Income Statement summary (all amounts in € thousands)
Net rental income
Net valuation gain / (loss)
Result on disposal
Result for the year
In 2022, the full-year result declined to - € 41.3 million, from € 85.0 million in 2021 (-149%). The decline of € 126.3 million was primarily driven by significantly lower valuations of the investment properties (€ 130.7 million).
Revenues of € 71.0 million were € 8.2 million higher than 2021 (€ 62.8 million), mainly driven by higher rental income (€ 7.9 million) and service charges income (€ 1.5 million), mainly due to the full year contribution of Central Park (Utrecht) and a higher occupancy rate in Centre Court (The Hague) and WTC Rotterdam. Furthermore, other income declined by € 1.2 million, mainly as a result of one-off gains related to compensation for terminated lease contracts in 2021.
Operating expenses of € 27.1 million were € 3.7 million higher than in 2021 (€ 23.5 million), driven by higher service charge expenses (€ 1.5 million) and higher operating expenses (€ 1.2 million). Service charge expenses increased due to the delivery of properties in 2021 (full year effect in 2022) and 2022. The increase in operating expenses was mainly due to higher taxes (€ 0.7 million) and higher costs related to the Business Centre, costs for associations of owners and other operating expenses for the account of the Fund (total € 0.5 million).
The REER increased to 1.32%, from 1.23% in 2021, as a result of the increase of the annual vehicle and property-specific costs and the decline in the average NAV.
As a result of the Fund’s fiscal investment institution (FII) status until 1 January 2023, the Fund has distributed all of the distributable result to its shareholders through four quarterly (interim) dividend payments.
As a result of the restructuring of the Fund into a Fund for Mutual Account as per 1 January 2023, from that date there is no longer a Fund entity that withholds dividend tax. Without taking specific actions, the Dutch tax authorities would thus have lost their dividend withholding tax claim on the Fund’s Q4 direct result. The Fund therefore agreed with the Dutch tax authorities to distribute the Fund’s estimated Q4 direct result before year-end 2022, so the Fund was able to withhold dividend tax on this distribution.
The Funds net realised return over 2022 amounts to € 35.4 million, which is € 1.2 million lower than the amount that was estimated in December 2022. This difference will be settled with the distribution of the Fund's net realised result over Q1 2023.
Performance per share
Dividends (in €)
Net earnings (in €)
Net asset value IFRS (in €, at year-end)
Net asset value INREV (in €, at year-end)
According to internal guidelines, the Fund is not allowed to have an unsecured pipeline. At the end of 2022, the funding for the acquisition pipeline was completely secured.
The Fund closed three new commitments in 2022, for a total of € 196 million. The Fund made capital calls for a total of € 45 million.
Number of shares at year-end 2022
Leverage policy: In line with the Fund's Information Memorandum, it is allowed to incur debt up to 3% of the Net Asset Value, to bridge any temporary liquidity constraints and accommodate distributions to shareholders and redemption of shares.
In 2022, the Fund was financed solely with equity and did not use any loan capital for liquidity management purposes.
Treasury policy: For treasury management purposes, the Fund acted in accordance with Bouwinvest’s treasury policy in 2022, to manage the Fund’s liquidity and financial risks. The main objectives of the treasury management activities are to secure shareholders’ dividend pay-out, ensure other obligations can be met and to manage the Fund’s cash position.
At year-end 2022, the Fund had € 12.4 million freely available in cash. In 2022, the Fund’s cash position declined by € 2.8 million compared with year-end 2021 (€ 15.2 million).
Interest rate and currency exposure
Interest rate and currency exposure: As the Fund had no foreign currency exposure, there was no currency exposure risk. The Fund did not have any loans or borrowings. The interest rate risk was therefore limited to the negative interest rate developments on the Fund's bank balances.
In 2022, the Fund’s bank balances were affected by negative interest rate developments.
FII regime: During the entire book year 2022 the Fund qualified as a fiscal investment institution (FII) under Dutch law and as such is subject to corporate tax at a rate of zero percent. Being an FII, the Fund is obliged to distribute its entire fiscal result annually, which was done in December 2022. In 2022, the Fund complied with FII requirements.
FGR: As of 1 January 2023 the Fund is structured as a Fund for Mutual Account (FMA).
Furthermore, the Fund met its obligations related to value added tax, transfer tax and other applicable taxes in their entirety in 2022.