The Annual General Meeting of Shareholders on 20 April 2015 adopted and approved the 2014 financial statements of the Residential Fund. A dividend of € 97.88 (in cash) per share has been paid.

The management of the Fund proposes to the General Meeting of Shareholders that a dividend of € 98.33 (in cash) per share be paid for 2015.

As of January 2016, five Dutch pension funds committed for a total of € 152.5 million and shares were issued for € 80.0 million.

In order to give investors information on the transition from the Net Asset Value (NAV) according to IFRS to the adjusted NAV based on INREV valuation principles, the Fund also publishes the accounts according to the INREV valuation principles.

Before appropriation of result, all amounts in € thousands

All amounts in € thousands, unless otherwise stated

All amounts in € thousands

All amounts in € thousands, unless otherwise stated

Investors’ capital can take various forms aside from equity – examples include shareholder loans and hybrid capital instruments such as convertible bonds. Some vehicles are structured via a combination of equity participations and shareholder loans.

Under certain circumstances dividends are recorded as a liability but have not yet been legally distributed. For the determination of INREV NAV, these accrued dividends should be reversed to the NAV.