8/10/2019 O-plan 2012-2015-def-ENG(1)

1/29

1

Business Plan2012 - 2015

8/10/2019 O-plan 2012-2015-def-ENG(1)

2/29

2

Contents

Preface 3

1 Strategic Framework 4 1.1 Environment analysis: opportunities and risks1.2 Internal analysis: strengths and weaknesses1.3 Strategic choice

2 Expansion of Student Housing 72.1 Quantitative supply and demand2.2 Qualitative supply and demand

3 Clients and Services 93.1 Housing requirements of students3.2 Housing distribution3.3 Vacancy policy3.4 Rent policy3.5 Livability3.6 Communication

3.7 Sustainability3.8 Client satisfaction

4 Cooperation 144.1 The strategic partner4.2 Visitation4.3 Stakeholder contribution

5 Organization and Employees 175.1 Specialism5.2 Starting points, personnel policy5.3 Core values5.4 Assessment system5.5 Personnel consequences of business plan5.6 Staff satisfaction5.7 Office building5.8 Towards a sustainable organization

6 Long-term Safeguards 206.1 Starting points and parameters6.2 Financial continuity

7 Risk Management and Monitoring 227.1 Supply and demand, student housing7.2 Government policy7.3 Working with local strategic partners7.4 Financial continuity

Appendices1 Forecast of cumulative supply and demand student housing 25 2 Overview of subsidy-eligible rental prices Idealis housing units 263 Calculation of financial continuity 27 4 Planned performance during business plan period 28 5 Forecast scheduling of projects/activities 29

8/10/2019 O-plan 2012-2015-def-ENG(1)

3/29

3

Preface

In this new business plan, based on student forecasts, we outline our intention to build a large number ofstudent housing units in the coming years. If the forecasts prove accurate, the number of Idealis housingunits is expected to increase by some 20 percent.

Idealis sees the increasing demand for student housing as an opportunity and as a major challenge. Ournew building plans, which will tie in with student housing requirements, call for smaller-scale, moredifferentiated and more flexible housing. In this connection, we are especially focusing on self-containedaccommodations that will rent by the room, with shared facilities such as living room and kitchen. In thelong term, the accommodations could also house other focus groups. In this way, the quality of all

student housing in Wageningen and Ede will improve, while at the same time lowering our risks(uncertain student forecasts with a fairly unbalanced housing stock).

Longer-term student forecasts are quite uncertain. The numbers of students and demand for rooms inWageningen could fluctuate strongly. For this reason, this business plan not only presents theopportunities and intended investments, but also structural monitoring and risk management.

The differentiated, flexible new buildings we have realized in recent years (Nobelweg, Lombardi,Burgtstraat) and the housing units now under construction (Nieuw Kortenoord, Rijnveste) illustrate thevery sound, unchanged basis of our strategy: to provide quality housing that fits the housingrequirements of students and young PhD students and, in the longer term, would also appeal to otherfocus groups.

For its revenues, Idealis, which rents public-sector housing, depends almost exclusively on its rentalincome. At the same time, we rent to a focus group that, generally speaking, has limited resources. Inpart because of our aim to increase our new building projects substantially, we want to establish a rentlevel that will make this possible, while keeping rents at affordable levels.

In the coming years we plan to switch in stages to a new type of housing distribution. Our focus group(students and young PhD students), irrespective of nationality or study program based on individualhousing requirements, lifestyle and financial resources will be able to make specific choices from ourtotal housing on offer in the Wageningen/Ede region.

This business plan is the result of consultations with our main strategic partners, after presenting themthe general strategic framework. From these consultations, it is clear that there was general agreementwith the main outlines of policy.

Hans van MedenbachDirector, IdealisJanuary 2012

8/10/2019 O-plan 2012-2015-def-ENG(1)

4/29

4

1 Strategic Framework

1.1 Environment analysis: major opportunities and risks

Analysis of the major opportunities and risks for Idealis results in the following main themes.

Quantitative demandIdealis sees the anticipated increase in demand for student housing in the coming years as anopportunity to build different types of student housing. In the long term, (after 2025), the intake ofDutch students will probably decline gradually. It is possible that there will be compensation for this inWageningen through an increase in international students.

