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Office Fund

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Key information in 2016

All amounts in € thousands unless otherwise stated

Highlights 2016

  • Optimisation of the portfolio through redevelopments and property upgrades resulted in an underperformance compared to the IPD Property Index (all properties)

  • Started redevelopment of The Olympic 1931 and 1962 in Amsterdam and several property upgrades e.g. WTC Rotterdam

  • Acquisition of Hourglass building in Amsterdam’s Zuidas business district

  • Re-opening WTC The Hague after upgrade of entrance area

  • Successful clustering of CSR-parties in Nieuwe Vaart in Utrecht

  • Total new and renewed leases of 15,509 m² and an annual rent of € 2.9 million

  • Commitment of a new investor as per January 2017

  • WTC The Hague most sustainable multi-tenant office building in the Netherlands (BREEAM NL In-Use certified with EXCELLENT score (****) on both Asset and Building Management levels)

Portfolio at a glance

Performance per share

Performance per share

2016

2015

Dividends (in €)

73.18

88.22

Net earnings (in €)

118.22

15.06

Net asset value IFRS (in €, at year-end)

2,084.17

2,038.11

Net asset value INREV (in €, at year-end)

2,101.63

2,059.70

Statement of financial position

Statement of financial position (€ X thousand)

2016

2015

Total assets

536,257

567,043

Total shareholders’ equity

525,988

554,723

Total debt from credit institutions

-

-

Result

Result (€ X thousand)

2016

2015

Net result

30,506

4,034

Total Expense Ratio (TER)

0.55%

0.58%

Real Estate Expense Ratio (REER)

2.66%

2.93%

Fund return

PERCENTAGE

Total fund return 2016: 5.5%

Total fund return 2015: 0.5%

Portfolio figures

Portfolio figures

2016

2015

Investment property

458,762

478,197

Investment property under construction

44,645

-

Gross initial yield

6.7%

6.4%

Total number of properties

16

16

Average monthly rent per square metre (in €)

183

178

Financial occupancy rate (average)

81.3%

80.1%

Sustainability (A, B or C label)

73.0%

66.6%