Reinier Walta (1974) has held various financial and management positions in the international real estate sector, including as CFO and later CEO of the listed company Vastned Retail. Thanks to his financial expertise and management experience, he brings a range of qualities that will be highly valuable in Vesteda’s continued development, both as an organisation and as a long-term residential real estate investor.

Paul Meulenberg, Chair of Vesteda’s Supervisory Committee: “We are delighted with the appointment of Reinier Walta as Vesteda CFO. He brings a wealth of financial and management experience, and a strong track record in the real estate sector, together with in-depth knowledge of real estate, finance and capital markets. At the same time, we would like to express our appreciation and gratitude to Frits Vervoort. Over the past ten years, he has made a significant contribution to Vesteda’s development: under his leadership, Vesteda has strengthened its financial organisation and financial position, and made major strides on the digitalisation front. On behalf of the Supervisory Committee, we would like to thank him for his exceptional dedication and wish him every success for the future.

About Vesteda
Vesteda is a residential real estate investor and landlord with a focus on sustainable and affordable homes in the mid-rental segment. Vesteda invests funds from institutional investors, such as pension funds and insurers. The rental portfolio comprises approximately 28,000 homes with a total value of € 10.5 billion. Vesteda’s homes are primarily located in economically strong areas and metropolitan regions in the Netherlands.

The revised mechanism introduces an annual liquidity cycle, replacing the previous seven-year cycle, that better aligns with the long-term interests of both the Fund and its investors.

In the first half of 2026, we delivered a total return on time- weighted average equity of 5.5%. Continued growth in rental income contributed to a realised result of €135 million, up 10% compared to the first half of 2025. In addition, our investment portfolio recorded a like-for-like value increase of 3.2%, primarily reflecting the positive impact of the new transfer tax regulation.

Vesteda remains solidly financed, with a strong balance sheet and operating comfortably within its debt covenants. In July, Vesteda received an A- rating from Fitch Ratings. In addition, S&P Global removed its Negative CreditWatch, resulting in a BBB rating with a Stable Outlook. These developments further strengthened Vesteda’s access to the capital markets, as demonstrated by the recent €500 million green bond issuance, which was oversubscribed by more than 13 times.

Vesteda's strategy, Housing as a Force for Good, remains central to its activities. During the first half of 2026, Vesteda became the first institutional residential investor and landlord in the Netherlands to achieve B Corp certification, underlining its commitment to creating long-term value for tenants, investors and society. Sustainability investments also continued, including the installation of more than 1,050 free solar panels and the rollout of additional home battery systems, helping tenants reduce both energy costs and CO₂ emissions.

For more information, please refer to our Half-Year Report 2026 or visit www.vesteda.com.

Investor demand for the transaction was exceptionally strong following the amended liquidity mechanism and redemption amount, the confirmation of Vesteda’s expected A- corporate rating by Fitch Ratings and positive rating action by S&P Global, and a series of well-attended investor roadshows. More than 200 investors participated in the offering, resulting in a final order book of approximately €7 billion.

Frits Vervoort, CFO of Vesteda: “We are delighted with the outstanding level of investor interest in this transaction. This strong demand represents a clear vote of confidence in Vesteda, reflecting investors’ trust in our high-quality portfolio, prudent financial management, long-term strategy and financial resilience.”

The proceeds of the green bond will be used to finance and refinance highly energy-efficient homes, including EPC A-rated homes, homes with significant energy performance improvements, and new-build homes that exceed NZEB standards. Vesteda will report on the allocation of proceeds as well as the related energy savings and greenhouse gas emission reductions.

At the same time, Vesteda announced a tender offer for its May 2027 bond, targeting a repurchase amount of EUR 150 million. The transaction is part of the company’s proactive liability management activities and offers existing bondholders enhanced liquidity. Participating bondholders received preferential allocation in the new bond issue, contributing to the strong demand and successful placement of the offering.

ABN AMRO, BNP Paribas, ING, Rabobank and SMBC acted as Joint Bookrunners. The bond will be listed on Euronext Dublin’s Global Exchange Market.

