Rents and occupancy rates
The theoretical rent for the French industrial portfolio rose to € 6.2 million in 2008, an increase of € 0.3 million or 4.7%, due to normal indexation: no new leases were signed. A lease representing 20.5% of the total theoretical rent was cancelled in December 2008, leading to a slight reduction in the average occupancy rate for the year from 100% in 2007 to 99.1% in 2008. Operating expenses increased by 2.9%. Net rental income grew by 3.8% (2007: 14.5%) to € 5.9 million, while the net rental growth on a like-for-like basis (industrial properties that were held in portfolio throughout both 2007 and 2008) amounted to 3.8% in 2008 (2007: 8.9%).
Source: Annual Report 2008, Chapter Review of operations, page 78 (PDF, 2,1 MB)
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