Key information in 2018 All amounts in € thousands unless otherwise stated Highlights 2018Four new investorsAcquisition of 12 projects (1,447 residential units) for a total of € 480 millionInvestment property and investment property under construction increased by 24.7% to € 5.7 billionRetained GRESB 4-star rating; score improved by five points to 79 in 2018Outperformance MSCI Netherlands Property Index (all properties) by 0.5% Performance per share Performance per share20182017Dividends (in €)94.9990.82Net earnings (in €)665.23508.28Net asset value IFRS (in €, at year-end)4,280.933,710.00Net asset value INREV (in €, at year-end)4,286.073,714.31 Statement of financial position Statement of financial position20182017Total assets5,793,0754,783,924Total shareholders’ equity5,761,7614,751,642Total debt from credit institutions–– Result Result20182017Net result878,013637,610Total Expense Ratio (TER)0.54%0.53%Real Estate Expense Ratio (REER)1.00%1.26% Fund return PERCENTAGE Total fund return 2018: 18.2% Total fund return 2017: 15.6% Property performance (all properties) Portfolio movements Financial occupancy rate Portfolio figures Portfolio figures20182017Investment property (in € 1,000)5,185,9234,143,094Investment property under construction (in € 1,000)558,704463,040Gross initial yield4.1%4.6%Total number of residential units17,17416,172Average monthly rent per unit (in €)1,0551,020Financial occupancy rate (average)97.5%97.8%Sustainability (A, B or C label)98.0%94.6%