The recently introduced annual liquidity mechanism provides a structured framework for managing investor redemptions on a best-efforts basis, enabling Vesteda to maintain a strong financial and liquidity profile.  

The ratings are supported by Vesteda's high-quality Dutch residential portfolio, valued at approximately €10.5 billion at year-end 2025. Vesteda's portfolio benefits from stable rental income and embedded rental growth potential, supported by its strong operational execution. 

This external recognition reflects the strength of Vesteda's solid fundamentals and supports its continued access to capital markets. 

Frits Vervoort, CFO of Vesteda, commented: 

"The combination of Fitch's A- rating and S&P's decision to remove the negative CreditWatch is a strong endorsement of Vesteda's portfolio quality, liquidity management and financial discipline. We believe the annual liquidity mechanism provides a sustainable framework that balances investor liquidity needs with the long-term stability of the fund. Together, these rating actions confirm the resilience of our platform and position Vesteda well for the future." 

The full Fitch Ratings report and S&P Global Ratings report are available on the Credit Investors page of Vesteda's website: [https://www.vesteda.com/en/corporate/investment/debt].

On 2 March of this year, Vesteda announced that investors had submitted indicative redemption requests totalling € 4.1 billion in the Vesteda Residential Fund. In the period that followed, Vesteda worked in close and constructive consultation with investors to ensure the redemption process was managed carefully and to amend the fund terms.

Amendment of the fund terms
The amended fund terms now enable investors to submit a redemption request once a year. Vesteda will make liquidity available for 7.5% of the fund’s equity on a best-effort basis each year.

The amendment to the fund terms introduces a different dynamic to the existing demand for liquidity. As this is an ongoing annual process, investors will now be in a better position to respond to their liquidity needs, market conditions and the investment climate, while Vesteda will continue to invest in its residential portfolio.

Astrid Schlüter, Vesteda CEO: “The amendment to the fund terms is in line with what investors can expect from an open-ended residential real estate fund. The unanimous support for this amendment confirms our investors’ confidence in the fund’s long-term strategy and our role in the Dutch housing market. Vesteda thereby reaffirms its strong position as a long-term partner for institutional investors looking to invest in sustainable Dutch rental properties.”

Solid starting position for careful implementation
Vesteda’s financial position provides a solid foundation for the implementation of the new fund terms. The portfolio value stood at approximately € 10.8 billion in the first quarter of 2026. In addition to this, sustainability remains a key component of Vesteda’s strategy.

Vesteda will make liquidity available on a best-effort basis, utilising a range of instruments, such as the sale of properties, raising new debt and refinancing existing debt, adjusting the dividend pay-out and by attracting new investors.

In its efforts to finance the redemption requests, Vesteda will at all times comply with the applicable financing covenants and other terms and conditions (including the terms of its bonds and private borrowings).

In June, Vesteda successfully extended its € 300-million bridging loan by one year. This extension provides Vesteda with sufficient liquidity to repay the bonds and private loans maturing in the coming year in a timely manner. Furthermore, Vesteda has no repayment obligations on its bank borrowings for the next two years.

About Vesteda
Vesteda is a residential real estate investor and landlord focusing on sustainable and affordable homes in the mid-market rental segment. Vesteda invests funds from institutional investors, such as pension funds and insurers. Its rental portfolio currently comprises approximately 28,000 homes with a total value of € 10.8 billion. Vesteda’s properties are mainly located in economically strong areas and metropolitan regions in the Netherlands.

This press release contains inside information within the meaning of Article 7(1) of EU Regulation No 596/2014.

^[1] The figure of € 765 million is based on the equity of the Vesteda Residential Fund as at 31 March 2026, calculated on the basis of the number of units being redeemed.

