Fund performance

The total fund return for 2022, expressed as a percentage of the NAV based on the INREV Guidelines as of 1 January 2022, was 1.1% (2021: 13.8%). Income return made up 2.8% of the fund return and capital gains of –1.7% had a negative impact on the fund return.

The dividend yield – the operational result to be distributed as a percentage of the INREV NAV as of 1 January 2022 – was 2.7%* (2021: 2.9%). Figure 23 shows the complete breakdown of the total return at the fund level, indicating the contribution of each component to the result.

^{* Please refer to the KPI tables in the Annexes. KPIs include limited assurance by external auditor. A separate assurance report is included on page 84.}

Figure 23: Break down of total return

^{In percentage}

Return on operational property (unlevered)

The total return on real estate property, expressed as a percentage of the average operational real estate portfolio value, was 0.9% in 2022 (2021: 11.9%). The direct return from rental activities was 3.0% (2021: 3.0%). The indirect return realised by selling was -0.1% (2021: 0.1%) and the indirect return realised by value changes was –2.0% (2021: 8.8%).