Notes to the statement of financial position

5 Investment property

EUR X 1,000		31-12-2022		31-12-2021
Beginning of year		324,993		274,138

Investments in capitalised subsequent expenditure in investment property	2,374		1,483
Transferred from assets under construction	31,356		39,785
Fair value adjustments	24,524		9,587
		58,254		50,855

At end of period prior year		383,247		324,993

Reference is made to table A for a sensitivity analysis on Investment Property. Table C includes the fair value hierarchy and Table D provides an overview of the valuation technique used in measuring the fair value of investment property, as well as the significant unobservable inputs used.

For activated lease incentives on Investment property, please refer to note 7 Trade and other receivables.

6 Assets under construction

EUR X 1,000		31-12-2022		31-12-2021
Beginning of year		54,204		39,506

Prepayments for assets under construction	46,419		52,131
Transferred to investment property	(31,356)		(39,785)
Fair value adjustments	1,186		2,353
		16,249		14,698

At end of period prior year		70,453		54,204

7 Trade and other receivables

EUR X 1,000	31-12-2022	31-12-2021
Accounts receivable	24	-
Lease incentives	2,180	1,812
Other receivables and prepayments	30	26
Trade and other receivables	2,234	1,954

All accounts receivable are non-interest bearing and are typically due within 30 days. As at 31 December 2022, no receivables were impaired due to tenant defaults (2021: no receivables).

8 Cash and cash equivalents

EUR X 1,000	31-12-2022	31-12-2021
ABN AMRO Bank NV	11,231	1,028
Cash and cash equivalents	11,231	1,028

All balances are available on demand.

9 Capital contributions

The AL&C Fund’s capital is divided into participating interests with a nominal value of EUR 1 per participating interest.

All participants in the AL&C Fund participate in the AL&C Fund’s capital in the following manner:

	31-12-2022		31-12-2021
EUR X 1,000	No. Of particip. Interest	Nominal value	No. Of particip. Interest	Nominal value
Capital
AEGON Levensverzekering NV	16,482	16	14,379	14
Stichting PfZW	16,482	16	14,379	14
	32,964	33	28,758	29

AEGON and PfZW each hold a 50% interest in the AL&C Fund. Increases in the number of participating interests are directly related to subscriptions.

10 Share premium reserve

	31-12-2022		31-12-2021
EUR X 1,000	No. Of particip. Interest	Share premium value	No. Of particip. Interest	Share premium value
Share premium
AEGON Levensverzekering NV	16,482	149,977	14,379	129,751
Stichting PfZW	16,482	149,977	14,379	129,751
	32,964	299,954	28,758	259,502

EUR X 1,000
At 1 January		259,502		231,786

Subscriptions	56,956		41,969
Transferred to capital	(5)		(3)
Dividend paid to investors	(16,500)		(14,250)
		40,451		27,716

		299,953		259,502

For 2022, a total amount of EUR 16,500 thousand of the share premium reserve was made available to be paid out to the Investors, being the final dividend distribution for 2022 (2021: EUR 14,250 thousand). Dividend per unit was EUR 501 in 2022 (2021: EUR 496).

11 Revaluation reserve

EUR X 1,000		2022		2021
At 1 January		60,944		49,446

Profit of the year	25,505		11,498
Realised from property sales	-		-
		25,505		11,498

		86,449		60,944

The revaluation reserve, EUR 86,449 thousand is restricted from dividend distribution due to cumulative net positive unrealised changes in the fair value of investments (2021: EUR 60,944 thousand).

12 Other reserve

EUR X 1,000		2022		2021
At 1 January		55,424		40,643

Profit of the year	16,763		14,781
Realised from property sales	-		-
		16,763		14,781

		72,187		55,424

13 Trade and other payables

EUR X 1,000		31-12-2022		31-12-2021
AEGON Levensverzekering NV	2,125		1,750
Stichting PfZW	2,125		1,750
		4,250		3,500

Accounts payable		211		139
VAT		-		-
Rental prepayments		356		107
Amvest REIM BV		27		-
Other payables and prepayments		3,699		2,533

		8,543		6,279

The amount of EUR 4,250 thousand represents the dividend distributions (dividend for the fourth quarter of 2022) to the Investors.