Fund performance

The total fund return for 2023, expressed as a percentage of the NAV based on the INREV Guidelines as of 1 January 2023, was -/- 5.1% (2022: 1.1%). The total fund return consists of an income return of 2.4% (2022: 2.8%) and capital loss of -/- 7.5% (2022: -/- 1.7%).

The dividend yield – the operational result to be distributed as a percentage of the INREV NAV as of 1 January 2023 – was 2.5%* (2022: 2.7%). Figure 24 shows the complete breakdown of the total return at the fund level, presenting the contribution of each component to the result.

^{* Please refer to the KPI tables in the Annexes. KPIs include limited assurance by external auditor. A separate assurance report is included on page 85.}

Figure 24: Break down of total return

^{In percentage}

Return on operational property (unlevered)

The total return on real estate property, expressed as a percentage of the average operational real estate portfolio value, was -/- 3.8% in 2023 (2022: 0.9%). The direct return from rental activities was 3.2% (2022: 3.0%). The indirect return realised by selling was 0.1% (2022: -/- 0.1%) and the indirect return realised by value changes was -/- 7.1% (2022: -/- 2.0%).