Like-for-Like
We conduct a performance analysis based on like-for-like (LfL) figures to compare the performance of the ARC fund year over year. The LfL figures only consider the residential properties that were part of portfolio the entire year (2022) and excludes individual homes sold during that period.
Table 3: Like-for-like figures
2022 | 2021 | |
Direct return | 3.1% | 3.3% |
Indirect return | (1.9%) | 10.1% |
Total return | 1.1% | 13.7% |
Vacancy | 1.5% | 1.8% |
Table 3 demonstrates that the ARC Fund had a total return of 1.1%. The main component of the direct return was the net rental revenue. Yield movements are the predominant driver for the indirect return.
- 1 Income return, Capital growth and Total return are calculated separately. Due to the calculation method (time weighted) the sum of the Income return and Capital growth does not always equal the Total return.