2014 at a glance

Key information over five years

All amounts in € thousands unless otherwise stated

Statement of financial position     
Total assets2,727,7252,609,0042,686,8592,819,8392,804,423
Total shareholders’ equity2,715,2832,599,6122,675,6792,810,6522,798,712
Total debt from credit institutions-----
Performance per share     
Dividends (in €)97.8894.8792.9694.7093.65
Net earnings (in €)128.47(0.93)18.7998.8964.33
Net asset value IFRS (in €, at year-end)2,602.682,572.972,675.682,810.652,798.71
Net asset value INREV (in €, at year-end)2,602.682,573.562,676.882,812.452,810.11
Net result133,154(941)18,79098,89364,328
Total Expense Ratio (TER) *0.56%0.57%0.56%0.54%0.55%
Real Estate Expense Ratio (REER) *1.53%1.62%1.51%1.34%1.21%
Fund return (% ROE)     
Income return3.9%3.6%3.4%3.4%3.4%
Capital growth1.2%(3.6)%(2.8)%0.1%(1.1)%
Total Fund return5.1%0.0%0.6%3.5%2.3%
Portfolio figures     
Investment property2,561,3542,535,8542,597,6752,666,1962,696,266
Investment property under construction65,89657,21360,14635,60018,484
Gross initial yield6.0%5.7%5.6%5.4%5.0%
Total number of residential units14,18114,46714,58014,68615,208
Average monthly rent per unit (in €)927899838830796
Financial occupancy rate (average)96.5%96.4%96.9%96.6%97.0%
Sustainability (A, B or C label)92.3%92.1%91.1%85.0%85.0%
Property performance (all properties)     
Direct property return4.5%4.2%4.0%4.0%4.1%
Indirect property return1.3%(3.6)%(2.7)%0.1%(0.9)%
Total property return5.8%0.6%1.3%4.1%3.2%
IPD Property Index residential real estate (all properties)     
Direct return IPD Property Index4.5%4.4%4.2%4.1%4.0%
Indirect return IPD Property Index0.6%(4.0)%(3.7)%(2.1)%(1.4)%
Total return IPD Property Index 5.2%0.2%0.3%1.9%2.5%
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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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