Key financial information
All amounts in € thousands unless otherwise stated
Highlights 2014
- Dividend return of 3.9%
- Outperformance IPD Property Index (all properties) for fifth consecutive year (0.6%-points)
- Two new shareholders in the Fund (Rabobank pension fund and the pension fund for the Dutch confectionary industry)
- Continued high average financial occupancy rate of 96.5%
- Acquisition of eighteen projects (1,447 apartments, 207 family homes) for a total of € 407 million
- Divestment of 21 projects for a total of € 116 million (559 apartments, 405 family homes)
- Seven new assets, with six of these fully let before completion
- Like-for-like rent increase of 3.2%
- Low rent in arrears of 1.2%
- Secured pipeline of over € 400 million
- 92.3% green energy label (A, B or C label)
- GRESB Green Star status two years ahead of schedule
| Performance per share | 2014 | 2013 |
| Dividends (in €) | 97.88 | 94.87 |
| Net earnings (in €) | 128.47 | (0.93) |
| Net asset value IFRS (in €, at year-end) | 2,602.68 | 2,572.97 |
| Net asset value INREV (in €, at year-end) | 2,602.68 | 2,573.56 |
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| Statement of financial position | 2014 | 2013 |
| Total assets | 2,727,725 | 2,609,004 |
| Total shareholders’ equity | 2,715,283 | 2,599,612 |
| Total debt from credit institutions | – | – |
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| Result | 2014 | 2013 |
| Net result | 133,154 | (941) |
| Total Expense Ratio (TER) | 0.56% | 0.57% |
| Real Estate Expense Ratio (REER) | 1.53% | 1.62% |
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Property performance (all properties)
Portfolio movements
Financial occupancy rate
| Portfolio figures | 2014 | 2013 |
| Investment property | 2,561,354 | 2,535,854 |
| Investment property under construction | 65,896 | 57,213 |
| Gross initial yield | 6.0% | 5.7% |
| Total number of residential units | 14,181 | 14,467 |
| Average monthly rent per unit (in €) | 927 | 899 |
| Financial occupancy rate (average) | 96.5% | 96.4% |
| Sustainability (A, B or C label) | 92.3% | 92.1% |
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