Vesteda uses the BREEAM framework to systematically identify potential improvements in its portfolio in terms of energy and water use and CO₂ emissions. Thanks to the implementation of improvements based on this data, Vesteda has reduced consumption figures across the board: energy consumption has fallen from 101.9 to 89.1 kWh/m², water consumption is down from 0.84 to 0.70 m³/m² , while CO₂ emissions have dropped from 23.1 to 19.5 kg/m²

The story behind the figures
Behind these figures lies the story of Vesteda’s tenants: homes that are better insulated and feel more comfortable, tenants who spend less on energy, and neighbourhoods that are better places to live. At Vesteda, sustainability is not just a tick on a list or a section in the annual report; it is a fundamental part of what Vesteda sees as good property management. Vesteda does not just manage square metres, but the places that people call home.

Astrid Schlüter, Vesteda CEO: “This nomination shows that ‘Housing as a Force for Good’ is not just an empty phrase. It is what we do every single day. The fact that we can now demonstrate this at portfolio level, across all 28,000 of our homes, gives me the energy to do even more.”

The role of BREEAM
BREEAM plays a major role in this endeavour. Thanks to specific questions and metrics, it helps to drive operational improvements and promotes standardisation. This enables Vesteda to compare its results independently with other landlords both in the Netherlands and other countries.

Stephan de Bie, Head of ESG at Vesteda: “Portfolio-wide certification requires consistent data and a shared methodology across the entire organisation. The fact that we now have that foundation in place and the fact that our figures are moving in the right direction is thanks to the years we have spent building an integrated approach. This nomination is both a confirmation of our efforts and an incentive to do more.”

Award ceremony in London
We will find out if Vesteda has actually won the award at the official awards ceremony on 30 September in London.

By achieving this certification, Vesteda is currently the first institutional residential investor and landlord in the Netherlands to be B Corp certified. Vesteda sees this very much as a starting point and hopes that more organisations in the real estate sector will take this step. It is only through the involvement of multiple parties that the sector can collectively help create positive social change.

Ongoing assessment
Vesteda’s B Corp certification follows an extensive B Impact Assessment carried out by B Lab. In this ongoing assessment process, organisations are evaluated on the basis of five pillars: governance, environment, employees, clients and community. Vesteda achieved a score of over 102 points, significantly higher than the minimum score of 80 points required to become a Certified B Corporation™. The result reflects how Vesteda integrates sustainability, transparency and social impact in its day-to-day business.

B Corp certification is fully in line with how Vesteda fulfils its role as a real estate investor and landlord: with a focus on both long-term value creation and social responsibility. The company’s strategy combines both solid financial performance and a positive impact on people and society.

Financial and social
Astrid Schlüter, CEO of Vesteda, on the importance of the certification: “Achieving a good balance between financial and social returns is part of our DNA and is therefore central to our long-term strategy ‘Housing as a force for good.’ It is very gratifying to see the impact we are creating through this strategy being confirmed by an independent organisation.”

Transparency and accountability
The B Corp certification aligns well with broader developments in the field of transparency and accountability at Vesteda. Although reporting in accordance with the EU’s CSRD directive is not yet formally mandatory for Vesteda, the company started reporting in line with these guidelines in its 2025 annual report. By doing this, Vesteda underlines the importance of measurability and accountability as part of responsible business practices.

Guiding framework
By gaining B Corp certification, Vesteda confirms that sustainability, social impact and transparency are structural and integral components of its business operations. The certification serves as a guiding framework for Vesteda’s continued development as a forward-looking and socially engaged residential investor and landlord, in a sector where collective progress is of paramount importance.

During the annual general meeting, it was decided that investors would be given more time to confirm their redemption requests. The deadline for submitting final requests, which can now only be reduced from the initial indicated redemption, has been extended from 20 April to no later than 1 July 2026. This adjustment gives investors the opportunity to carefully determine their position, while enabling Vesteda to continue the process within a clear and achievable timeframe.

Longer settlement period
The investors also agreed to a change in the timeframes for the processing of redemption requests. The obligation to settle a portion of the requests within 18 months has now been replaced with a best-efforts obligation. In addition, the period for full settlement has been extended to 60 months from the original from 36 months. These adjustments will help ensure a careful process, taking into account both exiting and remaining investors and the careful weighing of both their interests.

