Financial performance in 2024

In 2024, the portfolio value (including assets under construction) increased by €252 million (5.8%; 2023: -/-7.1%) due to positive revaluations, additions and new investments (term payments) offset by sales, resulting in a higher investment property position on a net basis compared to year-end 2023. The interest rate development during 2024 also put upward pressure on gross initial yields. The gross initial yield of the ARC Fund increased by 0.2% from 4.2 in 2023 to 4.4% in 2024, while direct returns increased to 3.3% for the year (2023: 3.2%).

The average vacant possession value per home increased by 10.6% from €454 thousand per home in 2023 to €502 thousand in 2024. 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 73.1% in 2023 to 72.7% in 2024.