Management Report

6. Leases in 2009

The occupancy rate⁵ for the WDP portfolio at the end of June 2009 was 97,5%, slightly down from the historically high occupancy rate of 99% at 31 December 2008. In the fourth quarter the occupancy rate decreased to 92%, as expected. This decline was due to a decrease of 4,2% in the existing portfolio as a result of the reduced economic activity of some clients, and a decrease of 2,8% owing to the completion of own projects that were started up in 2008 and not pre-let. The remainder of these developments (15.000 m² in Venlo and 6.000 m² in Libercourt) was meanwhile put on hold until lessees would be found (see also ‘2. Projects completed in 2009’ on page 58 and ‘3. Projects in progress’ on page 59). Since then no new own projects were started without pre-letting. Only the projects that became vacant in Puurs (14.000 m²) and Ternat (10.000 m²) are currently being reviewed in order to be able to better position them in the property market after extensive renovations (see also ‘3. Projects in progress’ on page 58).

In 2010 a maximum of 48.000 m² of buildings in the existing portfolio could become vacant, and vacancy could consequently increase by at most 3% in that case. For most of these buildings, however, WDP is currently in talks with existing or potential new lessees. In addition, 50.000 m² of let projects will be completed in 2010 that have a rental value of EUR 3,2 million per year.

5    The occupancy rate is calculated by dividing the rental value of the let surface area by the rental value of the rentable surface area. Projects under construction and/or undergoing refurbishment are not included in the calculation

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