Careful implementation and next steps
In the coming period, Vesteda will continue to consult closely with investors regarding the further details of the liquidity mechanism and the possibility of reducing the redemption volume. This will enable Vesteda to work towards a responsible and balanced execution of the redemption process, carefully weighing the interests of both exiting and remaining investors.

2025 Financial statements
Investors also adopted the 2025 financial statements at the general meeting. Vesteda achieved stable financial and operational results in 2025. The total portfolio value rose to € 10.5 billion, an increase of 7% compared with 2024. Rental income came in at € 422 million and net rental income amounted to € 313 million. Pre-tax profit was € 822 million, partly due to positive revaluations in the portfolio. The occupancy rate remained high at 98% and, at year-end 2025, the portfolio comprised 28,147 homes, the majority of which have a green energy label.

In line with Vesteda’s ‘Housing as a force for good’ strategy, in 2025 Vesteda took a number of additional steps on the sustainability, social engagement and digitalisation fronts. These efforts were once again recognised with a five-star GRESB rating and strong UN PRI scores. In addition, the 2025 annual report was prepared in accordance with the CSRD guidelines for the first time. Vesteda’s tenants once again gave the company’s services a score of 7.3, well above the sector average. Last year, Vesteda also accelerated its digital transformation, partly through the use of AI.

This press release contains inside information within the meaning of Article 7(1) of EU Regulation No. 596/2014.

About Vesteda
Vesteda is a residential real estate investor and landlord with a focus on sustainable and affordable homes in the mid-rental segment. Vesteda invests funds from institutional investors, such as pension funds and insurers. The rental portfolio comprises approximately 28,000 homes with a total value of € 10.5 billion. Vesteda’s homes are primarily located in economically strong areas and metropolitan regions in the Netherlands.

S&P expects “to resolve the CreditWatch within the next six months once we have more clarity regarding Vesteda's liquidity plan to manage the upcoming maturity and redemptions request and extension request approval from current participants.” 

Vesteda acknowledges S&P’s decision, but remains confident in its ability to meet upcoming redemption requirements while maintaining a solid credit and liquidity profile. The company will move ahead with its targeted sales programme, focused on assets that are less aligned with its strategy. Vesteda’s financial policy also remains unchanged, including its commitment to maintain leverage below 30% at all times. 

Vesteda continues to benefit from a robust financial position and a high-quality, sustainable residential portfolio of 28,147 units valued at €10.5 billion. At year-end 2025, leverage (LTV) stood at 24% and the cost of debt at 2.4%. To refinance its bond maturities in July 2026 and May 2027, Vesteda plans to issue new bonds in the second quarter of this year. In addition, Vesteda has €900 million backup bridge facilities in place from its supportive banking relations, next to a €650 million undrawn Revolving Credit Facility, providing further liquidity headroom to support bond refinancing and redemptions.

Frits Vervoort, CFO Vesteda: “We are confident we can meet the redemption requirements while maintaining a strong credit profile. We also benefit from supportive shareholders who understand the challenges we face and are willing to ensure a careful and orderly execution of the redemptions. We are determined to improve the credit rating."

We would like to refer our Debt investor note of 2 March 2026: https://www.vesteda.com/media/pp2lynf4/02032026-debt-investor-note.pdf

The full text of S&P’s announcement is available via this link or on our website at the page Credit Investors.

The redemption requests are driven by strong value appreciation in the residential property market, investors’ strategic portfolio allocation decisions, and the impact of several fiscal developments, including real estate transfer tax and changes to the FBI regime for foreign pension funds. In addition, under the fund’s terms and conditions, redemption requests of this magnitude can only be submitted once every seven years. The financial performance of Vesteda’s residential fund, as well as the overall satisfaction of its investors, has been excellent in recent years, and therefore has not been cited as a reason for the redemptions. 

