Key information in 2017 All amounts in € thousands unless otherwise stated Highlights 2017Total Fund return of 15.6%Three new investorsAcquisition of 18 projects (1,156 residential units) for a total of € 300 millionInvestment property and investment property under construction, increased by 18.1% to € 4.6 billionSecured pipeline of € 689 million for 2018 - 2020Average financial occupancy rate of 97.8%GRESB rating improved to four stars (74 points; +9 in 2017)Underformance IPD Property Index (all properties) with -0.2%-point Performance per share Performance per share20172016Dividends (in €)90.8294.03Net earnings (in €)508.28569.66Net asset value IFRS (in €, at year-end)3,710.003,290.91Net asset value INREV (in €, at year-end)3,714.313,295.61 Statement of financial position Statement of financial position20172016Total assets4,783,9244,016,566Total shareholders’ equity4,751,6423,995,034Total debt from credit institutions–– Result Result20172016Net result637,610666,343Total Expense Ratio (TER)0.53%0.53%Real Estate Expense Ratio (REER)1.26%1.32% Fund return PERCENTAGE Total fund return 2017: 15.6% Total fund return 2016: 20.5% Property performance (all properties) Portfolio movements Financial occupancy rate Portfolio figures Portfolio figures20172016Investment property4,143,0943,547,470Investment property under construction463,040353,078Gross initial yield4.6%5.1%Total number of residential units16,17215,329Average monthly rent per unit (in €)1,0201,001Financial occupancy rate (average)97.8%97.7%Sustainability (A, B or C label)94.6%93.3%