Performance

Market rent and theoretical rent

The total theoretical rent stood at €447 million at year-end 2025, an increase of €26 million compared with year-end 2024. This was mainly driven by the inflow of new-build homes into the portfolio, the annual rent increase in July, and rent increases due to investments in quality and sustainability in selected assets in the portfolio. The reversionary potential stood at 20.2% at year-end 2025, increasing further due to strong market rental growth driven by the scarcity and inflation.

Average monthly rent per unit

The average monthly rent (residential) increased by 6.3% in 2025, due to the like-for-like growth of our standing portfolio and changes in the composition of the portfolio due to inflow and outflow.

Development of total theoretical rent of residential units

The previous table shows the impact of the annual rent increase, reletting and other (theoretical) rental growth.[1]

Occupancy and tenant turnover

The occupancy rate remained stable at 98% in 2025. The vacancy is mainly caused by renovation projects and recent inflow which was not fully rented by year end. Tenant turnover in the residential portfolio decreased slightly to 11.7% compared to the previous year standing at 12.3%.

Rental income

The gross rental income and net rental income of the portfolio both increased last year, driven by the inflow of new-build homes, the annual rent increase and strong reletting performance. Our property operating expenses decreased this year, largely due to lower planned maintenance. The cap on rent increase and relative high inflation puts pressure on the gross/net ratio. However the gross/net ratio came in at 25.9%, 2.1% lower than in 2024 due to an optimised spread in planned maintenance.

Changes in market value in 2025 (€ million)

The previous graph shows the market value development of the investment portfolio. The total value increased to €10.5 billion at year-end 2025 (including IFRS 16), which was 7% higher than at year-end 2024. The increase in value is primarily driven by the positive revaluation of the portfolio, reflecting rising vacant possession values alongside a more stable investment climate. In addition, net inflow of 117 units has further contributed to the growth in total portfolio value.

Average market value per unit

The average value per Vesteda residential unit increased by 6.9% to €368 thousand at year-end 2025. This increase was largely driven by positive revaluations and changes in the composition of the portfolio due to in- and outflow.

The graph below shows a breakdown of the 2025 revaluations throughout our portfolio.

Revaluation in 2025

Gross initial yield

The gross initial yield of the portfolio, defined as the theoretical rent at year-end divided by the value of the portfolio at year-end (excl. IFRS 16), remained stable at 4.3% in 2025.