Orderly execution of redemptions 

To ensure a careful and orderly execution of the redemptions, Vesteda will develop a liquidity plan over the coming months, which is expected to be submitted to investors for approval in June 2026. In accordance with the fund terms, Vesteda has in principle up to three years to complete the redemption process. In addition to selectively disposing of assets that are less aligned with its strategic direction, Vesteda also sees opportunities to attract new institutional investors. 

Astrid Schlüter, CEO of Vesteda, commented: “The strong value growth and solid results achieved in recent years have, among other things, led to Vesteda representing a relatively larger allocation within some investors’ portfolios, prompting them to rebalance their exposure. The execution of the redemptions will be carried out in a planned, disciplined and controlled manner, including through asset disposals and attracting new investors.” 

Continued focus on rental housing for middle‑income households 

Guided by its Housing as a Force for Good strategy, Vesteda remains firmly focused on providing rental housing for middle‑income households in economically strong regions. The recently established second residential fund with ABP, Affordable Living Venture, is fully aligned with this strategic direction and underscores continued confidence in Vesteda’s strategic direction. 

Financial and societal outperformance 

Vesteda Residential Fund’s preliminary 2025 results reflect an excellent year, with outperformance on both societal and financial metrics. Total return amounted to 11%, portfolio value increased to €10.5 billion, and tenant satisfaction remained high. Vesteda maintains a strong financial profile, characterised by low leverage, a robust funding strategy, and an A‑ credit rating, which is currently under review by S&P. For more detailed financial information for debt investors, please refer to the announcement on the website. 

The financial statements 2025 of Vesteda Residential Fund have not yet been prepared and adopted and have not yet been issued with an independent auditor’s report. All financial information above is unaudited and may be subject to change. The 2025 annual report and audited financial statements of Vesteda Residential Fund will be published on the 2^nd of April 2026.  

This press release contains inside information within the meaning of Article 7(1) of EU Regulation No. 596/2014.

¹ This percentage is calculated based on the equity of Vesteda Residential Fund at year-end 2025, according to IFRS and adjusted based on INREV valuation principles. 

With an initial capital commitment of €400 million, ALV aims to realise more than 1,100 rental homes in the coming years, at least half of which will consist of affordable homes within the mid‑rental segment as defined in the Affordable Rent Act, targeting middle‑income households. The partnership will focus on new‑build developments in urban areas with the highest pressure on the housing market. The first investment decisions are expected in the first half of 2026.

Sustainability

Energy‑efficient homes help residents keep their energy costs low and contribute to future‑proof living environments. All new developments will meet stringent sustainability standards and will aim for at least BREEAM‑NL In‑Use Excellent certification and full CRREM alignment.

Vesteda

Vesteda was established in 1998 following the spin‑off from ABP’s residential portfolio. As a result, Vesteda’s origins lie directly in ABP’s longstanding role as an institutional investor in Dutch real estate. Since becoming independent, Vesteda has grown to over 28,000 homes, making it one of the largest institutional investors in Dutch rental housing, with a strong focus on the mid‑rental segment and sustainability. ABP currently holds approximately 33% of the Vesteda Residential Fund. These investments form part of the Dutch residential mandate managed by APG on behalf of ABP.

Harmen van Wijnen, Chair of the Board of Trustees ABP: “This new partnership for the construction of affordable rental homes represents another important step in ABP's long-term strategy. By joining forces once again with Vesteda, a partnership that goes back decades, we can realise projects that not only contribute to solving the housing shortage, but also generate stable returns in the long term. These investments therefore generate both financial and social returns.”

Astrid Schlüter, CEO Vesteda: “Our partnership with ABP goes back decades and is built on a strong and sustainable relationship with shared core values. Through the new ALV collaboration, we can accelerate the development of affordable mid‑rental homes and deliver a real contribution to society. This partnership is fully aligned with our strategy Housing as a force for good, in which we invest in affordable mid‑rental homes that are both financially and socially valuable.”

Van Lanschot Kempen acted as financial adviser to Vesteda on this transaction; A&O Shearman acted as legal adviser to Vesteda.

