4 Equity attributable to shareholders of Bouwinvest Dutch Institutional Residential Fund N.V.
For 2023, before appropriation of profit
Issued capital | Share premium | Revaluation reserve* | Retained earnings | Net result for the year | Total equity | |
Balance at 1 January 2023 | 1,494,416 | 2,643,292 | 3,079,844 | 357,994 | 37,144 | 7,612,690 |
Comprehensive income | ||||||
Net result | - | - | - | - | (476,739) | (476,739) |
Total comprehensive income | - | - | - | - | (476,739) | (476,739) |
Other movements | ||||||
Issued shares | 6,698 | 28,302 | - | - | - | 35,000 |
Re-issued shares | 10,499 | 44,501 | - | - | - | 55,000 |
Redemptions | (10,499) | (131,546) | - | - | - | (142,045) |
Redeemed shares | (37,793) | 37,793 | - | - | - | - |
Appropriation of result | - | - | - | 37,144 | (37,144) | - |
Dividends paid | - | - | - | (169,969) | - | (169,969) |
Movement revaluation reserve | - | - | (674,683) | 674,683 | - | - |
Total other movements | (31,095) | (20,950) | (674,683) | 541,857 | (37,144) | (222,014) |
Balance at 31 December 2023 | 1,463,321 | 2,622,342 | 2,405,162 | 899,851 | (476,739) | 6,913,937 |
For 2022, before appropriation of profit
Issued capital | Share premium | Revaluation reserve* | Retained earnings | Net result for the year | Total equity | |
Balance at 1 January 2022 | 1,448,743 | 2,646,300 | 3,225,033 | (405,029) | 766,056 | 7,681,103 |
Comprehensive income | ||||||
Net result | - | - | - | - | 37,144 | 37,144 |
Total comprehensive income | - | - | - | - | 37,144 | 37,144 |
Other movements | ||||||
Issued shares | 45,673 | 206,027 | - | - | - | 251,700 |
Redemptions | - | (209,035) | - | - | - | (209,035) |
Appropriation of result | - | - | - | 766,056 | (766,056) | - |
Dividends paid | - | - | - | (148,221) | - | (148,221) |
Movement revaluation reserve | - | - | (145,189) | 145,189 | - | - |
Total other movements | 45,673 | (3,008) | (145,189) | (3,033) | - | (105,556) |
Balance at 31 December 2022 | 1,494,416 | 2,643,292 | 3,079,844 | 357,994 | 37,144 | 7,612,690 |
* See explanation dividend restrictions in Note 16 of the consolidated financial statements.
For reasons of a strategic reallocation, anchor shareholder bpfBOUW submitted a redemption request for an amount of € 340 million in 2022. In 2023, the Fund received new redemption requests from various shareholders of € 113 million. The total redemption requests amounted to € 453 million, of which € 94 million was remaining as of 31 December 2023. In 2023, the Fund purchased 28,637 shares from bpfBOUW and various other shareholders, of which 18,138 shares became part of the Fund’s equity and were withdrawn in January 2024. In the GM of 13 December 2023, this reduction of capital was approved by shareholders. In total 10,499 shares are re-issued during the year.
Issued capital
The authorised capital comprises five (5) million shares each with a nominal value of € 1,000. As at 31 December 2023, a total of 1,463,321 shares had been issued and fully paid up.
Share premium
The share premium reserve consists of capital paid on shares in excess of the nominal value. At the establishment of the Fund, the shareholder bpfBOUW contributed an investment property portfolio under legal title of share premium.
Revaluation reserve
The revaluation reserve relates to the revaluation of the property investments. The (unrealised) positive or negative difference between the cumulative increase or decrease in the fair value of the investment property owned at the end of the year has been included in the revaluation reserve. The revaluation reserve as at year-end 2023 was determined at the individual property level.
Appropriation of profit 2022
The Annual General Meeting of shareholders on 12 April 2023 adopted and approved the 2022 financial statements of the Residential Fund. A dividend of € 149.5 million (in cash) has been paid. Of the profit for 2022 € 37.1 million was incorporated in the retained earnings.
Proposal for profit appropriation 2023
The management of the Fund proposes to the General Meeting of shareholders that a dividend of € 174.5 million (in cash) is to be paid. Of the profit for 2023 amounting to -€ 476.7 million, -€ 476.7 million will be incorporated in the retained earnings.