Notes to the statement of financial position
5 Investment property
EUR X 1,000 | 31-12-2024 | 31-12-2023 | ||
Beginning of year | 406,238 | 383,247 | ||
Investments in completed investment property | 30,065 | 30,457 | ||
Investments in capitalised subsequent expenditure in investment property | 163 | (56) | ||
Transferred from assets under construction | 47,423 | 9,113 | ||
Fair value adjustments | 29,053 | (16,523) | ||
106,704 | 22,991 | |||
At end of period | 512,942 | 406,238 |
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 | 31-12-2024 | 31-12-2023 | ||
Beginning of year | 136,951 | 70,453 | ||
Prepayments for assets under construction | 79,469 | 77,651 | ||
Transferred to investment property | (47,423) | (9,113) | ||
Fair value adjustments | (39,837) | (3,713) | ||
Right of use asset (IFRS 16) adjustments | 41 | 1,672 | ||
(7,750) | 66,497 | |||
At end of period | 129,201 | 136,951 |
7 Trade and other receivables
EUR X 1,000 | 31-12-2024 | 31-12-2023 |
Accounts receivable | 27 | 182 |
Lease incentives | 3,178 | 2,361 |
Other receivables and prepayments | 279 | 419 |
Trade and other receivables | 3,484 | 2,962 |
All accounts receivable are non-interest bearing and are typically due within 30 days. As at 31 December 2024, no receivables were impaired due to tenant defaults (2023: no receivables).
8 Cash and cash equivalents
EUR X 1,000 | 31-12-2024 | 31-12-2023 |
ABN AMRO Bank NV | 857 | 19,518 |
Cash and cash equivalents | 857 | 19,518 |
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 €1 per participating interest.
All participants in the AL&C Fund participate in the AL&C Fund’s capital in the following manner:
31-12-2024 | 31-12-2023 | |||
EUR X 1,000 | No. Of particip. Interest | Nominal value | No. Of particip. Interest | Nominal value |
Capital | ||||
AEGON | 21,228 | 21 | 20,674 | 21 |
Stichting PfZW | 21,228 | 21 | 20,674 | 21 |
42,456 | 42 | 41,348 | 42 | |
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
31-12-2024 | 31-12-2023 | ||||
EUR X 1,000 | No. Of particip. Interest | Share premium value | EUR X 1,000 | No. Of particip. Interest | Share premium value |
AEGON | 21,228 | 195,604 | AEGON | 20,674 | 197,828 |
Stichting PfZW | 21,228 | 195,604 | Stichting PfZW | 20,674 | 197,828 |
42,456 | 391,207 | 41,348 | 395,656 | ||
EUR X 1,000 | 2024 | EUR X 1,000 | 2023 | ||
At 1 January | 395,656 | At 1 January | 299,953 | ||
Subscriptions | 14,803 | Subscriptions | 113,960 | ||
Transferred to capital | (1) | Transferred to capital | (8) | ||
Dividend paid to investors | (19,250) | Dividend paid to investors | (18,250) | ||
(4,448) | 95,702 | ||||
391,207 | 395,656 |
For 2024, a total amount of €19,250 thousand of the share premium reserve was made available to be paid out to the Investors, being the final dividend distribution for 2024 (2023: €18,250 thousand). Dividend per unit was €453 in 2024 (2023: €441).
11 Revaluation reserve
EUR X 1,000 | 2024 | 2023 | ||
At 1 January | 71,205 | 86,449 | ||
Result of the year | 26,464 | (15,244) | ||
Realised from property sales | - | - | ||
26,464 | (15,244) | |||
At 31 December | 97,669 | 71,205 |
The revaluation reserve, €97,669 thousand is restricted from dividend distribution due to cumulative net positive unrealised changes in the fair value of investments (2023: €71,205 thousand).
12 Other reserve
EUR X 1,000 | 2024 | 2023 | ||
At 1 January | 85,546 | 72,187 | ||
Result of the year | (17,816) | 13,359 | ||
Realised from property sales | - | - | ||
(17,816) | 13,359 | |||
At 31 December | 67,730 | 85,546 |
13 Shareholder Loans
EUR X 1,000 | Principal 31-12-2024 | Re-payments < 1 year | Re-payments > 1 year | End date | Interest Maturity | Effective interest Rate | Fixed/Floating | Fair value |
Counterparty | ||||||||
Shareholder Loan | 75,000 | 75,000 | 0 | April 2026 | Quarter | 5.7% | Fixed | 74,119 |
Total loans as at 31 December 2024 | 75,000 | 75,000 | 0 | 74,119 |
The amount of €75,000 thousand represents a shareholder loan provided by Stichting PfzW. The shareholder loan must be repaid in an amount equal to equity that is called.
14 Other long term payables
EUR X 1,000 | 31-12-2024 | 31-12-2023 |
Long term lease payables (IFRS 16) | 1,713 | 1,672 |
Other long term payables | 1,713 | 1,672 |
15 Trade and other payables
EUR X 1,000 | 31-12-2024 | 31-12-2023 | ||
AEGON | 2,250 | 2,500 | ||
Stichting PfZW | 2,250 | 2,500 | ||
4,500 | 5,000 | |||
Accounts payable | 748 | 35 | ||
VAT | - | - | ||
Rental prepayments | 172 | 566 | ||
Amvest REIM BV | 130 | 146 | ||
Other payables and prepayments | 7,573 | 5,802 | ||
13,123 | 11,549 |
The amount of €4,500 thousand represents the dividend distributions (dividend for the fourth quarter of 2024) to the Investors.