Note | | Total 2015 | Per share 2015 | Total 2014 | Per share 2014 |
| | NAV as per the financial statements | 3,151,198 | 2,823.04 | 2,715,283 | 2,602.68 |
| | Reclassification of certain IFRS liabilities as components of equity | | | | |
1 | Effect of reclassifying shareholder loans and hybrid capital instruments (including convertible bonds) that represent shareholders long term interests in a vehicle | - | - | - | - |
2 | Effect of dividends recorded as a liability which have not been distributed | - | - | - | - |
| | NAV after reclassification of equity-like interests and dividends not yet distributed | 3,151,198 | 2,823.04 | 2,715,283 | 2,602.68 |
| | Fair value of assets and liabilities | | | | |
3 | Revaluation to fair value of investment properties | - | - | - | - |
4 | Revaluation to fair value of self-constructed or developed investment property | - | - | - | - |
5 | Revaluation to fair value of investment property held for sale | - | - | - | - |
6 | Revaluation to fair value of property that is leased to tenants under a finance lease | - | - | - | - |
7 | Revaluation to fair value of real estate held as inventory | - | - | - | - |
8 | Revaluation to fair value of other investments in real assets | - | - | - | - |
9 | Revaluation to fair value of indirect investments not consolidated | - | - | - | - |
10 | Revaluation to fair value of financial assets and financial liabilities | - | - | - | - |
11 | Revaluation to fair value of construction contracts for third parties | - | - | - | - |
12 | Set-up costs | - | - | - | - |
13 | Acquisition expenses | - | - | - | - |
14 | Contractual fees | - | - | - | - |
| | Effects of the expected manner of settlement of sales/vehicle unwinding | | | | |
15 | Revaluation to fair value of savings of purchaser’s costs such as transfer taxes | - | - | - | - |
16 | Revaluation to fair value of deferred taxes and tax effect of INREV NAV adjustments | - | - | - | - |
17 | Effect of subsidiaries having a negative equity (non-recourse) | - | - | - | - |
| | Other adjustments | | | | |
18 | Goodwill | - | - | - | - |
19 | Non-controlling interest effects of INREV adjustments | - | - | - | - |
| | INREV NAV | 3,151,198 | 2,823.04 | 2,715,283 | 2,602.68 |
| | | | | | |
| | Number of shares issued | 1,116,243 | | 1,043,265 | |
| | Number of shares issued taking dilution effect into account | 1,116,243 | | 1,043,265 | |
| | Weighted average INREV NAV | 2,918,117 | | 2,657,747 | |
| | Weigthed average INREV GAV | 2,931,948 | | 2,668,665 | |
| | Total Expense Ratio (NAV) | 0.53% | | 0.56% | |
| | Total Expense Ratio (GAV) | 0.52% | | 0.56% | |
| | Real Estate Expense Ratio (GAV) | 1.40% | | 1.53% | |