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 € 37.1 million from € 766.1 million in 2021 (-95%). The decline of € 729.0 million was mainly driven by the valuation loss on the investment properties.
Revenues of € 279.3 million were € 21.6 million higher than in 2021 (€ 257.8 million), driven by higher gross rental income (€ 20.8 million) due to new investments made in the course of the year, higher rents and a higher occupancy rate. The occupancy rate increased by 0.6% points to 98.4% compared with 2021 (97.8%).
Operating expenses of € 88.1 million were € 16.7 million higher than in 2021 (€ 71.4 million). This increase was primarily driven by higher maintenance costs (€ 9.9 million), higher non-reclaimable VAT (€ 2.3 million), higher letting and lease renewal fees (€ 0.5 million) and other operating expenses (€ 0.8 million). The addition to the provision for bad debtors in 2022 (€ 0.3 million) was € 0.1 million higher than in 2021 (€ 0.2 million) due to slightly higher overall outstanding tenant receivables. As a result of an increase of operating expenses and the lower average NAV, the REER rose to 0.99% in 2022 from 0.89% in 2021.
Administrative expenses, consisting primarily of the management fee, increased to € 41.0 million (2021: € 37.5 million). The increase of € 3.5 million was primarily due to higher management fees resulting from the higher average NAV during the year. The finance result fell by just € 0.2 million to € 4.0 million as a result of no longer negative interest rates (€ -1.1 million) and less expenses on lease liabilities (€ 0.9 million). As a result of the higher time-weighted GAV, the TGER declined very slightly to 0.51% in 2022 from 0.53% in 2021.
As a result of the Fund’s fiscal investment institution (FII) status, Bouwinvest will distribute all of the distributable result to its shareholders through four quarterly interim dividend payments and one final dividend payment.
The Management Board proposes to pay a dividend of € 149.5 million for 2022 (2021: € 147.8 million), which corresponds to a pay-out ratio of 100%. It is proposed that the dividend will be paid in cash, within the constraints imposed by the company’s fiscal investment institution (FII) status. Of this total dividend, 75.7% was paid out in the course of 2022. The fourth instalment was paid on 15 February 2023. The rest of the distribution over 2022 will be paid in one final instalment following the adoption of the financial statements at the Annual General Meeting of shareholders on 12 April 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 the funding policy, the Fund is allowed to have an unsecured pipeline, which is capped at 5% of the Fund's NAV with a maximum of € 370 million. At the end of 2022, the funding for the acquisition pipeline was completely secured.
In 2022, the Fund managed to make € 251.7 million in capital calls and received one new commitment from an existing shareholder for an amount of € 91.7 million. For reasons of a strategic reallocation, anchor shareholder bpfBOUW submitted a redemption request for an amount of € 340 million. For the (partial) fulfillment of the redemption request, the Fund purchased 37,793 shares in the Residential Fund from bpfBOUW for a total amount of € 209 million. These shares are now part of the Fund’s equity and will be withdrawn in January 2023. In the GM of 7 December 2022, this reduction of capital was approved by shareholders. The excess of € 131 million from the redemption request from bpfBOUW remains open per 31 December 2022. For the same reason of strategic reallocation, two other shareholders also submitted redemption requests for a total amount of € 70.9 million, one of which is also noted for redemption date 31 December 2022.
Number of shares at year-end 2022
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 a maximum of 3% of the Net Asset Value, to bridge any temporary liquidity constraints and accommodate distributions to shareholders and redemptions 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 were to secure shareholders’ dividend pay-outs, ensure other obligations could be met and to manage the Fund’s cash position.
At year-end 2022, the Fund had € 47.4 million (2021: € 92.0 million) freely available in cash.
In 2022, the Fund’s cash position declined by € 44.6 million compared with year-end 2021. In 2022, the Fund paid out € 148.2 million in dividend to its shareholders. Reference is made to the cash flow statement for the cash movements during 2022.
Interest rate and currency exposure
Interest and currency policy: As the Fund had no external loans and borrowings, nor any foreign currency exposure, the Fund had no exposure to interest rate risks or currency exposure risks. The interest rate risk related to bank balances is limited for the Residential Fund.
In 2022, the Fund’s bank balances were affected by negative interest rate developments.
FII regime: The Fund qualifies 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. In 2022, the Fund complied with FII requirements. Furthermore, the Fund met its obligations related to value added tax, transfer tax and other applicable taxes in their entirety in 2022.