Equity

At 31 December 2018, equity amounted to €5,517 million, compared with €3,819 million at 31 December 2017.

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Debt capital

In 2018, Vesteda’s debt funding strategy was subjected to an extensive benchmarking and strategic review to validate or adjust its existing funding targets, taking also into account the envisaged (at the time) acquisition of the former Delta Lloyd

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Tenant Survey

Together with our tenants, we want to create an environment in which they feel at home. The satisfaction of our tenants is a valuable indicator of how well we serve them and we use the outcome of the surveys to improve our services and homes.

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The outlook for 2019

The forecasts for 2019 are favourable, but Dutch economic growth will flatten out in 2019 to 1.5%.1 This is still 0.5% above the average European growth percentage. Low interest rates and stimulating budget policies will support economic growth.

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Management agenda 2019

We have drawn up a number of clear plans for 2019 for our tenants. This means that among other things, we will focus on the continued development of tenant segmentation and custom-made services.

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Members of the Supervisory Committee

Dutch. Former interim CFRO of APG and former CFO of Delta Lloyd.

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Report of the Supervisory Committee

Last year was an exciting year for Vesteda, one in which the hard work of many of our people resulted in the successful acquisition of the former Delta Lloyd portfolio of 6,777 residential units.

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Introduction

In this section of the report, we will describe the key developments in our investment portfolio, based on units, income and value.

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Units

Please see the section Key portfolio characteristics of this report for the segmentation of our portfolio by type of residential unit.

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Income from investment portfolio

The market rent was 5.4% above the theoretical rent at year-end 2018. Reversionary potential increased to 5.4% from 1.5% in 2017.

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