Befimmo’s full year results showed a weaker quality of earnings and a lower than expected re-valuation (-0.2% vs estimate of +0.4%). The occupancy rate dropped further in the fourth quarter from 92.7% to 91.4%, mainly as a result of tenants centralizing their employees.
While Befimmo’s operating income of € 57.52 million was compensated by much lower interest costs. The average interest rate on Befimmo’s loans was 3.2% (versus 3.87% last year), which was the result of floating rate loans.
The whole portfolio was negatively revalued by