Key figures
Amounts in EUR x 1 million | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
Fund returns (as a percentage of the INREV NAV as at 1 January) | |||||
Income return | 3.8% | 4.2% | 4.4% | 4.7% | 5.0% |
Capital gains | -4.2% | 6.6% | 3.6% | 2.7% | 7.9% |
Total return | -0.4% | 10.8% | 8.0% | 7.4% | 12.9% |
Dividend yield (dividend from operations / INREV NAV as at 1 January) | 3.7% | 4.2% | 4.4% | 4.7% | 5.1% |
Dividend | 18.3 | 16.5 | 14.25 | 13.5 | 11.3 |
Dividend from divestments | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Total dividend | 18.3 | 16.5 | 14.3 | 13.5 | 11.3 |
Total comprehensive income of the year | (1.9) | 42.3 | 26.3 | 21.3 | 28.9 |
Real estate returns (as a percentage of the average real estate portfolio value) | |||||
Direct return/Cash yield (1) | 5.1% | 5.3% | 5.3% | 5.6% | 6.4% |
Indirect return by selling (2) | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Indirect return by value changes | -4.2% | 6.9% | 3.2% | 2.9% | 7.6% |
Total return | 0.9% | 12.2% | 8.5% | 8.5% | 14.0% |
Cash yield (= 1 + 2) | 5.1% | 5.3% | 5.3% | 5.6% | 6.4% |
Gross initial yield | 6.1% | 5.4% | 5.8% | 6.0% | 6.6% |
Real estate results | |||||
Net rental income | 20.3 | 18.6 | 15.8 | 14.6 | 12.9 |
Other income | 0.0 | 0.6 | 1.0 | 1.0 | 0.4 |
Realised capital gains (2) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Unrealised capital gains | (20.2) | 25.7 | 11.9 | 7.8 | 17.5 |
Total income | 0.1 | 44.9 | 28.7 | 23.4 | 30.8 |
Amounts in EUR x 1 million | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
Balance sheet | |||||
Investment property as at 31 December before revaluation | 422.8 | 358.7 | 315.4 | 266.7 | 229.6 |
Fair value adjustments investment property | (16.5) | 24.5 | 9.6 | 7.4 | 16.4 |
Investment property as at 31 December after revaluation | 406.2 | 383.2 | 325.0 | 274.1 | 246.0 |
Total assets (balance sheet total) | 565.7 | 467.1 | 382.2 | 327.3 | 283.5 |
Total Equity | 552.5 | 458.6 | 375.9 | 321.9 | 276.1 |
Key indicators/ratios | |||||
Equity capital divided by balance sheet total | 97.7% | 98.2% | 98.4% | 98.3% | 97.4% |
Occupancy rate (as a percentage of the theoretical rental income) | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
Cost percentage (as a percentage of the theoretical rental income) | 8.9% | 7.6% | 6.2% | 5.1% | 3.5% |
INREV NAV as at 1 January | 462.9 | 391.9 | 321.9 | 276.2 | 222.5 |
INREV NAV as at 31 December | 559.1 | 462.9 | 375.9 | 321.9 | 276.2 |
Total Expense Ratio (TGER) (INREV NAV) (management expenses / average INREV NAV) | 0.59% | 0.61% | 0.68% | 0.67% | 0.71% |
Total Expense Ratio (TGER) (INREV GAV) (management expenses / average INREV GAV) | 0.59% | 0.61% | 0.67% | 0.67% | 0.69% |
Total Real Estate Expense Ratio (REER) (INREV GAV) (operating costs / average INREV GAV) | 0.98% | 0.97% | 0.97% | 0.93% | 0.88% |
Letting portfolio (number of units) | 1,938 | 1,738 | 1,594 | 1,394 | 1,274 |
Letting portfolio (number of properties) | 95 | 85 | 79 | 69 | 63 |