5. Gross rental income

Gross rental income can be broken down as follows:

	2025	2024
Theoretical rent¹	432	408
Loss of rent¹	10	9
Gross rental income	422	399

1 Theoretical rent and Loss of rent are both non-GAAP measures. For the definitions of these terms, please refer to Annex 4: 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 €24 million to €432 million in 2025, 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 2025 increased with 78 units from 28,069 (2024) to 28,147 (2025). This is a result from inflow (five residential buildings), outflow (two residential buildings), and individual unit sales. The average monthly rent increased to €1,264 at year-end 2025, from €1,189 at year-end 2024.

The like-for-like rent increased 5.5% in 2025 (2024: 5.0%), while the loss of rent increased to 2.2% in 2025 (2024: 2.1%).

The contract termination rate decreased from 12.3% (2024) to 11.7% in 2025. At year‑end 2025 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 97.8% (2024: 98.0%). The vacancy is mainly temporary due to renovation projects and new inflow.