Financial performance in 2023

In 2023, the portfolio value (including assets under construction) decreased by EUR 100 million (-/-7.1%; 2022: -/-2.0%) due to four quarters of negative revaluations. Investor interest remained low amidst rising interest rates. The interest rate development during 2023 also put upward pressure on gross initial yields. The gross initial yield of the ARC Fund increased by 0.5% from 4.1% in 2022 to 4.6% in 2023, while direct returns increased to 3.2% for the year (2022: 3.0%).

The average vacant possession value per home increased by 1.8% from EUR 446 thousand per home in 2022 to EUR 454 thousand in 2023. The vacant value ratio (“leegwaarderatio”) represents the ratio between the investment value of a let property and its vacant possession value. This ratio decreased from 78.7% in 2022 to 73.1% in 2023.