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NET RESULT
Net current result, plus (+) result on the portfolio.
OCCUPANCY RATE
The occupancy rate is calculated by dividing the (indexed) contrac-
tual rents of leases in progress by the sum of these contractual rents
and of the estimated rental values of vacant areas, the latter being
calculated on the basis of the level of current rents on the market.
OPERATING MARGIN
Operating result in relation to net rents.
PAY-OUT RATIO
Percentage of the net current result distributed in the form of a
dividend.
PPP (PUBLIC-PRIVATE PARTNERSHIP)
Partnership between the public and private sector regarding projects
with a public destination: urban renovation, infrastructure works,
public buildings, etc.
PRIVATE PLACEMENT
Fund-raising from a limited number of (institutional) investors without
approaching public sources.
REALISABLE VALUE
Book value of the buildings as used in the IAS/IFRS balance sheet,
calculated by deducting from the investment value a portion of
transfer taxes set by the real estate valuers at 2.5% for assets located
in Belgium. However, for ptoperties with an overall value of less than
2.5 million EUR, the taxes to deduct are the registration taxes (of 10%
and 12.5%), depending on the redion in which the property is located.
For assets located in France, the Netherlands and Germany, the
deducted transfer taxes amount to respectively 6.77%, 3.87%, and
4.80%. This disposal value is used as fair value in Cofinimmo’s IAS/
IFRS financial accounts.
REIT (REAL ESTATE INVESTMENT TRUST)
Listed property investment trust as existing in the United States.
RECORD DATE
Date on which the positions are closed in order to identify the share-
holders who qualify to receive a dividend, i.e. two working days after
the ex-date.
RESULT ON THE PORTFOLIO
Gains and losses realised and unrealised compared with the last valu-
ation by the real estate expert, including the amounts of exit tax due
following the entry into the RREC, SIIC or FBI regimes of any asset.
REVALUED NET ASSETS
Net asset value (NAV). Equity estimated at its market value, which
is obtained by the difference between the company’s assets and
liabilities (these both being presented directly in market value on the
Cofinimmo balance sheet). This value is calculated at the company on
the basis of information relating to property valuations provided by
the independent real estate experts.
ROYAL DECREE OF 13.07.2014
Royal Decree relating to Regulated Real Estate Companies (RREC).
SERVICES FLATS
Small apartments providing accommodation to (semi)-autonomous
elderly people combined with domestic and meal services.
SIIC (SOCIÉTÉ D’INVESTISSEMENT IMMOBILIER COTÉE)
French fiscal status for property companies, comparable to the RREC
status.
SSR (CLINIQUE DE SOINS DE SUITE ET DE RÉADAPTATION)
Clinic providing rehabilitation care to patients following a hospital stay
for a health condition or surgery.
STOCK-MARKET CAPITALISATION
Closing stock market price multiplied by the total number of
outstanding shares on that date.
SWAP RATE
Inhterbanl interest rate.
TRIPLE NET
“Triple net” contracts or returns imply that the insurance, taxes and
maintenance are borne by the tenant. This mainly concerns the leases
of healthcare establishments.
TAKE-UP
Letting of rental spaces.
VELOCITY
This parameter indicates the speed of circulation of the share and
is obtained by dividing the total value of shares exchanged over the
year by the total number of shares.
WITHHOLDING TAX
Date on which the positions are closed in order to identify the share-
holders who qualify to receive a dividend, i.e. two working days after
the ex-date.
ZBC (ZELFSTANDIG BEHANDELCENTRUM)
Independent private clinic in the Netherlands.
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Glossary