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Sla artikel navigatie over.Key figures 2024
Amounts in EUR x 1 million | 2024 | 2023 | 2022 | 2021 | 2020 |
Fund returns (as a percentage of the INREV NAV as at 1 January) | |||||
Income return | 2.5% | 2.4% | 2.8% | 2.8% | 2.8% |
Capital results | 9.1% | (7.5%) | (1.7%) | 11.0% | 6.7% |
Total return | 11.6% | (5.1%) | 1.1% | 13.8% | 9.5% |
Dividend yield (dividend / INREV NAV as at 1 January) | 2.8% | 2.5% | 2.7% | 2.9% | 3.8% |
Dividend | 94.0 | 90.8 | 94.0 | 93.0 | 112.3 |
Total comprehensive income of the year | 388.1 | (179.2) | 39.6 | 437.8 | 280.6 |
Real estate returns (as a percentage of the average real estate portfolio value) | |||||
Direct return (1) | 3.3% | 3.2% | 3.0% | 3.0% | 3.1% |
Indirect return by selling (2) | 0.3% | 0.1% | (0.1%) | 0.1% | 0.9% |
Indirect return by value changes | 7.9% | (7.1%) | (2.0%) | 8.8% | 4.0% |
Total return | 11.5% | (3.8%) | 0.9% | 11.9% | 8.0% |
Cash yield (= 1 + 2) | 3.6% | 3.3% | 2.9% | 3.1% | 4.0% |
Gross initial yield | 4.4% | 4.2% | 4.1% | 3.9% | 4.1% |
Amounts in EUR x 1 million | 2024 | 2023 | 2022 | 2021 | 2020 |
Real estate results | |||||
Net rental income (1) | 129.7 | 125.1 | 119.5 | 110.9 | 103.9 |
Other income (1) | 0.1 | 1.2 | 6.2 | 1.7 | 0.5 |
Realised capital results (2) | 10.8 | 4.1 | (3.6) | 5.0 | 30.6 |
Unrealised capital results | 294.0 | (269.9) | (54.5) | 344.7 | 168.4 |
Total capital results | 304.8 | (265.8) | (58.2) | 349.7 | 199.0 |
Direct income | 83.3 | 86.6 | 97.8 | 88.2 | 81.6 |
Indirect income | 304.8 | (265.8) | (58.2) | 349.7 | 199.0 |
Total income | 388.1 | (179.2) | 39.6 | 437.8 | 280.6 |
Cash (= 1 + 2) | 140.7 | 130.4 | 122.1 | 117.6 | 135.0 |
Balance sheet | |||||
Investment property as at 31 December after revaluation | 4,132.0 | 3,759.7 | 3,955.8 | 3,926.7 | 3,405.7 |
Assets under construction as at 31 December | 432.0 | 540.4 | 439.5 | 432.9 | 441.1 |
Assets held for sale as at 31 December | 0.0 | 11.8 | 16.0 | 19.9 | 29.5 |
Total property investments including assets under construction and assets held for sale | 4,564.0 | 4,311.9 | 4,411.2 | 4,379.5 | 3,876.3 |
Total assets (balance sheet total) | 4,682.2 | 4,336.6 | 4,466.2 | 4,428.9 | 3,910.1 |
Amounts in EUR x 1 million | 2024 | 2023 | 2022 | 2021 | 2020 |
Equity capital | 3,520.2 | 3,315.8 | 3,502.8 | 3,457.8 | 3,183.9 |
Syndicated loan (drawn) | 1,060.0 | 940.0 | 885.0 | 890.0 | 625.0 |
Financial income and expenditures | -30.0 | -23.8 | -13.1 | -10.9 | -9.6 |
Key indicators/ratios | |||||
Equity capital divided by balance sheet total | 75.2% | 76.5% | 78.4% | 78.1% | 81.4% |
Long-term liabilities compared to total property investments (loan-to-value) (< 30.0%) | 23.2% | 21.8% | 20.1% | 20.3% | 16.1% |
Average interest rate on long-term liabilities (including costs and interest rate swaps) | 3.0% | 2.6% | 1.4% | 1.4% | 1.3% |
Bank covenants | |||||
Long-term liabilities including MtM value IRS compared to total property investments (loan-to-value) (<40.0%) | 23.2% | 21.8% | 20.1% | 20.3% | 16.1% |
Long-term liabilities compared to mortgaged property investments (loan-to-mortgage-value EUR 850M loan) (<50.0%) | 46.9% | 43.1% | 46.9% | 38.8% | 27.7% |
Long-term liabilities compared to mortgaged property investments (loan-to-mortgage-value EUR 125M loan) (<50.0%) | 30.9% | 34.2% | 30.5% | 30.0% | 32.6% |
Ratio of net rental income to gross interest (>1.8) | 3.9 | 4.8 | 8.9 | 10.1 | 10.9 |
Occupancy rate (as a percentage of the theoretical rental income) | 98.2% | 98.3% | 97.8% | 97.2% | 97.4% |
Cost percentage excluding the landlord tax (as a percentage of the theoretical rental income) | 24.3% | 23.4% | 21.4% | 20.2% | 22.2% |
Cost percentage including the landlord tax (as a percentage of the theoretical rental income) | 24.3% | 23.4% | 21.7% | 20.6% | 22.6% |
Amounts in EUR x 1 million | 2024 | 2023 | 2022 | 2021 | 2020 |
INREV NAV as at 1 January | 3,345.3 | 3,567.0 | 3,498.8 | 3,185.2 | 2,958.2 |
INREV NAV as at 31 December | 3,549.1 | 3,354.0 | 3,549.2 | 3,447.7 | 3,185.2 |
Total Expense Ratio (TGER) (INREV NAV) (management expenses / average INREV NAV) | 0.5% | 0.5% | 0.4% | 0.4% | 0.4% |
Total Expense Ratio (TGER) (INREV GAV) (management expenses / average INREV GAV) | 0.4% | 0.4% | 0.3% | 0.3% | 0.4% |
Total Real Estate Expense Ratio (REER) (INREV GAV) (operating costs / average INREV GAV) | 0.9% | 0.9% | 0.9% | 0.9% | 0.8% |
Letting portfolio (number of homes) | 11,171 | 11,155 | 11,010 | 10,843 | 10,418 |
MSCI property indexes | |||||
All residential assets | |||||
MSCI property indexes | 11.7% | (6.1%) | 1.6% | 15.3% | 8.3% |
Amvest Residential Core Fund | 12.2% | (2.3%) | 1.3% | 13.1% | 9.9% |