Taco de Groot brings extensive leadership experience in the real estate sector. From 2011 to 2020, he served as CEO of Vastned Retail N.V. Prior to that, he was Chief Investment Officer at Vastned and co-founder of MSeven Real Estate LLP and GPT Halverton LLP. Most recently, he was interim CEO at Urban Interest (2021–2023). 

Vesteda’s Supervisory Committee consists of five members: Theo Eysink, Eva Klein Schiphorst, Ditri Zandstra, Paul Meulenberg, and Taco de Groot. Paul Meulenberg recently assumed the role of chair from Jaap Blokhuis, whose term ended on September 11, 2025. Together with Vesteda’s Managing Board, they thank Jaap Blokhuis for his valuable contribution to Vesteda’s success. 

The survey results show that Vesteda tenants are the most satisfied tenants in the benchmark survey, as they gave us a score of 7.3 for overall satisfaction. Their satisfaction with our services rose to 7.3 from 7.2, while the score for our handling of repair requests rose by 0.2 points to 7.6. Our tenants also gave Vesteda high scores for their homes (7.6) and their living environment (7.7).

Focus on internal processes
The Vesteda board member responsible for tenant satisfaction, Michiel de Bruine, says he is proud of this solid result: “Over the past year, in consultation with our suppliers, we have focused on a number of internal processes, including the follow-up on repair requests. It’s great that these efforts have immediately paid off with a higher satisfaction score. Of course there is always room for improvement, but the current results are an enormous compliment from our tenants to our employees and suppliers.”

Customeyes
Customeyes, an independent research agency, conducted the tenant satisfaction in September 2025. Customeyes invited more than 5,600 Vesteda tenants to participate in the survey. The participation rate was 44.9%, which makes the sample representative.

Vesteda has once again achieved a five-star rating in the annual Global Real Estate Sustainability Benchmark (GRESB). This highest possible rating puts Vesteda in the top 20% of participating sustainable real estate funds worldwide.

This assessment confirms that our commitment to sustainability is delivering tangible results, thanks to our continuous focus on affordability and future-proof housing.

The number of five-star ratings achieved by Dutch residential funds shows that the Netherlands is performing strongly on an international level in the field of sustainable real estate.

Stephan de Bie, Portfolio Investment Manager at Vesteda: “In the coming years, Vesteda will continue to focus on improving sustainability, based on ambitious measures aimed at the continuous reduction of energy consumption, CO₂ emissions, and material-related emissions, and to improve liveability.”

GRESB
Vesteda has participated in GRESB since 2012. GRESB is an international real estate benchmark that assesses the sustainability performance of participating real estate funds and portfolios. Vesteda aspires to play a leading role in this and, together with its fellow participants, aims to help make the entire real estate sector more sustainable.

Vesteda continues to build on its ‘Housing as a force for good’ strategy, using its residential properties to generate positive social impact and create long-term value.

We completed two new-build projects, de Kuil in Rotterdam and LOOS in The Hague, adding 158 rental homes to the housing market. Furthermore, we continued our sustainability investments and, amongst others, installed over 5,000 free solar panels on our homes, reducing CO₂ emissions of our portfolio and lowering the energy bill of our tenants.

Our operational performance was strong, driven by a high demand for our rental homes and an occupancy rate of 98%. Realised result was robust and the value of our portfolio increased modestly. We comfortably met all our debt covenants and S&P reconfirmed our credit rating of A-. Finally, we successfully closed a secondary transaction with a new investor.

For more information, please refer to our Half-Year Report 2025 or visit www.vesteda.com.

The facility is structured as a committed standby facility and is expected to remain undrawn. It will serve as a bridge-to-bond solution, offering Vesteda enhanced financial flexibility and resilience in a dynamic market environment.

Vesteda appreciates the continued trust and support of its longstanding relationship banks.

