Key information in 2016 All amounts in € thousands unless otherwise stated Highlights 2016All time high Total Fund returnOutperformance IPD Property Index (all properties) for seventh consecutive year (6.5%-points)6 new investors in the FundShares issued for € 290 millionAcquisition of 11 projects (1,257 residential units) for a total of approximately € 255 millionContinued high average financial occupancy rate of 97.7%Secured pipeline of over € 634 million for 2017 - 2019GRESB Green Star status for third successive year Portfolio at a glance Performance per share Performance per share20162015Dividends (in €)94.0398.33Net earnings (in €)569.66319.75Net asset value IFRS (in €, at year-end)3,290.912,823.04Net asset value INREV (in €, at year-end)3,295.612,823.04 Statement of financial position Statement of financial position20162015Total assets4,016,5663,170,333Total shareholders’ equity3,995,0343,151,198Total debt from credit institutions–– Result Result20162015Net result666,343347,475Total Expense Ratio (TER)0.53%0.53%Real Estate Expense Ratio (REER)1.32%1.40% Fund return PERCENTAGE Total fund return 2016: 20.5% Total fund return 2015: 12.5% Property performance (all properties) Portfolio movements Financial occupancy rate Portfolio figures Portfolio figures20162015Investment property3,547,4702,833,309Investment property under construction353,078205,579Gross initial yield5.1%5.7%Total number of residential units15,32914,455Average monthly rent per unit (in €)1,001966Financial occupancy rate (average)97.7%97.6%Sustainability (A, B or C label)93.3%92.6%