Consolidated statement of changes in equity

2025 (EUR x 1,000)	Notes	Capital contributions	Share premium reserve	Hedging reserve	Revaluation reserve	Other reserve	Total equity
Balance as at 1 January 2025		86	1,225,304	-	1,299,596	995,194	3,520,179

Result of the year					283,625	127,453	411,079
Capital contributions	12	(3)	(2)				(5)
Subscriptions	13	2	95,902				95,904
Realised from property sales	14				(80,238)	80,238	-
Total comprehensive income for the year attributable to Investors of the ARC Fund		(1)	95,900	-	203,387	207,691	506,978

Transactions with Investors of the ARC Fund
- Redemptions			(132,882)				(132,882)
- Dividend distributions			(107,750)				(107,750)
		(1)	(144,732)	-	203,387	207,691	266,346

Balance as at 31 December 2025		85	1,080,572	-	1,502,983	1,202,885	3,786,525

2024 (EUR x 1,000)	Notes	Capital contributions	Share premium reserve	Hedging reserve	Revaluation reserve	Other reserve	Total equity
Balance as at 1 January 2024		89	1,408,998	-	1,041,920	864,812	3,315,819

Result of the year					324,959	63,099	388,058
Capital contributions	12	(2)	1				(2)
Subscriptions	13	(1)	1,108				1,107
Realised from property sales	14				(67,283)	67,283	-
Total comprehensive income for the year attributable to Investors of the ARC Fund		(3)	1,108	-	257,676	130,382	389,162

Transactions with Investors of the ARC Fund
- Redemptions		-	(90,802)				(90,802)
- Dividend distributions		-	(94,000)				(94,000)
		(3)	(183,694)	-	257,676	130,382	204,360

Balance as at 31 December 2024		86	1,225,304	-	1,299,596	995,194	3,520,179

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