Vesteda strives to foster a housing market in which affordability, sustainability, accessibility and solidarity are central, based on our desire to contribute and do good for the world. Michiel de Bruine, COO of Vesteda: "We want to use our homes to actively contribute to solving society's current challenges. Through our new mission and strategy, Housing as a force for good, we are helping to create liveable and sustainable living environments to enhance the well-being of our tenants. We have started this partnership with Huis van Actief Burgerschap to bolster this ambition."

About Huis van Actief Burgerschap
Huis van Actief Burgerschap is a place where active citizens, citizen initiatives and other interested parties can meet to inspire one another and join forces. It is a platform and knowledge centre that stimulates active citizenship through research, education and practical initiatives. Huis van Actief Burgerschap's approach is based on co-creation: residents, government bodies and businesses work together on an equal footing to make neighbourhoods stronger, more resilient and more self-reliant. In this system, existing initiatives are supported and strengthened instead of being replaced by a top-down approach.

Inspire and connect
This partnership is in line with Vesteda's strategic targets related to tenant satisfaction and social strategy. It is a scalable and future-oriented approach that will help Vesteda achive its mission and societal ambitions. Teun Gautier, co-founder of Huis van Actief Burgerschap: "It's great that Vesteda is taking the step to enter into this partnership with us. There is a lot of potential for collaboration between businesses and citizen initiatives, and we will explore and develop these opportunities together. It's an important step for the resident movement."

The first steps, set-up and knowledge sharing
Vesteda is incredibly enthusiastic about this new partnership with Huis van Actief Burgerschap, and is looking forward to employing the organisation's expertise, inspiration and knowledge in its complexes.

Vesteda and Vogelbescherming share a mission, which forms the basis of their alliance: nature-inclusive building as the norm, making sure nature is enhanced in places where homes are built or renovated. Vesteda builds sustainable, bird-friendly homes, and all new Vesteda tenants get a coupon for Vogelbescherming's online shop.

The collaboration has been a great success in recent years, which is why Vesteda and Vogelbescherming Nederland will be working together again over the next three years to create space for birds, butterflies and bees around buildings, and to inspire others in the real estate world. 

Vesteda is pleased to present its Annual Report for 2024, showcasing strong operational performance and positive developments in our portfolio. Vesteda's commitment to ESG principles was once again recognised when we were named Global Sector Leader Residential by GRESB, and tenant satisfaction scores rose to 7.3, earning us best-in-class status. We also outperformed the three-year MSCI benchmark once again.

The Affordable Rent Act, effective July 1, 2024, and the Supreme Court's decision on rent increase clauses provide important clarity for the market. As we attract new investors and manage redemption requests, we welcomed pension fund MITT to our investor base.

With a new CEO and refined strategy, Vesteda is focused on creating long-term value for investors, optimizing its portfolio, and staying ahead of market trends. Our vision of "Housing as a force for good" drives our efforts to leverage technology, adapt to market changes, and strengthen long-term partnerships.

We invite you to explore our 2024 developments and performance in our online annual report at www.vestedareport.com.

In order to minimise fraud and deception, Vesteda regularly applies new techniques and innovations in its rental process. Unfortunately, no system is 100% watertight, but by making continuous adjustments, the chances of obtaining a Vesteda rental property using falsified documents are steadily decreasing. For example, Vesteda recently entered into a partnership with personal data management provider Ockto, which makes it possible to source essential information directly from a source file at a local council or bank once we have the permission of the prospective tenant. This will significantly reduce the risk of fraud.

Appeal to home seekers

Vesteda’s homes are offered and let exclusively via www.vesteda.com, and we never charge registration or brokerage fees. In addition, Vesteda does not work with waiting lists and does not collaborate with other parties to offer or rent out homes. We call on home seekers to only use the websites of reliable rental companies and not to get involved with shady intermediaries or so-called rental agents.

For most of its rental contacts, Vesteda will use the inflation rate over the annual period March 2024 to March 2025 and apply a maximum surcharge of 1% to this inflation rate. This surcharge is meant to compensate for above-inflation-rate cost increases and to bring rents in line with the value development of the portfolio. “In our current forecast, we are assuming an annual inflation rate of 3.1% and a surcharge of 1%,” says Vesteda COO Michiel de Bruine. However, if the final annual inflation rate in March falls below 3.1%, we will use that lower figure in our rental price calculations. This means that the upcoming rent increase could be even lower than 4.1%.”

