Income Statement summary (all amounts in € thousands)
Net rental income
Net valuation gain / (loss)
Result on disposal
Result for the year
In 2022, the result for the year increased to € 104.0 million from € 40.3 million in 2021. The increase of € 63.7 million (158%) was primarily driven by higher valuations of the investment properties.
Revenues of € 56.8 million were € 2.0 million higher than in 2021 (€ 54.8 million), driven by lower Covid-19 compensation in 2022 (€ 2.5 million), lower vacancies (€ 0.4 million) and offset by lower rental income (€ 0.5 million). The lower vacancy is reflected in the higher occupancy rate of 97.1%.
Operating expenses of € 9.2 million were € 3.9 million lower than in 2021 (€ 13.1 million). This decrease was primarily driven by lower costs for irrecoverable rents (€ 1.9 million) and maintenance expenses (€ 0.9 million) compared with 2021. As a result of the increase in the average GAV and a decline in operating expenses, the REER fell to 0.70% in 2022, from 1.14% in 2021.
Administrative expenses, consisting primarily of the management fee, increased to € 5.3 million (2021: € 5.1 million). The increase of € 0.2 million was mainly driven by the management fee due to a higher average NAV.
Finance expenses declined as a result of lower bank charges. Because there were no activities in the subsidiaries, income tax was nil in 2022. As a result of the higher time-weighted gross asset value and a small increase in the administration and other fund level expenses, the TGER fell slightly to 0.51% (2021: 0.54%).
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 € 42.1 million for 2022 (2021: € 36.3 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, € 31.9 million or 76% 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 annual report by 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 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.
In 2022, the Fund received no additional commitments. Anchor shareholder bpfBOUW transferred app. € 50 million in shares to an existing shareholder. For reasons of a strategic reallocation, another investor redeemed its shares. The eligible redemption shares were also taken over by an existing shareholder.
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 € 52.1 million in cash. In 2022, the Fund’s cash position increased by € 30.3 million compared with year-end 2021.
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 and 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: 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.