Key figures 2022
Amounts in EUR x 1 million | 2022 | 2021 | 2020 | 2019 | 2018 |
Fund returns (as a percentage of the INREV NAV as at 1 January) | |||||
Income return | 2.8% | 2.8% | 2.8% | 3.3% | 3.4% |
Capital gains | (1.7%) | 11.0% | 6.7% | 12.0% | 18.2% |
Total return | 1.1% | 13.8% | 9.5% | 15.3% | 21.6% |
Dividend yield (dividend / INREV NAV as at 1 January) | 2.7% | 2.9% | 3.8% | 4.0% | 4.3% |
Dividend | 94.0 | 93.0 | 112.3 | 89.3 | 78.2 |
Total comprehensive income of the year | 39.6 | 437.8 | 280.6 | 341.5 | 390.4 |
Real estate returns (as a percentage of the average real estate portfolio value) | |||||
Direct return (1) | 3.0% | 3.0% | 3.1% | 3.5% | 3.7% |
Indirect return by selling (2) | (0.1%) | 0.1% | 0.9% | 0.5% | 0.8% |
Indirect return by value changes | (2.0%) | 8.8% | 4.0% | 7.5% | 11.8% |
Total return | 0.9% | 11.9% | 8.0% | 11.5% | 16.3% |
Cash yield (= 1 + 2) | 2.9% | 3.1% | 4.0% | 4.0% | 4.5% |
Gross rental yield | 4.1% | 3.9% | 4.1% | 4.3% | 4.7% |
Amounts in EUR x 1 million | 2022 | 2021 | 2020 | 2019 | 2018 |
Real estate results | |||||
Net rental income (1) | 119.5 | 110.9 | 103.9 | 95.1 | 78.6 |
Other income (1) | 6.2 | 1.7 | 0.5 | 0.1 | 0.0 |
Realised capital gains (2) | (3.6) | 5.0 | 30.6 | 14.8 | 16.5 |
Unrealised capital gains | (54.5) | 344.7 | 168.4 | 252.2 | 311.9 |
Total capital gains | (58.2) | 349.7 | 199.0 | 267.0 | 328.4 |
Direct income | 97.8 | 88.2 | 135.0 | 110.0 | 95.1 |
Indirect income | (58.2) | 349.7 | 168.4 | 252.2 | 311.9 |
Total income | 39.6 | 437.8 | 303.4 | 362.2 | 407.0 |
Cash (= 1 + 2) | 122.1 | 117.6 | 135.0 | 110.0 | 95.1 |
Balance sheet | |||||
Investment property as at 31 December after revaluation | 3,955.8 | 3,926.7 | 3,405.7 | 3,161.4 | 2,261.4 |
Assets under construction as at 31 December | 439.5 | 432.9 | 441.1 | 431.2 | 468.9 |
Assets held for sale as at 31 December | 16.0 | 19.9 | 29.5 | 49.0 | 14.6 |
Total property investments including assets under construction and assets held for sale | 4,411.2 | 4,379.5 | 3,876.3 | 3,641.6 | 2,744.8 |
Total assets (balance sheet total) | 4,466.2 | 4,428.9 | 3,910.1 | 3,670.0 | 2,782.2 |
Amounts in EUR x 1 million | 2022 | 2021 | 2020 | 2019 | 2018 |
Equity capital | 3,502.8 | 3,457.8 | 3,183.9 | 2,955.8 | 2,228.8 |
Syndicated loan (drawn) | 885.0 | 890.0 | 625.0 | 620.0 | 500.0 |
Financial income and expenditures | 13.1 | 10.9 | 9.6 | 9.2 | 7.2 |
Key indicators/ratios | |||||
Equity capital divided by balance sheet total | 78.4% | 78.1% | 81.4% | 80.5% | 80.1% |
Long-term liabilities compared to total property investments (loan-to-value) (< 30.0%) | 20.1% | 20.3% | 16.1% | 17.0% | 18.2% |
Average interest rate on long-term liabilities (including costs and interest rate swaps) | 1.4% | 1.4% | 1.3% | 1.5% | 1.3% |
Bank covenants | |||||
Long-term liabilities including MtM value IRS compared to total property investments (loan-to-value) (<40.0%) | 20.1% | 20.3% | 16.1% | 17.0% | 18.2% |
Long-term liabilities compared to mortgaged property investments (loan-to-mortgage-value EUR 850M loan) (<50.0%) | 46.9% | 38.8% | 27.7% | 33.3% | 41.4% |
Long-term liabilities compared to mortgaged property investments (loan-to-mortgage-value EUR 125M loan) (<50.0%) | 30.5% | 30.0% | 32.6% | 0.0% | 0.0% |
Ratio of net rental income to gross interest (>2.5) | 8.9 | 10.1 | 10.9 | 10.1 | 10.9 |
Occupancy rate (as a percentage of the theoretical rental income) | 97.8% | 97.2% | 97.4% | 97.2% | 98.3% |
Cost percentage excluding the landlord tax (as a percentage of the theoretical rental income) | 21.4% | 20.2% | 22.2% | 19.1% | 19.4% |
Cost percentage including the landlord tax (as a percentage of the theoretical rental income) | 21.7% | 20.6% | 22.6% | 19.5% | 20.0% |
Amounts in EUR x 1 million | 2022 | 2021 | 2020 | 2019 | 2018 |
INREV NAV as at 1 January | 3,498.8 | 2,958.2 | 2,232.5 | 2,232.5 | 1,800.9 |
INREV NAV as at 31 December | 3,565.7 | 3,185.2 | 2,958.2 | 2,958.2 | 2,232.5 |
Total Expense Ratio (TER) (INREV NAV) (management expenses / average INREV NAV) | 0.33% | 0.43% | 0.44% | 0.44% | 0.47% |
Total Expense Ratio (TER) (INREV GAV) (management expenses / average INREV GAV) | 0.42% | 0.35% | 0.36% | 0.36% | 0.38% |
Total Real Estate Expense Ratio (REER) (INREV GAV) (operating costs / average INREV GAV) | 0.85% | 0.83% | 0.74% | 0.74% | 0.79% |
Letting portfolio (number of homes) | 11,010 | 10,418 | 10,170 | 10,170 | 8,055 |
MSCI property indexes | |||||
All residential assets | |||||
MSCI property indexes | 1.6% | 8.3% | 13.6% | 13.6% | 18.6% |
Amvest Residential Core Fund | 1.3% | 9.9% | 15.3% | 15.3% | 18.4% |