42 / 236
12
14
10
8
6
4
2
0
2008 2009 2010 2011
2012 2013 2014 2015
10.5
11.4
15.5
13.1
12.9
4.3
10.5
15
10
5
0
30
25
20
15
10
5
0
19.9
5.1
27.8
13.9
15.5
Maturity of leases (in %)
LEASES > 9 YEARS
47.4%
Healthcare real estate
28.2%
Properties of distribution networks - Pubstone
14.2%
Offices (public sector)
3.8%
Other
0.8%
Offices (private sector)
0.4%
LEASES 6-9 YEARS
10.6%
Offices
5.9%
Healthcare real estate
2.6%
Property of distribution networks - Cofinimur I
2.1%
LEASES < 6 YEARS
42.0%
Offices
30.8%
Healthcare real estate
9.6%
Property of distribution networks - Cofinimur I
1.5%
Other
0.1%
Maturity of leases
The average remaining term of all leases in effect on 31.12.2015 is
10.5 years, if every tenant were to exercise their first break option.
This number increases to 11.4 years in case no break option were to be
exercised and all tenants were to remain in their rented space until the
contractual end of the leases.
Almost 47.4% of the leases of the global portfolio have a term longer
than nine years, of which 28.2% of healthcare real estate alone.
1
Until the first possible break option.
“THE MATURITY
OF LEASES IN
THE PORTFOLIO
IS 10.5 YEARS,
AN EXCEPTIONAL
LEVEL AMONG
EUROPEAN REAL
ESTATE COMPANIES.”
Evolution of the weighted residual lease length
(in number of years)
1
Weighted residual lease length by segment
(in number of years)
1
Weighted residual lease length by country for
healthcare real estate (in number of years)
1
Healthcare
real estate
Belgium
Healthcare
real estate
France
Healthcare
real estate
Germany
Healthcare
real estate
Netherlands
Healthcare
real estate
Until the first possible break option
Until the end of the leases
Total
portfolio
Healthcare
real estate
Property of
distribution
networks
Other
Offices
38
Management report /
RENTAL MANAGEMENT