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5. Gross rental income

Gross rental income can be broken down as follows:




Theoretical rent



Loss of rent



Gross rental income



The theoretical rent shows an increase compared to 2020 driven by an increase of units in the portfolio. The total number of units at the end of 2021 increased with 88 units, from 27.482 (2020) to 27.570 (2021). This is a result from inflow (six residential buildings), the portfolio sale of two residential buildings, and individual unit sales. Also, the theoretical rent increased due to the annual rent increase and rent optimisation, which resulted in a like for like rental growth of 2.4%. 

The loss of rent is higher compared to prior year due to vacancy in inflow buildings. For the existing portfolio the loss of rent increased in comparison to previous years because of high vacancy in the higher rental segment, especially in the major cities. The contract termination rate increased to levels above 14%, compared to 12.5% at the beginning of 2021. Ultimo 2021 the vacancy has lowered significantly again due to additional focus and efforts on relettings, and is back on pre COVID-19 levels.