15 Equity attributable to investors of Bouwinvest Dutch Institutional Office Fund
For 2023, before appropriation of result
Issued capital | Premium | Revaluation reserve* | Retained earnings | Net result for the year | Total equity | |
Balance at 1 January 2023 | 404,373 | 504,858 | 245,881 | 84,915 | (41,334) | 1,198,693 |
Comprehensive income | ||||||
Net result | - | - | - | - | (106,774) | (106,774) |
Total comprehensive income | - | - | - | - | (106,774) | (106,774) |
Other movements | ||||||
Issued units | 28,206 | 51,794 | - | - | - | 80,000 |
Appropriation of result | - | - | - | (41,334) | 41,334 | - |
Dividends paid | - | - | - | (32,330) | - | (32,330) |
Movement revaluation reserve | - | - | (105,058) | 105,058 | - | - |
Total other movements | 28,206 | 51,794 | (105,058) | 31,394 | 41,334 | 47,670 |
Balance at 31 December 2023 | 432,579 | 556,652 | 140,823 | 116,309 | (106,774) | 1,139,590 |
* See explanation dividend restrictions in this Note.
For 2022, before appropriation of result
Issued capital | Share premium | Revaluation reserve* | Retained earnings | Net result for the year | Total equity | |
Balance at 1 January 2022** | 390,413 | 473,818 | 313,152 | (23,820) | 84,976 | 1,238,539 |
Comprehensive income | ||||||
Net result | - | - | - | - | (41,334) | (41,334) |
Total comprehensive income | - | - | - | - | (41,334) | (41,334) |
Other movements | ||||||
Issued shares | 13,960 | 31,040 | - | - | - | 45,000 |
Appropriation of result | - | - | - | 84,976 | (84,976) | - |
Dividends paid | - | - | - | (43,512) | - | (43,512) |
Movement revaluation reserve | - | - | (67,271) | 67,271 | - | - |
Total other movements | 13,960 | 31,040 | (67,271) | 108,735 | (84,976) | 1,488 |
Balance at 31 December 2022 | 404,373 | 504,858 | 245,881 | 84,915 | (41,334) | 1,198,693 |
* See explanation dividend restrictions in this Note.
** As per 1 January 2023 investors will hold units instead of shares, due to the restructuring of the Fund to FGR. The applicable share/unit exchange ratio is 1:1.
Dividend restrictions
The Office Fund is subject to legal restrictions regarding the amount of dividends it can pay to its investors. Dutch Law stipulates that dividends can only be paid up to an amount equal to the excess of the Fund’s own funds over the sum of the paid-up capital, statutory reserves and reserves required by law.
The revaluation reserve, being a legal reserve, cannot be freely distributed. Dividends are all payments from the free reserves. The free reserves consist of the premium and retained earnings. Dividend will consist partly of profits and other payments.
In order to further align the processing of the distributable dividends with Dutch Law, the distributable dividends are made from retained earnings insofar as the retained earnings – being the total amount of retained earnings and result for the year – are not negative. The remaining amount of legally required distributable dividends is subsequently made from the premium. Any residual negative retained earnings is supplemented from the premium.
Number of units in fully paid up equivalents | Paid-up capital | Premium | Total capital and premium | |
Opening balance at 1 January 2023 | 404,373 | 404,373 | 504,858 | 909,231 |
Issued units | 28,206 | 28,206 | 51,794 | 80,000 |
Dividends paid | - | - | - | - |
Balance at 31 December 2023 | 432,579 | 432,579 | 556,652 | 989,231 |
Number of shares in fully paid up equivalents | Paid-up share capital | Share premium | Total share capital and share premium | |
Opening balance at 1 January 2022* | 390,413 | 390,413 | 473,818 | 864,231 |
Issued shares | 13,960 | 13,960 | 31,040 | 45,000 |
Dividends paid | - | - | - | - |
Balance at 31 December 2022 | 404,373 | 404,373 | 504,858 | 909,231 |
* As per 1 January 2023 investors will hold units instead of shares, due to the restructuring of the Fund to FGR. The applicable share/unit exchange ratio is 1:1.
Issued capital
The authorised capital comprises 1 million units each with a nominal value of € 1,000. As at 31 December 2023, in total 432,579 units had been issued and fully paid up.
Premium
The premium reserve consists of capital paid on units in excess of the nominal value. At the establishment of the Fund, the investor bpfBOUW contributed an investment property portfolio under legal title of the premium.
Revaluation reserve
The revaluation reserve relates to the revaluation of the property investments. The (unrealised) positive or negative difference between the cumulative increase or decrease in the fair value of the investment property owned at the end of the year has been included in the revaluation reserve. The revaluation reserve as at year-end 2023 was determined at the individual property level.