3. Rental status of the available buildings

On the basis of the contracts on 30 June 2009 the buildings that have been let provide rental income of EUR 53.26 million, an increase of 6.6% compared to 31 December 2008. This rental income is the aggregate of all rental contracts, increased by additional income for management and special works, and after deduction of the withholding tax on income from movable property and/or charges payable for concessions at the owner’s expense. In the aggregate, this represents 101% of the rental value of EUR 52.48 million based on market prices stated above.

The principal lessees are: the Univeg group with a share of 13.2% of rental income, DHL (8.1%), Massive PLI – Philips Lighting (5.9%), Kühne & Nagel (4.8%), Distri-Log (3.6%), Belgacom (2.8%), Descamps (2.7%), Renault (2.2%), Lidl (1.9%) and Tech Data (1.7%). The ten principal lessees jointly make up 46.9%. The top 20 account for 60.2% and the top 50 account for 83.4%.

Top lessees (% of rental income)

Lease contracts expiring in the second half of 2009 and in 2010 represent respectively 5.6% and 3.7% of the total rental value, whereas contracts due for expiry in 2013 or later represent a share of 81.2%.

The vacant areas, available to be let immediately, represent an additional rental value of EUR 1.47 million. This represents a vacancy rate of 2.8% compared to the total portfolio:

• Warehouse vacancies equal 24,633 m² or EUR 0.95 million;
• On 30 June 2009, 7,441 m² of office space was available for rent, representing EUR 0.51 million;
• The ‘other spaces’ that are still available for rent represent EUR 0.01 million.

Overview of vacancies in the available buildings

Four properties jointly account for 77.03% of the vacancies, expressed in rental value:

• Vilvoorde – Havendoklaan 19 (warehouses and offices);
• Bornem – Rijksweg 19 (offices);
• Boortmeerbeek, Industrieweg 16 (offices);
• Lille (Seclin) – rue Marcel Dassault (France) (warehouses).

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