16 Equity attributable to shareholders of Bouwinvest Dutch Institutional Residential Fund N.V.
For 2023, before appropriation of profit
Issued capital | Share premium | Revaluation reserve* | Retained earnings | Net result for the year | Total equity | |
Balance at 1 January 2023 | 1,494,416 | 2,643,292 | 3,079,844 | 357,994 | 37,144 | 7,612,690 |
Comprehensive income | ||||||
Net result | - | - | - | - | (476,739) | (476,739) |
Total comprehensive income | - | - | - | - | (476,739) | (476,739) |
Other movements | ||||||
Issued shares | 6,698 | 28,302 | - | - | - | 35,000 |
Re-issued shares | 10,499 | 44,501 | - | - | - | 55,000 |
Redemptions | (10,499) | (131,546) | - | - | - | (142,045) |
Redeemed shares | (37,793) | 37,793 | - | - | - | - |
Appropriation of result | - | - | - | 37,144 | (37,144) | - |
Dividends paid | - | - | - | (169,969) | - | (169,969) |
Movement revaluation reserve | - | - | (674,683) | 674,683 | - | - |
Total other movements | (31,095) | (20,950) | (674,683) | 541,857 | (37,144) | (222,014) |
Balance at 31 December 2023 | 1,463,321 | 2,622,342 | 2,405,162 | 899,851 | (476,739) | 6,913,937 |
* See explanation dividend restrictions in this Note.
For reasons of a strategic reallocation, anchor shareholder bpfBOUW submitted a redemption request for an amount of € 340 million in 2022. In 2023, the Fund received new redemption requests from various shareholders of € 113 million. The total redemption requests amounted to € 453 million, of which € 94 million was remaining as of 31 December 2023. In 2023, the Fund purchased 28,637 shares from bpfBOUW and various other shareholders, of which 18,138 shares became part of the Fund’s equity and were withdrawn in January 2024. In the GM of 13 December 2023, this reduction of capital was approved by shareholders. In total 10,499 shares are re-issued during the year.
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) | (3,033) | - | (105,556) |
Balance at 31 December 2022 | 1,494,416 | 2,643,292 | 3,079,844 | 357,994 | 37,144 | 7,612,690 |
* See explanation dividend restrictions in this Note.
Dividend restrictions
The Residential Fund is subject to legal restrictions regarding the amount of dividends it can pay to its shareholders. Dutch Law stipulates that dividends can only be paid up to an amount equal to the excess of the Fund’s own funds over the sum of the paid-up capital, statutory reserves and reserves required by law.
The revaluation reserve, being a legal reserve, cannot be freely distributed. Dividends are all payments from the free reserves. The free reserves consist of the share premium and retained earnings. Dividend will consist partly of profits and other payments.
In order to further align the processing of the distributable dividends with Dutch Law and taking into account the Fund's FII status, the distributable dividends are made from retained earnings insofar as the retained earnings – being the total amount of retained earnings and result for the year – are not negative. The remaining amount of legally required distributable dividends is subsequently made from the share premium. Any residual negative retained earnings is supplemented from the share premium.
Number of shares in fully paid up equivalents | Paid-up share capital | Share premium | Total share capital and share premium | |
Opening balance at 1 January 2023 | 1,494,416 | 1,494,416 | 2,643,292 | 4,137,708 |
Dividends paid | - | - | - | - |
Issued shares | 6,698 | 6,698 | 28,302 | 35,000 |
Re-issued shares | 10,499 | 10,499 | 44,501 | 55,000 |
Redemptions | (10,499) | (10,499) | (131,546) | (142,045) |
Redeemed shares | (37,793) | (37,793) | 37,793 | - |
Balance at 31 December 2023 | 1,463,321 | 1,463,321 | 2,622,342 | 4,085,662 |
Opening balance at 1 January 2022 | 1,448,743 | 1,448,743 | 2,646,300 | 4,095,043 |
Dividends paid | - | - | - | - |
Issued shares | 45,673 | 45,673 | 206,027 | 251,700 |
Redemptions | - | - | (209,035) | (209,035) |
Balance at 31 December 2022 | 1,494,416 | 1,494,416 | 2,643,292 | 4,137,708 |
Issued capital
The authorised capital consists of five (5) million shares each with a nominal value of € 1,000. As at 31 December 2023, a total of 1,463,321 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 2023 was determined at the individual property level.