Fund performance

The total fund return for 2025, expressed as a percentage of the NAV based on the INREV Guidelines as of 1 January 2025, was 11.6%, unchanged from 2024. The total fund return consists of an income return of 2.5% and capital gains of 9.1%, both consistent with the prior year.

The dividend yield – the operational result to be distributed as a percentage of the INREV NAV as of 1 January 2025 – was 3.0%* (2024: 2.8%). Figure 24 shows the complete breakdown of the total return at the fund level, presenting the contribution of each component to the result.

^{* Please refer to the KPI tables in the Annexes. KPIs include limited assurance by external auditor. A separate assurance report is included on page 89.}

Figure 24: Break down of total return

^{In percentage}

Return on operational property (unlevered)

The total return on real estate property, expressed as a percentage of the average operational real estate portfolio value, was 10.3% in 2025 (2024: 11.6%). The direct return from rental activities was 3.3%, unchanged from the previous year. The indirect return realized by selling increased to 0.4% (2024: 0.3%), and the indirect return realized by value changes was 6.6% (2024: 7.9%).