Qualitative demandQualitative demand for student housing is strongly differentiated, not only as it relates to theaccommodation but also to living enjoyment and lifestyle. Idealis sees this differentiation for qualitativedemand as an opportunity. By aligning new buildings to the actual living requirements of studentswherever possible, the overall quality of student housing will further improve.

Strategic cooperationNew construction of student housing requires affordable locations for public housing. Plan development isonly possible when it fits local policy of housing and spatial planning. Safeguarding sufficient studenthousing requires good cooperation with education and the municipalities. In addition, cooperation withcolleagues within the region and with other student housing associations (Kences) is important. Strategic

cooperation is a condition for realizing this business plan.Uncertain student forecastsStudent forecasts are important for our strategy. In particular, they include national trends, strategicdecisions of educational institutions and internationalization. Idealis views the uncertainty of studentforecasts (and the related demand for student housing) as a given. Forecasts for international studentsare even less certain than those for Dutch students. Changes in the number of students due to highturnover have an almost immediate effect on supply and demand.

National governmentThe Rutte cabinet established the main policy outlines in the coalition agreement. For Idealis, the policythemes of housing, education and energy are particularly important. This involves rent policy, rentsubsidies, laws and regulations in the area of real estate in general and student housing in particular,grants and loans and internationalization of education. Idealis views government policy as a major risk.

Student housing is an indispensable factor for the development of aknowledge-based economy.

8/10/2019 O-plan 2012-2015-def-ENG(1)

5/29

5

The economyInterest and construction costs in particular constitute a general risk with a huge impact. In the future,rising interest rates could result in higher financing costs, thereby reducing financial resources for newbuildings. Building costs directly affect investment costs. As a result of the current crisis, there is fiercecompetition between construction firms and project developers. This is an opportunity for Idealis incontracting out new building projects or systematic major repairs.

1.2 Internal analysis: main strengths and weaknesses

Specialist in student housingOur specialism lies in renting living accommodations to students. Considering their limited incomes,young people who go to Wageningen or Ede for their studies depend on subsidized housing. Idealis owesits existence to housing this main focus group. Student housing entails an optimum combination of study,housing and social contacts within the same town or city. Students make the average population of atown smarter, younger and more vital.

For the development of knowledge clusters, which are extremely important for the economy andemployment, student housing is an indispensable, facilitating factor. Food Valley is a regional partnershipof eight municipalities. Within this region there is a unique collection of collaborating, food-related

knowledge centers, which are geared towards innovation of healthy, sustainable food and a furtherstrengthening of the position of this agrarian food center within Europe. For Idealis, this knowledgecluster constitutes a favorable environment.

We are used to international client contacts, many moves in a short time span and specific attention forsocial management and a pleasant, safe living environment. In Wageningen and Ede we hold a uniqueposition: Idealis is not an ordinary housing association, but rather a specialist in short stays. Idealisalso wants to utilize its management expertise in third-party real estate, both structural and temporary.Our specialism and the flexible way in which we carry out our mission are an organizational strong point.

Mission statementIdealis represents adequate housing of students and young PhD students from educational institutions inWageningen and Ede.

Financial continuityIdealis also wants to offer housing to future generations of students. It is therefore fundamentallyimportant that, in the future, we remain a financially healthy organization that performs to the best of itsability. Idealis has sufficient financial resources to realize the intended sizeable investments in buildingnew student housing units in the coming years. We therefore also view our financial scope as a strongpoint.

Client satisfactionIdealis measures client satisfaction on the basis of five aspects: Product, Price/Quality, Service Provision,Personal Service and Reputation. We score good on these aspects, with the exception of Price/Quality,where the average satisfaction is slightly lower: reasonable/fair . New Dutch tenants now also assess

Price/Quality as good . Idealis sees the scores from client satisfaction as a strong point.

Idealis specializes in renting living accommodations to students.

8/10/2019 O-plan 2012-2015-def-ENG(1)

6/29

6

Differentiated housing stockA typical feature of older student complexes (those built in the 1970s and 1980s) is their large-scalenature of both the complexes and the corridors/communes. About half of the Idealis rooms with sharedfacilities are on corridors with 10 or more rooms. This large-scale student housing does not fully meethousing requirements (students prefer groups of between four and seven tenants). Nor can thesecomplexes easily be converted to accommodate other focus groups. We see the current, ratherunbalanced housing stock as a weakness.

