The participation rights issued can be specified as follows:
As at 1 January
Issued in the year
Redeemed in the year
As at 31 December
The participation rights carry a nominal value of € 1, all participation rights are fully paid. There are no restrictions relating to dividend and capital distribution. For further information on movements reference is made to the consolidated statement of changes in equity. In 2016, € 121 million distribution, € 4.71 per participation, was paid out.
Vesteda Residential Fund FGR is a mutual fund, which is not classified as a legal entity under Dutch law. Vesteda Residential Fund FGR does therefore not have legal requirements relating to reserves. However, the fund has decided to present its statement of changes in equity as if the fund were subject to the rules for the determination of revaluation reserves.
Property reserve is the difference between the market value and historical book value. Revaluation of property is accounted for in case of positive revaluations. Negative revaluation is deducted from this reserve as long as the reserve is positive on an individual basis.
Derivatives reserve contains the value fluctuations of derivatives by applying hedge accounting.
The cash flow hedge reserve may be reclassified to profit or loss should the underlying hedged item not be kept until its expected maturity.
The result for the year with exception of the property reserve and the derivatives reserve will be added to the other reserve.
In each financial year participants may request that their participation rights be redeemed in accordance with the Terms and Conditions and the fund manager will seek to satisfy these redemption requests for which an amount of € 50 million will be made available in each financial year. If no redemption requests are made by the participants during the year, the amount available for redemption requests of € 50 million in that particular year will be rolled over to the next year, unless the participants by participants’ ordinary consent determine otherwise.
In 2016 no redemption requests have been made by the participants. It will be proposed to the annual participants meeting to be held on 12 April 2017 that the amount of € 50 million made available for redemption requests in 2016 will not be rolled over to the financial year 2017.
Earnings per participation right
Basic earnings per participation right are calculated by dividing result after tax for the year attributable to equity holders of the parent/participants by the weighted average number of participation rights outstanding during the year. The following reflects the income and number of participation rights used in the basic earnings per participation right computations:
Result after tax attributable to equity holders
Weighted average number of participation rights
Earnings per participation right in €
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Basic and diluted earnings, on result after tax
There have been no other transactions involving participation rights or potential participation rights between the reporting date and the date of completion of these financial statements.
Net asset value (NAV) per participation right
Basic IFRS NAV per participation right is calculated by dividing net assets in the balance sheet attributable to ordinary equity holders of the parent/participants by the number of participation rights at year-end. The following reflects the net asset and number of participation rights used in the basic NAV per participation right computations:
NAV attributable to equity holders of the parent
Participations at year-end
Net Asset Value (NAV) per participation right in €
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Basic and diluted IFRS NAV
There is no difference between basic and diluted IFRS NAV.