Equity

Changes in equity

At 31 December 2016, equity stood at € 3,045 million, compared with € 2,629 million at 31 December 2015. This increase in equity totalling € 416 million was the balance of a positive realised result of € 142 million, a positive unrealised result of € 391 million, a € 4 million positive change in the value of derivatives and a distribution to participants totalling € 121 million.

Changes in equity (in € million)

Distribution proposal

The participants’ meeting in December approved the following two-fold proposal for a change in the timing of the distribution:

  • Change to an interim distribution policy as of financial year 2017, whereby approx. 60% of budgeted distribution is paid out in three instalments during the year, each two weeks after quarter end. The remaining approx. 40% will be paid out in two instalments after the close of the financial year, one in January, shortly after Q4 quarter end and one after the adoption of the distribution proposal in April;

  • Distribute result over financial year 2016 in one payment, immediately after the adoption of the financial statements (April 2017).

The realised result less the result on property sales amounted to € 128 million in 2016. Vesteda will therefore propose to the General Meeting of Participants on 12 April 2017 a total distribution of € 128 million, which represents a dividend yield of 4.2% for the 2016 financial year (based on 2017 opening equity).

Number of issued participations

No participations were issued or redeemed in 2016. At 31 December 2016, Vesteda Residential Fund had issued a total of 25,795,084 participation rights, equal to the number of participation rights at year-end 2015.

List of institutional investors (participants)

At year-end 2016, Vesteda’s participant base consisted of 14 institutional investors, participating in the fund via the following 19 entities (in alphabetical order):

  • Allianz Benelux

  • APG Strategic Real Estate Pool

  • AZ Jupiter 10

  • Bouwfonds Nationale Nederlanden

  • Delta Lloyd Levensverzekering

  • Delta Lloyd Life

  • Loyalis Leven

  • Loyalis Schade

  • Non-disclosed Asian institutional investor

  • PGGM Private Real Estate Fund

  • Stichting Bedrijfstakpensioenfonds voor de Media PNO

  • Stichting Pensioenfonds ABP

  • Stichting Pensioenfonds Delta Lloyd

  • Stichting Pensioenfonds Openbaar Vervoer

  • Stichting Pensioenfonds voor de Grafische Bedrijven

  • Stichting Pensioenfonds voor Fysiotherapeuten

  • Stichting Pensioenfonds Xerox

  • Stichting Spoorwegpensioenfonds

  • Stichting TKPI European Real Estate Fund