The rentability of our complexes is monitored via surveys and indicators, such as the average number ofresponses to housing on offer. To reduce the imbalance of our housing stock (and with it, ourvulnerability), it was decided several years ago to undertake a drastic restructuring and qualityimprovement. Examples are the new buildings of Nobelweg, Boomgaarden and Burgtstraat. Replacementor supplementary new buildings are being built to rent by the room to students. However, in the longterm, sales or rental of completely self-contained accommodations should be possible. New studenthousing at Kortenoord and Rijnveste will also primarily consist of ground-level accommodations forsmaller communal groups. Self-contained rooms and apartments are also being built.

1.3 Strategic choice

Our external and internal analysis results in a view of the mutual coherence of the main strengths,

weaknesses, opportunities and threats. This has resulted in the following strategic ambition.

StrategyDuring the planning period of this business plan, Idealis will meet the increasing demand for studenthousing, within the bounds of its financial resources.

New building, which will be geared towards the housing requirements of students, will be more smallscale, more differentiated and more flexible. In this way, the quality of all student housing in Wageningenand Ede will improve, while risks (associated with uncertain student forecasts and fairly unbalancedhousing stocks) will be reduced.

8/10/2019 O-plan 2012-2015-def-ENG(1)

7/29

7

2 Expansion of Student Housing

2.1 Quantitative supply and demand

Based on its actual student forecasts, Wageningen UR calculates the demand for student housingannually. Allowances are also made for the forecasts and housing demand of other educationalinstitutions. During the period through the end of the 2015/2016 academic year, we expect an increasein demand for student housing in Wageningen of nearly 1,500 units (see appendix 1). In 2011,Wageningen UR provided several hundred units for international students. However, this is onlytemporary housing for a period of between five and ten years. By timely anticipation, Idealis wants toplay an active role in the replacement of these units. Further, we expect a slight increase in demand forrooms in the private sector in Wageningen.

New construction of more than 1,100 unitsBased on its mission and strategy, Idealis would like to anticipate the expected demand for studenthousing to the best of its ability. Our intention is to realize more than 1,100 structural units through theend of the academic year 2015/2016 in Wageningen (350 of which are replacements). In addition,Woonstede housing association in Ede is building apartments that we will rent by the room to 250students. Below is the planned investment in new buildings from 2011 to 2016.

Planned investment in new buildings, 2011-2016

Investments in new buildings Number of

residential units

Year built Available for occupancy

Nieuw Kortenoord 95 2011/2012 2012

Rijnveste 345 2011/2012 2013

Campus Ede (Woonstede) 250 2012 2013

Nobelweg Approx. 150 2013 2014

Lawickse Hof (formerly vdKolk Nrd) Approx. 150 2014 2015

Campus, replacement of WUR units -250/+250 2014 2015

City center location, if feasible 75 2015 2016

Walstraat demolition/new building -109/+85 2016 2017

Total new building units Approx. 1,400 2011/2016 2012/2017

* The year built will depend on the duration of the temporary town-planning exemption (at present, 5 years, possibly 10 years)

We refer expressly to planned investments in new buildings. The planning is updated annually on thebasis of the monitoring of the supply and demand situation and the financial continuity. This monitoringprocess also takes place prior to any investment decision.

8/10/2019 O-plan 2012-2015-def-ENG(1)

8/29

8

Most students want a cozy environment, a relatively small communalgroup and the right to choose their own co-tenants.

2.2 Qualitative supply and demand

In student housing quality refers to the accommodation, but also depends on living enjoyment andlifestyle. Another factor is whether one wants to share facilities with other tenants. Most students want toshare a living room/kitchen with other tenants. Coziness, relatively small communal groups and the rightto choose one s own co-tenants are desired. A minority of students with different housing requirementsconsider it more important to have their own facilities.

Flexible uses of new buildingsNew buildings for students should preferably be built with accommodations that can be rented by theroom, including shared facilities such as living room and kitchen. In the long term, if demand for studenthousing should decline sharply, these accommodations would be suitable for renting or selling to otherfocus groups.

In the coming years, no radical real estate measures will be taken with regard to existing rental units andfacilities. We expect continued operation of the current student complexes until at least 2025. Anexception is the Walstraat complex: to provide a sharp reduction in the upgrading costs, continuedoperation will be limited to the end of 2015.

Systematic maintenanceWith systematic maintenance of existing complexes, Idealis will maintain the customary quality ofmaintenance and livability for its tenants.

