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Sla artikel navigatie over.Key figures 2025
Amounts in EUR x 1 million | 2025 | 2024 | 2023 | 2022 | 2021 |
Fund returns (as a percentage of the INREV NAV as at 1 January) | |||||
Income return | 2.5% | 2.5% | 2.4% | 2.8% | 2.8% |
Capital results | 9.1% | 9.1% | (7.5%) | (1.7%) | 11.0% |
Total return | 11.6% | 11.6% | (5.1%) | 1.1% | 13.8% |
Dividend yield (dividend / INREV NAV as at 1 January) | 3.0% | 2.8% | 2.5% | 2.7% | 2.9% |
Dividend | 107.8 | 94.0 | 90.8 | 94.0 | 93.0 |
Total comprehensive income of the year | 411.1 | 388.1 | (179.2) | 39.6 | 437.8 |
Real estate returns (as a percentage of the average real estate portfolio value) | |||||
Direct return (1) | 3.3% | 3.3% | 3.2% | 3.0% | 3.0% |
Indirect return by selling (2) | 0.4% | 0.3% | 0.1% | (0.1%) | 0.1% |
Indirect return by value changes | 6.6% | 7.9% | (7.1%) | (2.0%) | 8.8% |
Total return | 10.3% | 11.5% | (3.8%) | 0.9% | 11.9% |
Cash yield (= 1 + 2) | 3.7% | 3.6% | 3.3% | 2.9% | 3.1% |
Gross initial yield | 4.3% | 4.4% | 4.2% | 4.1% | 3.9% |
Amounts in EUR x 1 million | 2025 | 2024 | 2023 | 2022 | 2021 |
Real estate results | |||||
Net rental income (1) | 141.6 | 129.7 | 125.1 | 119.5 | 110.9 |
Other income (1) | 0.0 | 0.1 | 1.2 | 6.2 | 1.7 |
Realised capital results (2) | 18.3 | 10.8 | 4.1 | (3.6) | 5.0 |
Unrealised capital results | 303.2 | 294.0 | (269.9) | (54.5) | 344.7 |
Total capital results | 321.5 | 304.8 | (265.8) | (58.2) | 349.7 |
Direct income | 89.6 | 83.3 | 86.6 | 97.8 | 88.2 |
Indirect income | 321.5 | 304.8 | (265.8) | (58.2) | 349.7 |
Total income | 411.1 | 388.1 | (179.2) | 39.6 | 437.8 |
Cash (= 1 + 2) | 159.9 | 140.7 | 130.4 | 122.1 | 117.6 |
Balance sheet | |||||
Investment property as at 31 December after revaluation | 4,504.7 | 4,132.0 | 3,759.7 | 3,955.8 | 3,926.7 |
Assets under construction as at 31 December | 334.7 | 432.0 | 540.4 | 439.5 | 432.9 |
Assets held for sale as at 31 December | 0.0 | 0.0 | 11.8 | 16.0 | 19.9 |
Total property investments including assets under construction and assets held for sale | 4,839.4 | 4,564.0 | 4,311.9 | 4,411.2 | 4,379.5 |
Total assets (balance sheet total) | 4,929.7 | 4,682.2 | 4,336.6 | 4,466.2 | 4,428.9 |
Amounts in EUR x 1 million | 2025 | 2024 | 2023 | 2022 | 2021 |
Equity capital | 3,786.5 | 3,520.2 | 3,315.8 | 3,502.8 | 3,457.8 |
Syndicated loan (drawn) | 1,035.0 | 1,060.0 | 940.0 | 885.0 | 890.0 |
Financial income and expenditures | -34.6 | -30.0 | -23.8 | -13.1 | -10.9 |
Key indicators/ratios | |||||
Equity capital divided by balance sheet total | 76.8% | 75.2% | 76.5% | 78.4% | 78.1% |
Long-term liabilities compared to total property investments (loan-to-value) (< 30.0%) | 21.4% | 23.2% | 21.8% | 20.1% | 20.3% |
Average interest rate on long-term liabilities (including costs and interest rate swaps) | 3.1% | 3.0% | 2.6% | 1.4% | 1.4% |
Bank covenants | |||||
Long-term liabilities including MtM value IRS compared to total property investments (loan-to-value) (<40.0%) | 21.4% | 23.2% | 21.8% | 20.1% | 20.3% |
Long-term liabilities compared to mortgaged property investments (loan-to-mortgage-value EUR 850M loan) (<50.0%) | 42.1% | 46.9% | 43.1% | 46.9% | 38.8% |
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% | |
Ratio of net rental income to gross interest (>1.8) | 3.6 | 3.9 | 4.8 | 8.9 | 10.1 |
Occupancy rate (as a percentage of the theoretical rental income) | 98.4% | 98.2% | 98.3% | 97.8% | 97.2% |
Cost percentage excluding the landlord tax* (as a percentage of the theoretical rental income) | 22.7% | 24.3% | 23.4% | 21.4% | 20.2% |
Cost percentage including the landlord tax (as a percentage of the theoretical rental income) | 22.7% | 24.3% | 23.4% | 21.7% | 20.6% |
*landlord tax was abolished as per 01 jan 2023
Amounts in EUR x 1 million | 2025 | 2024 | 2023 | 2022 | 2021 |
INREV NAV as at 1 January | 3,541.1 | 3,345.3 | 3,567.0 | 3,498.8 | 3,185.2 |
INREV NAV as at 31 December | 3,804.3 | 3,549.1 | 3,354.0 | 3,549.2 | 3,447.7 |
Total Expense Ratio (TGER) (INREV NAV) (management expenses / average INREV NAV) | 0.47% | 0.48% | 0.46% | 0.42% | 0.41% |
Total Expense Ratio (TGER) (INREV GAV) (management expenses / average INREV GAV) | 0.36% | 0.37% | 0.36% | 0.33% | 0.32% |
Total Real Estate Expense Ratio (REER) (INREV GAV) (operating costs / average INREV GAV) | 0.88% | 0.94% | 0.88% | 0.85% | 0.90% |
Letting portfolio (number of homes) | 11,181 | 11,171 | 11,155 | 11,010 | 10,843 |
MSCI property indexes | |||||
All residential assets | |||||
MSCI property indexes | 10.2% | 11.7% | (6.1%) | 1.6% | 15.3% |
Amvest Residential Core Fund | 11.3% | 12.2% | (2.3%) | 1.3% | 13.1% |