Bouwfonds European Residential - Catella Real Estate AG

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Overview – Returns, Valuation and Leasing Returns 14 Return ratios in % 1 (of average Fund assets) I. Properties DE direct Other countries direct Total direct DE indirect Other countries indirect 2 Total indirect Total direct and indirect Gross income 3 5.3 0.0 5.3 0.0 0.0 0.0 5.3 Management expenses 3 - 0.6 0.0 - 0.6 0.0 0.0 0.0 - 0.7 Net income 3 4.7 0.0 4.7 0.0 0.0 0.0 4.6 Changes in value 3 1.3 0.0 1.3 0.0 0.0 0.0 1.3 Income tax incurred outside Germany 3 0.0 0.0 0.0 0.0 2.1 2.1 0.0 Deferred taxes incurred outside Germany 3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Income before loan expenses 3 6.0 0.0 6.0 0.0 2.1 2.1 5.9 Income after loan expenses in currency 4 5.8 0.0 5.8 0.0 2.1 2.1 5.7 Exchange rate changes 4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Total income in Fund currency 4 5.8 0.0 5.8 0.0 2.1 2.1 5.7 II. Liquidity 5 3.7 0.0 3.7 0.0 0.0 0.0 3.7 III. Total Fund income before Fund expenses 6 5.1 0.0 5.1 0.0 2.1 2.1 5.1 Total Fund income after Fund expenses (BVI method) 4.5 Capital information (average figures in € thousand) 7 DE direct Other countries direct Total direct DE indirect Other countries indirect Total indirect Total direct and indirect Directly held properties 50,856 0 50,856 0 647 647 51,503 Properties held via equity interests 0 0 0 0 0 0 0 Properties, total 50,856 0 50,856 0 647 647 51,503 Liquidity 15,961 Loan volume 0 Fund assets (net) 70,198 1 The Investment Fund’s historical performance is not necessarily indicative of future performance. 2 Calculated using the average values from 28 February 2009 to 30 April 2009; property under construction. 3 Calculated using the average directly or indirectly held real estate assets in the respective country in the period from 30 April 2008 to 30 April 2009. 4 Calculated using the Fund’s average directly or indirectly held equity-financed real estate assets in the period from 30 April 2008 to 30 April 2009. 5 Calculated using the Fund’s average liquidity portfolio in the period from 30 April 2008 to 30 April 2009. 6 Calculated using the Fund’s average liquidity portfolio and equity-financed real estate assets in the period from 30 April 2008 to 30 April 2009. 7 The average figures are calculated on the basis of 13 end-of-month values (30 April 2008 to 30 April 2009).
Valuation Information on changes in value (at the reporting date in € thousand) DE direct Other countries direct Total direct DE indirekt Other countries indirect Total indirect Total direct and indirect Appraised market values, portfolio 1 80,410 0 80,410 0 3,259 3,259 83,669 Appraised rent, portfolio 2 5,105 0 5,105 0 0 0 5,105 Positive changes in value according to appraisals 280 0 280 0 0 0 280 Other positive changes in value 378 0 378 0 0 0 378 Negative changes in value according to appraisals 0 0 0 0 0 0 0 Other negative changes in value 0 0 0 0 0 0 0 Changes in value according to appraisals, total 280 0 280 0 0 0 280 Other changes in value, total 378 0 378 0 0 0 378 Leasing 2 Leasing information Leasing information 3 in % DE direct Other countries direct Total direct DE indirect Other countries indirect Total indirect Total direct and indirect Annual rental income, office 0.7 0.0 0.7 0.0 0.0 0.0 0.7 Annual rental income, retail/catering 3.3 0.0 3.3 0.0 0.0 0.0 3.3 Annual rental income, hotel 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Annual rental income, industry (warehouses, facilities) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Annual rental income, residential 91.2 0.0 91.2 0.0 0.0 0.0 91.2 Annual rental income, leisure 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Annual rental income, parking 4.4 0.0 4.4 0.0 0.0 0.0 4.4 Annual rental income, other 0.4 0.0 0.4 0.0 0.0 0.0 0.4 Vacancy rate, office 0.2 0.0 0.2 0.0 0.0 0.0 0.2 Vacancy rate, retail/catering 0.3 0.0 0.3 0.0 0.0 0.0 0.3 Vacancy rate, hotel 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Vacancy rate, industry (warehouses, facilities) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Vacancy rate, residential 17.5 0.0 17.5 0.0 0.0 0.0 17.5 Vacancy rate, leisure 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Vacancy rate, parking 1.0 0.0 1.0 0.0 0.0 1.0 Vacancy rate, other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Letting rate 81.0 0.0 81.0 0.0 0.0 0.0 81.0 1 In the case of properties under construction, the information refers to the proportion completed. 2 Not including properties under construction. 3 Annual rental income was calculated using the estimated net rental income; vacancy rates and the letting rate were calculated using the estimated gross rental income. 15
Page 1: Bouwfonds European Residential Open
Page 5 and 6: Table of Contents 05 Key Figures at
Page 7 and 8: In terms of product strategy, the F
Page 9 and 10: modernisation measures that had alr
Page 11: Fund Management Report Overview of
Page 15: Development of Returns (Multi-year
Page 18 and 19: Development of the Fund 20 Realized
Page 20 and 21: Statement of Assets and Liabilities
Page 22 and 23: Notes to the Statement of Assets an
Page 24 and 25: Schedule of Properties 1 I. Directl
Page 26 and 27: Overview - Market Values and Rents
Page 28 and 29: Schedule of Real Estate Purchases a
Page 30 and 31: Statement of Income and Expenditure
Page 32 and 33: Calculation of the Distribution Ord
Page 34 and 35: Tax Information Income tax treatmen
Page 36 and 37: Tax Information €0.37 per unit wi
Page 38 and 39: Tax Information agreement). However
Page 40 and 41: Taxation of interim profits Interim
Page 42 and 43: Committees Investment Company Catel
Page 44: Catella Real Estate AG Kapitalanlag

Bouwfonds European Residential - Catella Real Estate AG

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