8/10/2019 O-plan 2012-2015-def-ENG(1)

9/29

9

3 Clients and Services

Wherever possible, we align our services with the reasonable wishes of our clients. We want to offer ourclients options from which they can make specific choices.

3.1 Housing requirements of students

A survey among students from Wageningen University and the Van Hall Larenstein University of AppliedSciences showed that, when choosing a living accommodation, students consider the cost of living(extremely) important; followed by the floor space of the rooms and upkeep. In total, nearly 1,100questionnaires were filled in.

Most students (over 70%) prefer to share facilities with others. They view having their own facilities suchas kitchen, shower and the like as less important or even unimportant. They consider living in apleasant communal group much more important. Another group of students (nearly 30%) want anentirely different lifestyle, in which having their own facilities is quite important. A survey amonginternational students (2009) showed that the 70/30 ratio, which applies to Dutch students, is around60/40 for European students and 50/50 for non-European students.Our current student housing consists of 75 percent rooms with shared facilities (half of which on corridorswith 10 or more tenants) and 25 percent self-contained rooms and two-room accommodations.

The desired room size differs. The largest responder category was between 16 and 18 square meters ,although smaller and larger sizes also scored high. There is also a differentiated number of co-tenants

desired. The largest response was a communal group of between five or six co-tenants, but three orfour and seven or eight co-tenants also scored high. Students who want to share facilities with othersmainly refer to living rooms, kitchens and balconies or gardens. In addition to shared facilities, some ofthese respondents also preferred to have washbasins in their rooms.

The cost of living that students are willing to pay also differs. Most respondents who want to sharefacilities have in mind living costs up to 300. Those who prefer self -contained rooms are willing to pay350.

Alignment of new buildings with housing requirementsConsidering the housing requirements of students and the composition of our current housing stock, newbuildings will focus on rooms with shared facilities, but also on an adequate number of self-containedunits.For each new building location, we place different emphasis in differentiation of room types, floor space,facilities and living costs.

3.2 Housing distribution

First-year studentsLarge numbers of first-year students arrive in Wageningen at the same time in August and September.When they start their studies, they would like to live close to where they attend classes. Graduates, onthe other hand, depart at different times during the year, so that even with a slack student room marketthere is still an intake peak. Most rooms are allocated via the rooms-on-offer system. From interestedwho respond to offers, those with the longest registration history are selected.

Besides providing structural housing, Idealis would also like to help reduce the summer peak byoffering first-year students temporary housing in third-party accommodations. Idealis will make itsbuilding management expertise available, in cooperation with higher education and/or other housingassociations, for example, to accommodate this peak period.

8/10/2019 O-plan 2012-2015-def-ENG(1)

10/29

10

Another type of temporary housing is subletting. Many students go to live elsewhere for a time, forreasons of research or internship. During this period, they can sublet their rooms. Besides treating suchrequests flexibly, Idealis facilitates this by providing formal (sublet) tenancy agreements.

Intake during the first academic yearIdealis endeavors to bring about a supply-demand situation in which all first-year students who want tolive in Wageningen/Ede will gradually be housed in rooms with shared facilities during the course of theirfirst academic year. The target date for housing first-year students is May 1 st of the first academic year.This means that, with a reasonable balance between supply and demand, there will be a gradual intake ofthe next generation of first-year students.

For most international students gradual intake is not sufficient. They require housing at the start of theirstudies. For this reason, there are agreements with Wageningen UR until the end of 2015 to reserve1,200 rooms with inventories for international students.Wageningen UR has indicated that they do not intend to renew this agreement after 2015. Inconsultation, we are looking at the best way to arrange housing for international students in the future(see the paragraph entitled Towards a new model of housing distribution ).

Senior and PhD studentsSome students decide to rent accommodations from Idealis only after their first academic year. Thiscould be because, for example, they can rent (sublet) temporary accommodations or decide to travel

back and forth; or they want to wait until they are eligible for a room with its own facilities. Some Idealistenants want to move into other types of Idealis rooms/communal groups.

In complexes with small communal groups, tenants may choose their own co-tenants. Sometimes,following a period of subletting, tenants may remain in the same communal group. New tenants will alsobe nominated at Kortenoord and Rijnveste. With occupancy (initial rental), current Idealis tenants willhave an opportunity to form new communal groups and collectively move to the new building. The othernew buildings and rooms that become available when other Idealis tenants change accommodations willbe rented on the basis of registration history.

