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Report of Executive Board of Directors

Portfolio performance in 2019

Portfolio characteristics

  • Total property value (276 properties, 18,227 homes) of € 6,483 million at year-end 2019

  • 99.2% of all properties are located in core regions

  • 92.3% in liberalised rental sector, with 33.7% in the mid-rental segment

  • 85.8% located in the Randstad, Brabantstad and mid-eastern conurbations and inner-city areas

  • Total fund return of 11.5%, income return 2.3%

  • Occupancy rate of 97.9%

  • GRESB 4-star rating (84 points)

  • 100% green energy labels (A, B or C label), 42% label A

  • Tenant satisfaction score of 7.2

Core region policy

To identify the most attractive municipalities for residential investments, the Fund takes into account the following indicators:

  • Population growth

  • Employment opportunities

  • Development in stock

  • Vacancy rates

  • Volatility of value development

The Fund’s plan is for at least 80% of the total portfolio value to be in investment properties in the Fund's core regions. This currently stands at close to 99.2%. As the entire investment pipeline is located in the Fund’s core regions, this percentage will increase slightly in the near future. Furthermore, the Fund has a guideline that a maximum of 90% can be invested in the Randstad conurbation. This now stands at 85.8%.

The Residential Fund’s core regions based on market value, excluding property under construction

Major segments

To meet its own diversification guidelines, the Fund strives for a healthy balance of family homes and apartments. Due to our focus on urban areas, the proportion of apartments will continue to grow for the foreseeable future.

Portfolio composition by type of property based on market value

In our drive to optimise our portfolio, we take into account the following diversification categories:

  • Type of housing

  • The indexation policy

  • The rental segment

  • Year of construction

  • Regional spread with a focus on economically strong regions

Focus on liberalised rental sector

The Fund sees the liberalised sector (rents of € 720 and above (as per January 2020, rents of € 737 and above) as particularly interesting, as demand is set to increase, while supply is lagging, especially in the Netherlands’ largest and most popular cities. With more than 90% of its properties in the liberalised segment, the Fund’s focus continues to be on this segment.

In the graph below, we have added the mid-rental segment for liberalised properties with special agreements related to the likes of the rental level and rent increases.

Allocation of investment property by type of rent based on rental contract

Selection of principal properties

Existing portfolio (selection)
Portfolio pipeline (selection)
Added to the portfolio pipeline in 2019 (selection)
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