2014 at a glance

Key information over five years

All amounts in € thousands unless otherwise stated

Statement of financial position     
Total assets579,982477,308509,516538,794516,019
Total shareholders’ equity565,113469,201501,187531,765508,794
Total debt from credit institutions- - - - -
Performance per share     
Dividends (in €)129.43136.91150.20149.03154.14
Net earnings (in €)3.01(6.29)3.42151.4475.95
Net asset value IFRS (in €, at year-end)2,113.012,341.192,505.942,658.822,543.97
Net asset value INREV (in €, at year-end)2,140.472,341.692,506.942,660.322,545.97
Net result612(1,260)68330,28915,190
Total Expense Ratio (TER) *0.54%0.58%0.54%0.57%0.57%
Real Estate Expense Ratio (REER) *2.25%1.70%1.69%1.92%1.74%
Fund return (% ROE)     
Income return5.7%5.6%5.9%5.7%6.0%
Capital growth(5.6)%(5.9)% (5.8)%0.1%(3.1)%
Total Fund return0.1%(0.3)%0.1%5.8%2.9%
Portfolio figures     
Investment property553,353445,979473,249514,624496,033
Investment property under construction6,201- - 1.068-
Gross initial yield8.2%7.9%7.6%7.5%8.0%
Total number of properties3025252626
Average monthly rent per square metre (in €)169180182179176
Financial occupancy rate (average)89.9%90.4%91.4%92.3%92.9%
Sustainability (A, B or C label)85.5%79.9%85.5%80.6%80.6%
Property performance (all properties)     
Direct property return6.6%6.7%6.8%6.5%7.0%
Indirect property return(5.3)%(6.1)% (5.8)%0.1%(3.1)%
Total property return1.3%0.7%1.0%6.6%3.8%
IPD Property Index office real estate (all properties)     
Direct return IPD Property Index6.8%6.8%6.5%7.0%6.5%
Indirect return IPD Property Index(3.3)%(9.4)% (8.5)% (4.6)%(2.9)%
Total return IPD Property index 3.3%(3.3)%(2.5)%2.2%3.4%
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 * The TER and REER are calculated based on the INREV Guidelines 2014 and the comparative figures have been restated accordingly

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