Notes to the statement of financial position
5 Investment property
EUR X 1,000 | 31-12-2023 | 31-12-2022 | ||
Beginning of year | 383,247 | 324,993 | ||
Investments in completed investment property | 30,457 | - | ||
Investments in capitalised subsequent expenditure in investment property | (56) | 2,374 | ||
Transferred from assets under construction | 9,113 | 31,356 | ||
Fair value adjustments | (16,523) | 24,524 | ||
22,991 | 58,254 | |||
At end of period prior year | 406,238 | 383,247 |
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 | 31-12-2023 | 31-12-2022 | ||
Beginning of year | 70,453 | 54,204 | ||
Prepayments for assets under construction | 77,651 | 46,419 | ||
Transferred to investment property | (9,113) | (31,356) | ||
Fair value adjustments | (3,713) | 1,186 | ||
Right of use asset (IFRS 16) adjustments | 1,672 | - | ||
66,497 | 16,249 | |||
At end of period prior year | 136,951 | 70,453 |
7 Trade and other receivables
EUR X 1,000 | 31-12-2023 | 31-12-2022 |
Accounts receivable | 182 | 24 |
Lease incentives | 2,361 | 2,180 |
Other receivables and prepayments | 419 | 30 |
Trade and other receivables | 2,962 | 2,234 |
All accounts receivable are non-interest bearing and are typically due within 30 days. As at 31 December 2023, no receivables were impaired due to tenant defaults (2022: no receivables).
8 Cash and cash equivalents
EUR X 1,000 | 31-12-2023 | 31-12-2022 |
ABN AMRO Bank NV | 19,518 | 11,231 |
Cash and cash equivalents | 19,518 | 11,231 |
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:
31-12-2023 | 31-12-2022 | |||
EUR X 1,000 | No. Of particip. Interest | Nominal value | No. Of particip. Interest | Nominal value |
Capital | ||||
AEGON Levensverzekering NV | 20,674 | 21 | 16,482 | 16 |
Stichting PfZW | 20,674 | 21 | 16,482 | 16 |
41,348 | 41 | 32,964 | 33 | |
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
31-12-2023 | 31-12-2022 | |||
EUR X 1,000 | No. Of particip. Interest | Share premium value | No. Of particip. Interest | Share premium value |
Share premium | ||||
AEGON Levensverzekering NV | 20,674 | 197,828 | 16,482 | 149,977 |
Stichting PfZW | 20,674 | 197,828 | 16,482 | 149,977 |
41,348 | 395,656 | 32,964 | 299,954 | |
EUR X 1,000 | ||||
At 1 January | 299,953 | 259,502 | ||
Subscriptions | 113,960 | 56,956 | ||
Transferred to capital | (8) | (5) | ||
Dividend paid to investors | (18,250) | (16,500) | ||
95,702 | 40,451 | |||
395,656 | 299,953 | |||
For 2023, a total amount of EUR 18,250 thousand of the share premium reserve was made available to be paid out to the Investors, being the final dividend distribution for 2023 (2022: EUR 16,500 thousand). Dividend per unit was EUR 554 in 2023 (2022: EUR 501).
11 Revaluation reserve
EUR X 1,000 | 2023 | 2022 | ||
At 1 January | 86,449 | 60,944 | ||
Result of the year | (15,244) | 25,505 | ||
Realised from property sales | - | - | ||
(15,244) | 25,505 | |||
71,205 | 86,449 |
The revaluation reserve, EUR 71,205 thousand is restricted from dividend distribution due to cumulative net positive unrealised changes in the fair value of investments (2022: EUR 86,449 thousand).
12 Other reserve
EUR X 1,000 | 2023 | 2022 | ||
At 1 January | 72,187 | 55,424 | ||
Result of the year | 13,359 | 16,763 | ||
Realised from property sales | - | - | ||
13,359 | 16,763 | |||
85,546 | 72,187 |
13 Other long term payables*
EUR X 1,000 | 31-12-2023 | 31-12-2022 |
Long term lease payables (IFRS 16) | 1,672 | 0 |
Other long term payables | 1,672 | 0 |
14 Trade and other payables
EUR X 1,000 | 31-12-2023 | 31-12-2022 | ||
AEGON Levensverzekering NV | 2,500 | 2,125 | ||
Stichting PfZW | 2,500 | 2,125 | ||
5,000 | 4,250 | |||
Accounts payable | 35 | 211 | ||
VAT | - | - | ||
Rental prepayments | 566 | 356 | ||
Amvest REIM BV | 146 | 27 | ||
Other payables and prepayments | 5,802 | 3,699 | ||
11,549 | 8,543 |
The amount of EUR 5,000 thousand represents the dividend distributions (dividend for the fourth quarter of 2023) to the Investors.