Idealis rents over 100 apartments. Dutch and international PhD students working at Wageningen URmust respond via the website for apartments that become vacant. Other PhD students with limitedincomes are nominated by Wageningen UR for rooms with inventories. New buildings will include livingaccommodations for PhD students. At Rijnveste, besides apartments, they will also be able to chooserooms.

Towards a new model of housing distributionIn the current distribution of living space, the options and personal responsibility of clients is severelyrestricted by rules. International MSc students, who are housed in rooms with inventories at a limitednumber of complexes, may not respond to offers of other rooms. The opposite applies to Dutch students:rooms labeled for international students are not available to them. Nor may BSc and MSc studentsrespond to apartments offered to PhD students who, in turn, may not choose rooms and two-roomaccommodations in student complexes.

Future housing distributionIn the next few years we plan to gradually change to a new model of housing distribution. Our focusgroup (students and young PhD students), irrespective of nationality or study program, will be able to

choose accommodations from our offer in the Wageningen/Ede region, based on individual housingrequirements, lifestyle and financial resources.

The basic rules will of course remain in effect, such as the requirement that tenants are studying inWageningen or Ede (or doing doctoral research), length of registration as selection criteria for responsesto offers, as well as procedural agreements about how tenants (in specific complexes) may nominate newco-tenants.

Idealis plans to change to a new model of housing distribution, with moreoptions for students and PhD students.

8/10/2019 O-plan 2012-2015-def-ENG(1)

11/29

11

The contours of future housing distribution are now known:

Idealis will not distinguish by nationality or study program; the options for students and PhD students will expand, wherever possible; all newly built rooms will come with basic floor covering; for regular rooms, the tenant will be responsible for deciding whether or not the room inventory will

be rented or purchased; besides regular rooms, fully-furnished short-stay rooms will be rented; short-stay rooms will be fully furnished and temporarily rented: these units will become available

every year no later than August 1 st for new student arrivals; tenants of short-stay rooms may reregister and respond to the regular offers of rooms; short-stay rooms will be offered via the website; length of registration will determine the sequence

for selection; the number of short-stay rooms is limited; some may be reserved by educational institutions, to

provide certain students guarantees of rooms in advance.

In 2012, an Idealis project group will further elaborate the phased introduction of the new model ofhousing distribution.

3.3 Vacancy policy

To house students within a reasonable term, it is important that tenants who have finished or suspendedtheir studies vacate their rooms. In the tenancy agreement, tenants are bound to move within a yearafter finishing or suspending their studies. PhD students are also subject to the one-year maximumvacancy requirement after termination of their employment contract and/or taking their PhD degree. Inthis way, accommodations will remain available for the focus group and possible evasiveness avoided.

3.4 Rent policy

Idealis income depends almost entirely on rent revenues. At the same time, we rent to a focus groupthat generally has limited resources. Partly because we have to undertake sizable new building projects,we want to establish rent levels to cover this, but still make them affordable.

Idealis rent policy focuses on the following: a differentiated offer in terms of quality and rent levels, based on (future) demand; a balanced price/quality ratio; safeguarding rental revenues to guarantee financial continuity.

Differentiated offer qua rental price and qualityMost students have limited disposable incomes. They consider living costs to be an important aspect oftheir choice of accommodation. Via the housing valuation system (established in the Rental Prices Act forLiving Accommodations), differentiation in desired quality results in differentiated rental prices.

Balanced price/quality ratioWith housing valuation, the quality of an accommodation can be assessed objectively and verified bytenants, on the basis of a point scoring system. The systems of point valuation of self-contained

accommodations and those of rooms with shared facilities are different, however, and do not alwaysdovetail well. For this reason, rents of self-contained rooms are sometimes only slightly higher thancomparable rooms with shared facilities. We then make any necessary correction by varying thepercentage of the maximum allowable rental price (see next paragraph).

Student housingFor current student rooms, Idealis charges 80 percent of the maximum allowable public sector rentalprice. This represents a general rent reduction. Exceptions to this are housing units for which subsidiesare available: in those cases, new tenants pay the full 100 percent. We have also applied the 100 percentrule to new buildings since 2010. This is necessary to help us finance our ambitious new constructionprogram. Where possible, to arrive at a balanced price/quality ratio for new buildings and acceptable costof living, we reduce the rent for rooms with shared facilities (which are not eligible for rent subsidy)within a range of between 80 and 100 percent.

