Income Statement summary (all amounts in € thousands)
Net rental income
Net valuation gain / (loss)
Result on disposal
Result for the year
In 2021, the full-year result increased to € 85.0 million, from € 51.8 million in 2020 (+64%). The increase of € 33.1 million was primarily driven by higher valuations of the investment properties. Core office real estate remained stable in value in 2021 and the Fund was able to realise capital growth for many assets. Renovations, including improvement of sustainability and rental activities, made a significant contribution to this capital growth.
Revenues of € 62.8 million were € 4.0 million higher than 2020 (€ 58.8 million), driven by higher rental income and service charges income (€ 2.6 million), mainly due to the delivery of Central Park (Utrecht) in 2021 and a higher occupancy rate in Centre Court (The Hague). Furthermore, other income increased by € 1.4 million mainly as a result one-off gains related to compensation for terminated lease contracts in 2021.
Operating expenses of € 23.5 million were the same as in 2020 (€ 23.5 million), driven by higher service charge expenses (€ 0.9 million) and lower operating expenses (€ 0.9 million). Service charge expenses increased due to the delivery of properties in 2020 and 2021. The decline in operating expenses was mainly due to lower costs for doubtful debts (€ 0.4 million) and lower taxes (0.5 million). The REER fell to 1.23%, from 1.36% in 2020, as a result of the higher average NAV.
As a result of the Fund’s fiscal investment institution (FII) status, Bouwinvest will distribute all of the distributable result to its shareholders through four quarterly interim dividend payments and one final dividend payment.
The Executive Board of Directors proposes to pay a dividend of € 30.8 million for 2021 (2020: € 27.4 million), which corresponds to a pay-out ratio of 100%. It is proposed that the dividend will be paid in cash, within the constraints imposed by the company’s fiscal investment institution (FII) status. Of this total dividend, € 22.7 million or 74% was paid out in the course of 2021. The fourth instalment was paid on 15 February 2022. The rest of the distribution over 2021 will be paid in one final instalment following the adoption of the annual report by the Annual General Meeting of shareholders on 6 April 2022.
Performance per share
Dividends (in €)
Net earnings (in €)
Net asset value IFRS (in €, at year-end)
Net asset value INREV (in €, at year-end)
According to internal guidelines, the Fund is not allowed to have an unsecured pipeline. At the end of 2021, the funding for the acquisition pipeline was completely secured.
The Fund did not close any new commitments in 2021. The Fund made capital calls for a total of € 30 million and a shareholder transferred all of its 4,730 shares in the Fund to shareholder A.
Number of shares at year-end 2021
Leverage policy: In line with the Fund's Information Memorandum, it is allowed to incur debt up to 3% of the Net Asset Value, to bridge any temporary liquidity constraints and accommodate distributions to shareholders and redemption of shares.
In 2021, the Fund was financed solely with equity and did not use any loan capital for liquidity management purposes.
Treasury policy: For treasury management purposes, the Fund acted in accordance with Bouwinvest’s treasury policy in 2021, to manage the Fund’s liquidity and financial risks. The main objectives of the treasury management activities are to secure shareholders’ dividend pay-out, ensure other obligations can be met and to manage the Fund’s cash position.
At year-end 2021, the Fund had € 15.2 million freely available in cash. In 2021, the Fund’s cash position declined by € 9.8 million compared with year-end 2020 (€ 25.0 million).
Interest rate and currency exposure
Interest rate and currency exposure: As the Fund had no foreign currency exposure, there was no currency exposure risk. The Fund did not have any loans or borrowings. The interest rate risk was therefore limited to the negative interest rate developments on the Fund's bank balances.
FII regime: The Fund qualifies as a fiscal investment institution (FII) under Dutch law and as such is subject to corporate tax at a rate of zero percent. Being an FII, the Fund is obliged to distribute its entire fiscal result annually. In 2021, the Fund complied with the FII requirements.
Furthermore, the Fund met its obligations related to value added tax, transfer tax and other applicable taxes in their entirety in 2021.