Financial performance in 2025

In 2025, the portfolio value (including assets under construction) increased by 6.0% (2024: 5.8%) due to positive revaluations, additions and new investments (term payments) offset by sales, resulting in a higher investment property position on a net basis compared to year-end 2024. The interest rate development during 2025 put modest downward pressure on gross initial yields. The gross initial yield of the ARC Fund decreased by 0.15% from 4.4% in 2024 to 4.25% in 2025, while direct real estate returns remained at 3.3% (equal to 2024).

The average vacant possession value per home increased by 7.0% from €502 thousand per home in 2024 to €537 thousand in 2025. The vacant value ratio (‘leegwaarderatio’) represents the ratio between the investment value of a let property and its vacant possession value. This ratio remained relatively stable around 74.4% (72.7% in 2024).