8/10/2019 O-plan 2012-2015-def-ENG(1)

12/29

12

Cost of living and rent subsidiesRent subsidies are based on maximum, subsidy-eligible rental prices (basic rent plus a small share of thecosts of several service components) and the rental price ceiling established annually by the government,based on inflation during the preceding year.

Student units built prior to 1997 have been designated by the national government as being eligible forrent subsidies. This also applies to most Idealis rooms. Since 1997, rent subsidies for new studenthousing units have only been possible for self-contained accommodations.

For young people age 22 or younger, rent subsidies are based on a maximum rent ceiling, a so-calledquality-discount ceiling ( 361, 2011 price levels). Nearly all Idealis rooms have rents below themaximum ceiling. Some 50 units have higher rents, for which Idealis grants a rent discount to tenants 22years old or younger, so that they may receive a rent subsidy.

Apartments (specifically for PhD students)For apartments, we assume 100 percent of the maximum allowable rental price. The rents of mostapartments are higher than the maximum allowable rent for public sector housing ( 652, 2011 pricelevels). The income of many PhD students is too high for a rent subsidy. If the level of vacancy isunacceptable, the rents can be reduced.

Other public and private sector rental accommodations

Public sector housing for older people (Bassecour/Herenstraat) does not relate directly to our mission.The maximum allowable public sector rent is charged to new tenants. For some accommodations, therent could be higher than the maximum allowable rent ceiling. In such cases, we reduce the rent toenable the tenants of these senior accommodations to continue to receive a rent subsidy.Finally, there are private sector accommodations with rents above the maximum allowable public sectorceiling. These are the 12 apartments of the Wilhelminaweg complex.

Rent policyIn principle, our rents are in line with the government s maximum allowable rental price. Exceptions tothis are student units for which no rent subsidy is possible: for existing rooms with shared facilities, wethen assume 80 percent; for new buildings, we reduce the rent to a range of between 80 and 100percent.

Overview of the consequences of rent policyAppendix 2 contains an overview of the subsidy-eligible rental prices for all living accommodations (incl.Ede).

Revisions in national government policyRevisions are being made in the national rent policy. Among others, this refers to the possibility in scarceregions (including Wageningen and Ede) to add extra basic points to housing valuation, depending on theWOZ value/m2 (real estate valuation). In addition, there are planned reductions in rent subsidies.

Re-assessing rent policyIn 2012, Idealis plans to re-access its total rent policy.

3.5 Livability

The student complexes mainly comprise rooms whereby tenants share a kitchen, shower and the likewith other tenants. This means that these tenants must expressly make allowances for one another.

We attach considerable importance to a good, enjoyable and safe living environment. The tenants,including our caretakers and social relations manager, contribute to this. Where possible, we supporttenant initiatives that contribute to good livability. The tenants experience their accommodations andliving environment on a daily basis. They are in the best position to assess livability. The annual livabilitysurvey is a useful gauge of assessments by the tenants.

Livability of the living environmentLivability in a complex is good if a sizeable majority (at least 70%) of the tenants feels comfortable andsafe and gives a score of 7 or higher for total livability.

The scores for separate aspects of livability are discussed for each complex in consultation with thetenant representative, the caretaker and Housing Services representative. Based in part on thisconsultation, annual improvement measures are implemented.

8/10/2019 O-plan 2012-2015-def-ENG(1)

13/29

13

3.6 Communication

We think that timely, straight-forward communication with current and future clients is important. Idealishas many international tenants. We communicate with them in English. To introduce ourselves to futurefirst-year students and to inform them about housing opportunities, we take part in the briefing days ofthe relevant educational institutions in Wageningen and Ede.

New websiteWe will replace our website in 2012 with one that is more user friendly, fully interactive with integratedsocial media. As a result, electronic communication will replace most of our correspondence to tenants.

3.7 Sustainability

Because of the seriousness and urgency of the climate problem, Idealis has taken forceful measures tosave energy as much as possible, both through technical means and by providing information to influenceattitudes of tenants. In addition, we have taken steps to introduce renewable energy. However, we alsoconsider it important to keep investment costs to a minimum, in connection with the rental price levels ofstudent housing.

