16 Equity attributable to shareholders of Bouwinvest Dutch Institutional Residential Fund N.V.

For 2014, before appropriation of result

 Issued capitalShare premiumRevaluation reserve*Retained earningsNet result for the yearTotal equity
Balance at 1 January 20141,010,3531,560,54728,712941(941)2,599,612
Comprehensive income      
Net result- - - - 133,154133,154
Total comprehensive income- - - - 133,154133,154
Other movements      
Issued shares32,91251,088- - - 84,000
Appropriation of result- - - (941)941-
Dividends paid- - - (101,483)- (101,483)
Movement revaluation reserve- - 14,982(14,982)- -
Total other movements32,91251,08814,982(117,406)941(17,483)
Balance at 31 December 20141,043,2651,611,63543,694(116,465)133,1542,715,283
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For 2013, before appropriation of result

 Issued capitalShare premiumRevaluation reserve*Retained earningsNet result for the yearTotal equity
Balance at 1 January 20131,000,0001,637,86737,812(18,790)18,7902,675,679
Comprehensive income      
Net result- - - - (941)(941)
Total comprehensive income- - - - (941)(941)
Other movements      
Issued shares10,35317,147- - - 27,500
Appropriation of result- - - 18,790(18,790)-
Dividends paid- (94,467)- (8,159)- (102,626)
Movement revaluation reserve- - (9,100)9,100- -
Total other movements10,353(77,320)(9,100)19,731(18,790)(75,126)
Balance at 31 December 20131,010,3531,560,54728,712941(941)2,599,612
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Dividend restrictions

The Residential Fund is subject to legal restrictions regarding the amount of dividends it can pay to its shareholders. Dutch Law stipulates that dividends can only be paid up to an amount equal to the excess of the Fund’s own funds over the sum of the paid-up capital, statutory reserves and reserves required by law.

The revaluation reserve, being a legal reserve, cannot be freely distributed. Dividends are all payments from the free reserves. The free reserves consist of the share premium and retained earnings. Dividends will consist partly of profits and other payments.

In order to further align the processing of the distributable dividends with Dutch Law and taking into account the FII status of the Fund, the distributable dividends are made from retained earnings insofar the retained earnings – being the total amount of retained earnings and result for the year – are not negative. The remaining amount of legally required distributable dividends is subsequently made from share premium. Any residual negative retained earnings is supplemented from the share premium.

Number of shares in fully paid up equivalentsPaid-up share capital Share premiumTotal share capital and share premium
Opening balance at 1 January 20141,010,3531,010,3531,560,5472,570,900
Dividends paid- - - -
Issued shares32,91232,91251,08884,000
Balance at 31 December 20141,043,2651,043,2651,611,6352,654,900
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Opening balance at 1 January 20131,000,0001,000,0001,637,8672,637,867
Dividends paid- - (94,467)(94,467)
Issued shares10,35310,35317,14727,500
Balance at 31 December 20131,010,3531,010,3531,560,5472,570,900
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Issued capital

The authorised capital comprises five (5) million shares each with a nominal value of € 1,000.

As at 31 December 2014, in total 1,043,265 shares had been issued and fully paid up.

Share premium

The share premium consists of capital paid on shares in excess of the nominal value. At the establishment of the Fund, the shareholder bpfBOUW contributed an investment property portfolio under legal title of share premium.

Revaluation reserve

The revaluation reserve relates to the revaluation of the property investments. The (unrealised) positive or negative difference between the cumulative increase or decrease in the fair value of the investment property owned at the end of the year has been included in the revaluation reserve. The revaluation reserve as at year-end 2014 was determined at the individual property level.

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