Portfolio developments in 2025

In 2025, the ARC Fund standing portfolio increased from 11,171 to 11,181 homes. We delivered 572 homes to the standing portfolio, sold 108 individual homes and completed 10 block sales with a total of 454 homes. The occupancy rate improved slightly to 98.4% (2024: 98.2%). Our strong operational results led to an income return of 2.5% (2024: 2.5%).

Operating expenses (OPEX) have been managed below the budgeted 23.0% at 22.7%.These expenses consisted mainly of planned maintenance activities and are expected to fall in the coming years due to divestments of older properties and the completion of new properties. Other components of the OPEX include municipal property taxes and water board levies (4.3%), as well as mandatory contributions to homeowners’ associations (2.7%). These costs are recurring and non-discretionary, forming part of the structural expense base for residential assets.

The committed pipeline includes 1,080 homes representing a total investment volume of €417 million. The remaining assets in the committed pipeline are expected to be delivered in the following years. The ARC Fund’s committed pipeline comprises six turnkey projects.

A large part of our committed pipeline is sourced through our Right of First Refusal (RoFR) Agreement with Amvest Development Fund B.V. (ADF). The RoFR agreement ensures that if a project is developed by ADF in partnership with a third-party developer, there is a best effort basis to offer the project to the ARC Fund. The agreement, which went into effect in 2023 to include a rotation mechanism, has been renewed in 2025 as a result of the change in shareholder composition in Amvest. The renewed exclusive RoFR agreement ensures sufficient and constant access to new, high-quality residential rental properties in the future at excellent conditions on a long-term basis.