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Strategy and long-term objectives

Vesteda has defined a clear vision framework, consisting of a purpose, mission, vision and core values.

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Market developments

Source: Vesteda

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Introduction

The demand for rental homes remained high in 2019. Due to the successful (re)letting of our standing portfolio and newly-acquired properties, we were able to achieve an occupancy rate of 98.4% in 2019, compared with 97.5% in 2018.

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Focus on tenant satisfaction

At home with Vesteda: that is our mission. We constantly ask ourselves if we are doing the right things and we listen to the feedback from our tenants.

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Tenant satisfaction surveys

Together with our tenants, we want to create an environment in which they feel at home.

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Units

The total number of residential units was 27,290 at year-end 2019, a 2% decline compared with year-end 2018. In 2019, in total 817 homes were added to the investment portfolio (816 new-build homes and 1 transformation unit) and 1,336 units were sold.

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Segmentation

At year-end 2019, 92% of the investment portfolio was located in Vesteda’s primary regions. The portfolio disposals we completed in 2019 reduced our exposure in other regions nearly to 0%.

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Acquisitions and property sales

Last year was another strong year for the Dutch residential real estate market. Investors continued to pursue residential real estate buying opportunities. Several large existing portfolios were sold at record low yields.

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Performance

The total market rent was 2.1% above the theoretical rent at year-end 2019. The reversionary potential declined compared to prior year, as in 2018 the Delta Lloyd portfolio led to a significant increase in the reversionary potential.

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Participants

The increased prices and values of (residential) real estate have resulted in historically high total returns on equity in recent years. However, the high valuation gains have simultaneously put pressure on the fund’s direct returns.

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