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2009
2010
2011
2012
2013
2014
2015
6
8
4
2
0
6.92%
6.26%
1.06%
7.82%
RENTAL YIELD
The diversification of the property portfolio guarantees the stability of rental yields over the years.
The gross rental yield of the portfolio, or capitalisation rate of the gross
rents applied to the portfolio, increased to 6.92% in 2015 (6.88% in
2014). This represents a 5.86% premium compared with the yield on
10-year Belgian government bonds (OLO).
Gross/net rental yields by sector
1
(in %)
GROSS
NET
Healthcare real estate
6.26%
6.20%
Offices
7.82%
6.73%
Property of distribution networks
6.58%
6.36%
Other
6.99%
6.28%
TOTAL PORTFOLIO
6.92% 6.43
%
The difference between the gross and net rental yields comes from
the direct costs. These mainly consist of technical and commercial
costs as well as taxes and charges on unlet properties. In the sector
of healthcare real estate, the leases are mainly “triple net”, which
means that the insurances, taxes and maintenance costs are borne
by the tenant. Therefore, in this sector, gross and net yields are almost
identical.
Office building
Guimard 10-12 -
Brussels (BE)
The laying of a wooden
roof terrace, equipped
with planters and a
bench in the shape
of Cofinimmo’s logo,
offers clients an
additional outdoor
space. This space can
be used for relaxation
or work.
Capitalisation rates applied on the Cofinimmo portfolio and yield on
Belgian government bonds (in %)
Cofinimmo Total portfolio
Cofinimmo Healthcare portfolio
10-year Belgian government bond
Cofinimmo Office portfolio
1
If the portfolio is 100% let.
40
Management report /
RENTAL YIELD