Message from the Management Board

Dear stakeholders,

We are pleased to present you with our annual report 2024, in which we describe the key developments and account for our financial and ESG performance.

Vesteda delivered strong operational performance while also seeing high portfolio revaluations, resulting in an outperformance of the three-year MSCI benchmark. We are proud that our continuous commitment on the ESG front was recognised. We were once again named Global Sector Leader Residential by GRESB, and we have further increased our tenant satisfaction score, outperforming the benchmark and ending best in class on almost all aspects.

In 2024, we gained clarity on the Affordable Rent Act, which was approved by the Parliament and came into effect on 1 July 2024. We also received the Supreme Court’s decision on rent increase clauses, confirming the legality of a standard surcharge on rent in addition to inflation. This clarity enables us to continue our strategy of investing in affordable and sustainable homes in the Netherlands. It is also crucial for the investment market as we seek new investors to service redemption requests. We achieved positive results on redemptions, welcoming pension fund MITT and paying out the entire Redemption Available Cash. In addition, we are in the process of modernising our liquidity mechanism to improve fund liquidity and attractiveness to investors.

This year also marked a change of CEO, followed by the development and implementation of a refined strategy. Through Vesteda, we join a growing movement of organisations striving to make a difference, contributing to a better and more sustainable world, while ensuring financial outperformance. Our goal is to remain a leader in the Dutch housing market, shaping a more sustainable and equitable future for all stakeholders. We aim to create consistent, long‐term value for our investors by optimising our portfolio, maintaining operational excellence, and staying ahead of market trends. We are committed to making a meaningful, measurable impact on residents and communities, embodying our vision of Housing as a force for good.

As we look to the future, we are aligning our organisation with our vision of "Housing as a force for good" by preparing to take the necessary actions. We will utilise technology and data to continually enhance our services, ensuring we adapt to evolving market dynamics. In the short term, we will be cautious about new acquisitions while focusing on strengthening our long-term business partnerships. This approach will position us to seize market opportunities as they emerge, enabling us to expand our reach and support a growing number of residents.

Let’s move forward together, inspired by this shared purpose. We would like to thank our stakeholders for their continued support and we thank Gertjan van der Baan for his great leadership over the past 10 years.

Astrid Schlüter (CEO) and Frits Vervoort (CFO)

Amsterdam, 19 March 2025