2014 at a glance

Key financial information

All amounts in € thousands unless otherwise stated

Portfolio highlights

  • 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
Portfolio at a glance

Performance per share

Performance per share20142013
Dividends (in €)97.8894.87
Net earnings (in €)128.47(0.93)
Net asset value IFRS (in €, at year-end)2,602.682,572.97
Net asset value INREV (in €, at year-end)2,602.682,573.56

Statement of financial position

Statement of financial position20142013
Total assets2,727,7252,609,004
Total shareholders’ equity2,715,2832,599,612
Total debt from credit institutions


Net result133,154(941)
Total Expense Ratio (TER)0.56%0.57%
Real Estate Expense Ratio (REER)1.53%1.62%

Fund return

* Since inception (5-year average)

Portfolio figures

Portfolio figures20142013
Investment property2,561,3542,535,854
Investment property under construction65,89657,213
Gross initial yield6.0%5.7%
Total number of residential units14,18114,467
Average monthly rent per unit (in €)927899
Financial occupancy rate (average)96.5%96.4%
Sustainability (A, B or C label)92.3%92.1%
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