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 €1.00, and all participation rights are fully paid. There are no restrictions relating to profit and capital distribution. For further information on movements, we refer you to the consolidated statement of changes in equity.
The distributions can be specified as follows:
September (equity redemption)
The interim distributions amount to 60% of budgeted distribution for 2022, and was paid out in three instalments (3 x €39.2 million) in the course of the financial year, each within two weeks after the end of the quarter. The distribution paid in April 2022 also included the €38.6 million distribution (€1.08 per participation right) related to the financial results for 2021.
The remaining part of the distribution for the financial year 2022 will be paid out in two instalments after the closing of the financial year 2022, one in January, shortly after the fourth quarter, and one after the adoption of the distribution proposal in April 2023. The total distribution proposed for the financial year 2022 will be €201 million.
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 any legal requirements related to reserves. However, the Fund has decided to present its statement of changes in equities as if the Fund was subject to the rules for the determination of revaluation reserves.
The property reserve is the difference between the market value and historical book value. The revaluation of property is accounted for in the event of positive revaluations. Negative revaluation is deducted from this reserve, as long as the reserve is positive on an individual basis.
The total number of issued participation rights had declined by 216,347 to stand at 35,681,248 at year-end 2022, following an equity redemption of €50 million on 30 September 2022.
Earnings per participation right
Basic earnings per participation right are calculated by dividing the 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 table below 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 €
Basic and diluted earnings, on result after tax
There have been no other transactions involving a change in the number of participation rights or the number of potential participation rights between the reporting date and the date these financial statements were completed.
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 value 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 €
Basic and diluted IFRS NAV
There is no difference between basic and diluted IFRS NAV.