RReal Estate


Real estate activities consist of a diversified real estate portfolio of offices, business premises and other properties. These assets are typically offered to tenants as prime locations that sit at the upper end of the Dutch office market. This business area ensures attractive business locations and generates robust revenues and cash flows, largely through rental income. These activities are also important for risk diversification since real estate performance is largely unaffected by developments in the aviation industry.

Key figures

EUR million

2018

2017

%

Total revenue

182

207

-12.1

Other income and results from investment property

104

68

53.4

Operating expenses

96

112

-14.7

EBITDA

191

163

17.0

Depreciation

20

25

-16.6

Impairment (incl. reversals)

-2

-

>-100

Operating result

172

138

24.6

Average fixed assets

2,015

1,972

2.2

EUR million

2018

2017

%

Investment property: buildings, including service charges

90

89

1.0

Investment property: land

32

29

9.6

Operating property, including service costs

49

50

-0.2

Other

11

39

-71.8

Total revenue

182

207

-12.1

Average occupancy rate
91.1% 2017: 89.6%
Return on offices1
(in %)
  • Only standing investments. A standing investment is an object that was part of the portfolio throughout the year (i.e. from 1 January through 31 December) without being the subject of any partial transactions (partial purchase or sale) or development/redevelopment.
Return on industrial property1
(in %)
  • This concerns the property index as included in the MSCI Real Estate benchmark. It does not include the activities of SRE International.