Fund performance

The total fund return for 2024, expressed as a percentage of the NAV based on the INREV Guidelines as of 1 January 2024, was 11.6% (2023: -/-5.1%). The total fund return consists of an income return of 2.5% (2023: 2.4%) and capital gains of 9.1% (2023: -/- 7.5%).

The dividend yield – the operational result to be distributed as a percentage of the INREV NAV as of 1 January 2024 – was 2.8%* (2023: 2.5%). 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 93.}

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 11.6% in 2024 (2023: -/- 3.8%). The direct return from rental activities was 3.3% (2023: 3.2%). The indirect return realised by selling was 0.3% (2023: 0.1%) and the indirect return realised by value changes was 7.9% (2023: -/- 7.1%).