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4 Equity attributable to shareholders of Bouwinvest Dutch Institutional Residential Fund N.V.

For 2022, before appropriation of profit

 

Issued capital

Share premium

Revaluation reserve*

Retained earnings

Net result for the year

Total equity

Balance at 1 January 2022

1,448,743

2,646,300

3,225,033

(405,029)

766,056

7,681,103

       

Comprehensive income

      

Net result

-

-

-

-

37,144

37,144

Total comprehensive income

-

-

-

-

37,144

37,144

       

Other movements

      

Issued shares

45,673

206,027

-

-

-

251,700

Redemptions

-

(209,035)

   

(209,035)

Appropriation of result

-

-

-

766,056

(766,056)

-

Dividends paid

-

-

-

(148,221)

-

(148,221)

Movement revaluation reserve

-

-

(145,189)

145,189

-

-

Total other movements

45,673

(3,008)

(145,189)

763,023

(766,056)

(105,556)

Balance at 31 December 2022

1,494,416

2,643,292

3,079,844

357,994

37,144

7,612,690

For 2021, before appropriation of profit

 

Issued capital

Share premium

Revaluation reserve*

Retained earnings

Net result for the year

Total equity

Balance at 1 January 2021

1,421,755

2,541,988

2,613,110

(88,104)

442,538

6,931,287

       

Comprehensive income

      

Net result

-

-

-

-

766,056

766,056

Total comprehensive income

-

-

-

-

766,056

766,056

       

Other movements

      

Issued shares

26,988

104,312

-

-

-

131,300

Appropriation of result

-

-

-

442,538

(442,538)

-

Dividends paid

-

-

-

(147,540)

-

(147,540)

Movement revaluation reserve

-

-

611,923

(611,923)

-

-

Total other movements

26,988

104,312

611,923

(316,925)

(442,538)

(16,240)

Balance at 31 December 2021

1,448,743

2,646,300

3,225,033

(405,029)

766,056

7,681,103

* See explanation dividend restrictions in Note 16 of the consolidated financial statements.

For reasons of a strategic reallocation, anchor shareholder bpfBOUW submitted a redemption request for an amount of € 340 million. For the (partial) fulfillment of the redemption request, on 25 November, the Fund purchased 37,793 shares in the Residential Fund from bpfBOUW for a total amount of € 209 million. These shares are now part of the Fund’s equity and will be withdrawn from the issued capital in January 2023. In the GM of 7 December 2022, this reduction of capital was approved by the shareholders.

Issued capital

The authorised capital comprises five (5) million shares each with a nominal value of € 1,000. As at 31 December 2022, a total of 1,494,416 shares had been issued and fully paid up.

Share premium

The share premium reserve consists of capital paid on shares in excess of the nominal value. At the establishment of the Fund, the shareholder bpfBOUW contributed an investment property portfolio under legal title of share premium.

Revaluation reserve

The revaluation reserve relates to the revaluation of the property investments. The (unrealised) positive or negative difference between the cumulative increase or decrease in the fair value of the investment property owned at the end of the year has been included in the revaluation reserve. The revaluation reserve as at year-end 2022 was determined at the individual property level.

Appropriation of profit 2021

The Annual General Meeting of shareholders on 6 April 2022 adopted and approved the 2021 financial statements of the Residential Fund. A dividend of € 147.8 million (in cash) has been paid. Of the profit for 2021 € 766 million was incorporated in the retained earnings.

Proposal for profit appropriation 2022

The management of the Fund proposes to the General Meeting of shareholders that a dividend of € 149.5 million (in cash) is to be paid. Of the profit for 2022 amounting to € 37.1 million, € 37.1 million will be incorporated in the retained earnings.