5. Gross rental income

Gross rental income can be broken down as follows:

^{1   Theoretical rent and Loss of rent are both non-GAAP measures. For the definitions of these terms, please refer to Annex 7: Definitions in this annual report. These measures are presented to illustrate the amount of rental income that has not been realised as gross rental income due to financial vacancy and incentives.}

The theoretical rent increased by €23 million to €408 million in 2024, mainly due to the annual rent increase, the net impact of the inflow of new acquired property and outflow of property and rent optimalisation . The total number of units at the end of 2024 increased with 394 units, from 27.675 (2023) to 28,069 (2024). This is a result from inflow (ten residential buildings), outflow (five residential buildings) and individual unit sales. The average monthly rent increased to €1,189 at year-end 2024, from €1,133 at year-end 2023. 

The like-for-like rent increased 5.0% in 2024 (2023: 4.7%), while the loss of rent increased to 2.1% in 2024 (2023: 1.7%). 

The contract termination rate increased from 12.0% (2023) to 12.3% in 2024. Ultimo 2024 the vacancy has increased due to renovation projects and recent inflow which was not fully rented by year end. The occupancy rate (in units) decreased to 98.0% (2023: 99.0%). The vacancy is mainly temporary due to renovation projects and new inflow.