MSCI Netherlands Residential Annual Property Index

The MSCI property index measures the returns on real estate properties and property portfolios. The MSCI all residential assets index measures the yield of all residential properties, including purchase and sales transactions and development/redevelopment activities. Based on the all residential asset methodology, the ARC Fund's income return for 2022 was 3.1%, compared to the MSCI benchmark of 2.6%. The ARC Fund's capital change was -1.7% (MSCI: -1.0%). This resulted in a total performance of 1.1% (MSCI: 1.6%). The ARC Fund did outperform the long-term (5, and 10-year) MSCI all residential benchmarks.

The ARC Fund's income return structurally outperforms the MSCI benchmark as a result of higher rental receivables and lower operating costs. The capital growth of the ARC fund is more negative than the MSCI benchmark, this is caused by the focus of the ARC fund on the big four cities in the Netherlands which had high positive revaluations in the past few years. 

Because of our substantial committed pipeline, as well as our soft pipeline consisting of ADF (Amvest Development Fund B.V.) projects yet to be developed, we are well-positioned to achieve our ambitious growth objectives and maintain our strong financial performance.

A complete breakdown of the MSCI benchmark for 2022 and for the last 3 and 5 years is provided in the Annexes.