Political volatility 
“We are calling for a single regulatory system that is fixed for at least 10 years,” says De Bruine. He believes the ongoing debate in the House of Representatives creates a lot of uncertainty for both tenants and landlords. “It’s quite remarkable that over the past few years politicians have repeatedly changed the system used to determine maximum rent increases. We now have three different regimes for the social, mid-rental and liberalised rental sectors; this is both far from ideal and difficult to explain to our tenants. This is why we strongly advocate a calculation method of CPI plus a maximum of 1%.  For the record, Vesteda has been applying a moderate rent increase policy since 2018.”

Tenants also rated the knowledge and friendliness of our staff highly at 7.2 and 7.6, respectively. The benchmark results show that Vesteda tenants are the most satisfied in the benchmark group. This may be because Vesteda is not only the owner of its homes, but is also responsible for the rental, management, and maintenance of its homes. Other residential investors often outsource these activities.

Board member Michiel de Bruine says he is proud of the results of the survey. “The survey shows that we achieved better results than last year on almost all fronts. On top of this, half of our tenants gave us a minimum of 8 as their satisfaction score. That is a huge compliment from our tenants. This good news does not mean we can now rest on our laurels. The survey still provides enough pointers for us to keep working on further improvements in our tenant satisfaction score.”

Customeyes

Customeyes, an independent research firm, conducted the tenant satisfaction survey in September 2024. Customeyes invited 5,600 Vesteda tenants to participate in the survey. The participation rate was 40%, making it a representative sample.

“We are of course enormously proud of our global top ranking in the benchmark that covers other residential funds,” said Astrid Schlüter, Vesteda’s CEO. “After all, this shows that our commitment and investments in sustainability are paying off. But that’s not all. We have also shown that we can accurately collect and deliver all the relevant data required for this benchmark survey. Data that we will obviously also use for additional analyses, so we can effectively follow up on our investments in sustainability.

“For that matter, we have noted that almost all Dutch residential funds have been awarded a five-star rating, putting them among the 20% highest scoring funds in the benchmark on a global level. This means the Netherlands is in a very good position internationally. Of course, our combined impact is much more important than each individual position and number of stars in the benchmark, but the GRESB results are one huge compliment to the Dutch residential investment sector.”

In the coming years, Vesteda will certainly continue to work on making residential complexes with higher energy consumption more sustainable, the installation of almost 11,000 (free) solar panels each year, taking measures to address climate risks and engaging tenants in the reduction of their own energy consumption. In doing so, Vesteda is providing affordable, sustainable and climate-proof rental homes and improving the liveability of neighbourhoods.

The five-star rating is the highest possible in the GRESB and means that Vesteda belongs to the 20% best-scoring participating funds around the world. Last year, Vesteda earned the #1 spot for the first time, and has managed to maintain this position in 2024. Vesteda’s total score amounted to 94 points.

Astrid Schlüter, CEO of Vesteda: “This year is a continuation of last year’s success. The entire organisation is incredibly proud of this recognition of our efforts and investments in sustainability based on our strategy.”

Earning the top spot in the 2024 GRESB will not have Vesteda resting on its laurels. In the coming years, the organisation will continue to work on limiting the energy demand per home, including by installing almost 11,000 solar panels (free for tenants) every year, making residential complexes with high energy usage more sustainable, taking measures to mitigate climate risks and involving tenants in reducing their energy usage. 

This is how Vesteda continues to provide affordable, sustainable and climate-proof rental housing and more liveable neighbourhoods in the Netherlands.

As CFO, Frits Vervoort is responsible for Finance & Control, Legal & Compliance, Digital & Innovation and Operations. Since the appointment of Astrid Schlüter as CEO on 3 April 2024, together they form Vesteda’s statutory Management Board.