Retail Fund | Bouwinvest 2016

Highlights 2016

Total Fund return 8.4%, almost doubled compared to last year
Outperformance for the sixth consecutive year, total property return 9.3% versus 3.8% IPD Property Index
Continued high average financial occupancy rate of 94.7%
In 2016 three investors entered the Fund and were fully invested at year-end 2016
As per 1 January 2017, two investors increased their commitment and one new investor will enter the Fund
The Fund sold one asset, completed two redevelopments and added six new assets to its portfolio
New and extended lease contracts totaling 72,977 m²; rental value € 16.6 million per year
GRESB Green Star status for third successive year

Performance per share	2016	2015
Dividends (in €)	114.76	108.84
Net earnings (in €)	215.61	116.48
Net asset value IFRS (in €, at year-end)	2,640.21	2,537.12
Net asset value INREV (in €, at year-end)	2,650.14	2,547.83

Statement of financial position	2016	2015
Total assets	832,920	747,515
Total shareholders’ equity	824,201	738,335
Total debt from credit institutions	-	-

Result	2016	2015
Net result	64,250	32,150
Total Expense Ratio (TER)	0.52%	0.53%
Real Estate Expense Ratio (REER)	0.82%	0.91%

PERCENTAGE

Total fund return 2016: 8.4%

Total fund return 2015: 4.5%

Portfolio figures	2016	2015
Investment property	765,613	526,093
Investment property under construction	12,711	193,051
Gross initial yield	5.8%	6.8%
Total number of properties	47	42
Average monthly rent per square metre (in €)	233	225
Financial occupancy rate (average)	94.7%	94.2%
Sustainability (A, B or C label)	85.2%	88.0%