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 dividend 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:
The interim distributions amount to 60% of budgeted distribution for 2019, and was paid out in three instalments (3 x €36.5 million) in the course of the financial year, each within two weeks after the end of the quarter. The distribution paid in April 2019 also included the €36.2 million distribution (€1.01 per participation right) related to the financial results for 2018.
A redemption of €161.5 million (€4.53 per participation right) concerning the proceeds of a portfolio sale was paid out in August 2019.
The remaining part of the distribution for the financial year 2019 will be paid out in two instalments after the closing of the financial year 2019, one in January, shortly after the fourth quarter, and one after the adoption of the distribution proposal in April 2020. The total distribution proposed for the financial year 2019 will be €189 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.
In 2019, no new participation rights were issued, redeemed or withdrawn.
In each financial year, participants may request redemption of their participation rights in accordance with the Terms and Conditions and the fund manager will seek to satisfy these redemption requests, for which an amount of at least €50 million will be made available in each financial year. If the participants make no redemption requests during the year, the amount of €50 million available for redemption requests in that particular year will be rolled over to the next year, unless the participants determine otherwise by ordinary consent.
In 2019, no participants submitted a redemption request. It will be proposed to the Annual Meeting of Participants to be held on 8 April 2020 that the amount of €50 million made available for redemption requests in 2019 not be rolled over to the financial year 2020.
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 €
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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 €
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Basic and diluted IFRS NAV
There is no difference between basic and diluted IFRS NAV.