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Message from the Management Board

Dear stakeholders,

We are pleased to present you with our 2022 annual report, in which we describe the key developments and account for our financial and ESG performance.

We are proud of what Vesteda accomplished in 2022. We continued to invest in sustainable and affordable homes, we kept costs under control, and we delivered solid operational results. The portfolio was almost fully leased, tenant satisfaction increased, and we added several new complexes to our portfolio and pipeline. We also completed several large renovation and sustainability projects, reducing the carbon footprint of our portfolio and improving the quality of our homes and financial performance. Finally, we took a number of actions to improve our organisation to make it a High Performance Organisation.

Last year we were confronted with a number of events, such as the after-effects of the COVID‐19 pandemic and the war in Ukraine, which triggered sharp increases in energy prices, inflation, constructions costs and interest rates. Moreover, the Dutch government announced plans for increased regulation of the mid‐rental segment of the housing market. After several years of positive revaluations of our portfolio, the market turned last year and we recorded negative revaluations in the third and fourth quarters.

For the first time in years, we were confronted with redemption requests from our participants. We were informed that some of our participants would like to redeem part of their investment in Vesteda, due to among others rebalancing of their total investment portfolios.

We will continue our long-term strategy and aim to be the best landlord in the Netherlands for all our stakeholders. We will manage our portfolio in an efficient and effective way, with a low vacancy rate and solid rental growth, while keeping a close eye on costs, despite current inflation. We will be highly selective with acquisitions in the short term and remain well positioned to benefit from opportunities in the future. At the same time, we are accelerating our sustainability investments to reduce energy consumption and to become Paris Proof in 2050. Finally, we are taking the lead in the search for new investors to provide liquidity for redeeming participants.

We want to thank our stakeholders for their continued support. More specifically, we want to thank our employees for their continued hard work. Our solid financial foundation and flexible organisation give us the trust and confidence that we will achieve our long-term goals, despite today’s market headwinds.

Vesteda Management Board

Gertjan van der Baan (CEO) and Frits Vervoort (CFO)

Amsterdam, 23 March 2023