Risk factors relating to the Issuer Sample Clauses

Risk factors relating to the Issuer. 1.1.1 Market risks Risks associated with the economic climate The Issuer’s business is subject to the influence of economic cycles. The general macro‐economic indicators may have a negative influence on the development activities of the Issuer. They exert an influence on investment and entering into leases with companies in the sector of logistics and semi industrial properties. They may also have an impact on the Issuer’s funding sources for investments. Risks associated with the property market Rent levels, vacancies and the value of buildings are affected significantly by supply and demand in the market in relation to the sale and lease of property. The main risks to which the Issuer is exposed stem from keeping the occupancy rate up to the required mark and taking advantage of the opportunity to maintain rent levels – and hence also the value of the buildings – when new lease agreements are entered into or when existing leases are renewed. The Issuer seeks to minimize the impact of these risks on its results and on the value of its portfolio through:  the geographical diversification of its property portfolio;  the diversification of its type of buildings;  the diversification of its customers;  the investment policy in quality buildings:  the development of flexible real estate solutions for its customers. By implementing these five elements, the Issuer has always succeeded in restricting vacancies at its sites. Since it was listed on the stock exchange, the Issuer has never had an occupancy rate of less than 91%.1 When existing leases are renewed and/or new ones are signed, it is current practice that the rent per m² is maintained at the same level. In the logistics sector, it is usually the case that as part of renegotiating and/or signing new leases, the basic rent (non‐indexed) is maintained and a rent‐free period of 3 to 6 months is granted, depending on the length of the lease. In most cases, the stated rent is also higher than the estimated rental value. Based on the property estimate, the average rent‐to‐rental value ratio is 10.7% higher in Belgium and 6.3% higher in France. Based on the real estate portfolio as of 31 March 2013, no single client‐tenant makes up more than 20% of its total rental income, nor does any single unit of property make up more than 20% of the portfolio. The value of the largest unit of property in the portfolio represents 12.6% of the total fair value of the portfolio (Saint‐Cyr‐en‐Val site in Orléans – France)....
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Related to Risk factors relating to the Issuer

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