In 2012, Idealis will complete an integral environmental plan in which policy with respect to theaforementioned aspects of sustainability will be adopted for the coming years. With regard tosustainability, see Section 5, paragraph 5.8, Towards a sustainable organization.

SustainabilityIdealis endorses the aspirations of the Aedes umbrella organization to save 20 percent on theconsumption of gas in 2018, co mpared to 2008, and the governments goal of reducing CO2 emissions by 30 percent in 2020, compared to the 1990 levels.

Idealis also endorses the aspiration, Wageningen climate neutral in 2030 , in which regard it is also apartner of the municipality.

For new buildings, Idealis assumes at least the legal energy performance coefficient, whereby it hasdecided on a building energy model that could be made climate neutral over time. With regard to the

other performance fields of GPR (a digital measuring and development instrument for sustainableconstruction, which provides insight in the degree of sustainability), an average of 7.5 will be realized(the legislation assumes at least 6.5).

Idealis purchases only green electricity and CO2-neutral gas (for those complexes where we arrangeenergy for the tenants).

Most energy consumption in accommodations is determined by the tenants. Idealis therefore providesinformation to its tenants on a regular basis on how to save on energy and water.

Idealis actively participates in experiments and innovative projects that utilize specific knowledge,expertise and diligence from Wageningen, where possible.

3.8 Client satisfaction

Feedback from tenants provides a major basis for policy development and improvement of services andworking procedures. All new and departing tenants are sent a survey questionnaire by e-mail within sixweeks after signing or terminating their tenancy agreements.

Norms of client satisfactionWe endeavor to attain a good assessme nt for Product, Personal Service, Service Provision andReputation and a reasonable assessment for Price/Quality.

Each of the five aspects consists of several auxiliary questions/elements. In 2012, we also establishednorms for the separate elements. Based on this, we can link improvements even more expressly to actualcustomer satisfaction.

8/10/2019 O-plan 2012-2015-def-ENG(1)

14/29

14

4 Cooperation

4.1 The strategic partners

Tenants representativesWith both Dutch and international member tenants, the SFO (tenants representation association),represents tenants of student complexes. Idealis considers advice from the SFO in matters concerningrental (and rent) policy and building management important for developing new policy andimprovements. In addition, there is an active tenants comm ittee for senior accommodations (Bassecour/Herenstraat), with which we will work closely in the coming years.

The basis for tenant participation in housing associations stems from the government BBSH decision(Administrative Decision, Public Housing Sector) and from the Tenants/Landlord Consultation Act. Idealisalso incorporates tenant participation in its by-laws. The SFO is entitled to nominate two members on ourBoard of Supervisory Directors. We have given practical expression to tenant participation in a documentdrafted with the SFO, Partnership Agreement Tenants/Landlord. Cooperation with the SFO is veryconstructive.

Partnership agreement with the SFOThe partnership agreement is reviewed and brought up to date once every two years, within the timeframe of this business plan, in 2012 and 2014.

Wageningen URIdealis sees Wageningen UR as an important strategic partner. The relationship underscores the mutualresponsibility for adequate housing of students. The university and Idealis have separate responsibilitiesin this.

Good cooperation with Wageningen UR is an important condition for meeting the demand for studenthousing. Idealis actively works to improve this partnership. For example, making specific agreementsabout long-term structural housing of international students is an important area of attention. Althoughthe current agreement with Wageningen UR runs until the end of 2015, another model of housingdistribution will be gradually introduced in the coming years. The contours of that new model wereadopted in the autumn of 2011.

During 2012, there will be further elaboration and coordination between Idealis and Wageningen UR.Among others, this will involve transferring rental tasks to Idealis, offering rooms to internationalstudents via the website and determining the total number of short-stay units and the share of whichWageningen UR will be entitled to reserve at Idealis, to be able to offer specific students roomguarantees, also in the future.

Ede Christian University of Applied SciencesThe Ede Christian University of Applied Sciences (ECU) is also an important business relation of Idealis.Part of the live-out students of the ECU live in apartments from Woonstede, which Idealis rents by theroom. Idealis is working with ECU, the municipality of Ede and Woonstede to realize new student housingon the Ede Knowledge Campus.

