, the assumptions used for Germany were grouped together with the Netherlands.
3
The costs necessary for the completion of a building are specific to each project and depend on its degree of progress.
(x 1,000 EUR)
Asset category
Fair value
31.12.2015
Valuation method
Unobservable data
1
Extreme values
(weighted average) at
31.12.2015
Extreme values
(weighted average at
31.12.2014
HEALTHCARE REAL ESTATE
1,328,287
Belgium
770,420 Discounted cash flow
Estimated Rental Value (ERV)
70 - 199 (129) EUR/m²
64 - 187 (121) EUR/m²
Discount rate 6.20% - 6.90% (6.45%) 6.80 % - 7.30 % (7.00 %)
Capitalisation rate of the final
net ERV
7.00% - 9.25% (7.80%) 7.00 % - 9.25 % (7.82 %)
Inflation rate
1.75%
2.00 %
Discounted Estimated
Rental Value
Estimated Rental Value (ERV)
53 - 375 (137) EUR/m²
53 - 187 (123) EUR/m²
Capitalisation rate 5.60% - 7.25% (6.06%) 5.60 % - 7.25 % (6.21 %)
France
378,824 Discounted cash flow
Estimated Rental Value (ERV)
53 -260 (148) EUR/m² 53 - 280 (143) EUR/m²
Discount rate
5.50% 5.75 % - 7.50 % (5.79 %)
Capitalisation rate of the final
net ERV
5.35% - 12.31% (6.40%) 5.75 % - 12.31 % (6.71 %)
Inflation rate 0.65% - 1.92% (1.50%) 1.25 % - 2.05 % (2.02 %)
Discounted Estimated
Rental Value
Estimated Rental Value (ERV)
53 -260 (147) EUR/m²
53 - 280 (141) EUR/m²
Capitalisation rate 3.93% - 30.04% (7.26%) 3.81 % - 26.95 % (7.11 %)
Netherlands and
Germany
2
166,323 Discounted cash flow
Estimated Rental Value (ERV)
177 - 231 (209) EUR/m² 101 - 180 (148) EUR/m²
Discount rate 7.20% - 8.35% (8.05%) 7.25 % - 7.30 % (7.27 %)
Capitalisation rate of the final
net ERV
6.95% - 7.45% (7.18%) 7.00 % - 11.68 % (9.72 %)
Inflation rate
1.80% 1.80 % - 2.00 % (1.92 %)
Discounted Estimated
Rental value
Estimated rental value (ERV)
78 - 256 (174) EUR/m² 87 - 235 (158) EUR/m²
Capitalisation rate 5.00% - 7.50% (6.61%) 5.30 % - 7.50 % (6.51 %)
Healthcare real estate
under development
12,720
Residual value
Estimated Rental Value (ERV)
73 - 160 (117) EUR/m² 80 - 202 (170) EUR/m²
Capitalisation rate 6.00% - 12.25% (8.91%) 5.70 % - 14.26 % (7.65 %)
Costs to completion
3
3
Inflation rate 1.50% - 1.92% (1.69%) 1.50 % - 1.92 % (1.83 %)
The quantitative information in the following tables is taken from the
different reports produced by the independent real estate experts.
The figures are extreme values and the weighted average of the
assumptions used in the determination of the fair value of investment
properties. The lowest discount rates apply to specific situations.
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