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Report of Executive Board of Directors

Portfolio diversification

Allocation by strategy

At year-end 2019, the Fund’s portfolio consisted of a total of 59 assets. Of these, 28 assets are classified as Experience and 21 assets are classified as Convenience. The category ‘Other’ consisted of 10 retail assets that do not fully meet our strict Experience and Convenience criteria. The Fund’s strategic target was to increase the share of Experience and Convenience to at least 80% of the portfolio value. In line with this ambition, in 2019 the Fund realised a 1.7% increase in the share of Experience and Convenience, taking these categories to 81.3% of the portfolio, from 79.6% in 2018. The share of Experience increased by 0.3% to 51.1%, while the share of Convenience increased by 1.4% to 30.2%.

The categories will change in 2020, due to the stricter criteria for the Experience & Convenience strategy and due to the introduction of the Mixed retail category.

Allocation of investment property by strategy as a percentage of book value

Tenant mix

The Fund’s portfolio includes a wide range of tenants by segment type. In 2019, in the Experience part of the portfolio, the share of the ‘fashion & luxury goods’ segment declined slightly to 91.2% (2018: 91.4%). In the Convenience part of the portfolio, the share of the ‘daily goods’ segment increased by 1.8% to 66.4% (2018: 64.6%).

Allocation of investment property by tenant sector as a percentage of rental income

The top 10 major tenants accounted for a total of 46.6% of the theoretical rent in 2019 (2018: 47.3%). In 2019, the top-10 ranking changed slightly. Jumbo Supermarkten and Ahold changed places, due to the sale of the Maasplaza shopping centre in Dordrecht, including an Albert Heijn supermarket. The lease with Hennes & Mauritz in De Muntpassage asset in Weert led to a top-eight ranking. Tenant Blokker Holding, top-eight at year-end 2018, dropped out of the top 10. Primark still tops the list with two leases in the Damrak 77-81 asset in Amsterdam and the Westerhaven asset in Groningen, accounting for 9.7% (2018: 9.3%) of the Fund's total rental income.

Top 10 major tenants based on theoretical rent

Expiry dates

The overview of expiry dates shows a gradual division in the coming years. By the end of 2019, more than 50% (2018: 44%) of the total rental income was due to expire after 2024, which means the Fund’s expiration risk remains low. The average remaining lease term of the total portfolio at year-end 2019 was 6.3 years (2018: 6.4 years). 

Expiry dates as a percentage of rental income

Allocation by risk

In terms of risk diversification, at least 90% of the investments must be low or medium risk. The actual risk allocation as at year-end 2019 is shown in the figure below. We assess all assets separately on an annual basis.

Allocation of investment property by risk as a percentage of book value
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