The municipality of WageningenIdealis confers regularly with the municipality of Wageningen about various matters related to housingand town and country planning. Besides consultations with the town councilor concerned, Idealis alsoinvolves the council committee and separate political fractions in its intended policy.

Performance agreements with the municipality of WageningenIdealis places great importance on new performance agreements with the municipality of Wageningen.

These require both parties to make substantial contributions to the realization of public sector housing.During the spring of 2012, an agreement will be entered into with the municipality for the period 2012-2015.

8/10/2019 O-plan 2012-2015-def-ENG(1)

15/29

15

The municipality of EdeThe municipality of Ede wants to place additional emphasis on the towns important educational role. Itsees education and students as an opportunity to strengthen the liveliness, cultural life and economy ofthe town. With education and both housing associations, the municipality is working enthusiastically onrealizing new buildings for students and the layout of a knowledge campus.

WoonstedeFor many years, Woonstede and Idealis have enjoyed a good working relationship in the area of studenthousing in Ede. In 2010, this relationship received a new impetus from agreements about new building.Woonstede intends to build an apartment complex for 250 students and young people with disabilities onthe future knowledge campus. This will enable optimum utilization of Woonstedes expertise in the area ofdevelopment and that of Idealis in the area of renting student housing.

In 2010, Woonstede and Idealis also signed a letter of intent for operational cooperation and mutualconsultation on a variety of areas in the coming years. Both organizations will retain their independenceand specific client identities.

The Housing AssociationIn Wageningen, Idealis wants to align its strategic housing-stock policy with the Housing Association. Amore integral approach to the Wageningen housing market and the existing housing stocks of bothassociations could provide better solutions and is in the best interests of students, recent graduates and

young PhD students. We are exploring ways of housing students in existing housing stocks. In this way,for example, temporary rental to students can take place before the accommodations are demolished.

Other housing associations in the Food-Valley regionTaking their lead from the municipalities, the housing associations in the WERV region have also decidedto extend cooperation to the new region of Food Valley. Collaboration of the housing associations inWageningen, Ede, Rhenen and Veenendaal will expand to include Barneveld, Nijkerk, Scherpenzeel andRenswoude. The 11 housing associations will also participate in the administration of the Food ValleyReal Estate Monitor .

Other student housing providersNine housing associations / student housing providers, including Idealis, work together in the nationalKences Knowledge Centre for Student Housing. Together, the participating student housing providersmanage over 50,000 housing units. The administrators of these student housing providers make up theexecutive committee of Kences. Spearheads within Kences include, lobbying, synergy, collaboration andinnovation. Kences supports the National Campaign for Student Housing and the development of anational student-housing monitor. The national campaign will pave the way for a substantial expansion ofthe number of student accommodations. This will only be possible by modifying or getting rid ofgovernment rules that currently stand in the way.

4.2 Visitation

Independent, external visitation measures social performance, the policy choices we make and themanner in which our major strategic professional contacts are involved in the assessment process. Thismethod of visitation highlights the social benefits by describing the performance of the housingassociation and comparing it to: our own aspirations and objectives; the tasks to be performed in our field of work; the judgment of the most important strategic contacts; the financial possibilities and degree of efficiency; the requirements of good governance.

The first visitation at Idealis took place in 2008. The final conclusion was that Idealis is a recognizable,solid student housing provider that achieved a remarkably consistent and good score on all four aspectsof social visitation. The assessment also resulted in several points of attention. The most important werethe need for greater clarity in the chosen strategy and further improvement in communication andcooperation with the strategic partners. With the drafting of the policy paper, Strategic Housing-StockPolicy 2010 2015 and this business plan, the strategic partners were involved at an early stage.

Working closely with educational institutions is an important condition formeeting the increasing demand for student housing.

8/10/2019 O-plan 2012-2015-def-ENG(1)

16/29

16

Social visitationSocial visitation takes place once every four years; within the time frame of this business plan, in 2012.

4.3 Contributions of strategic partners

We discussed the main outlines of our strategic policy with the SFO and with separate educationalinstitutions, municipalities and housing associations in Wageningen and Ede. The reactions from these

stakeholders are recorded in the business plan and summarized below.

Strategic vision and missionOur professional contacts find the analysis of the environment and the major opportunities and risksmentioned recognizable. They also agreed with the internal analysis and mission. The fact that meetingthe increasing demand for student housing is seen by Idealis as an opportunity to reinforce overalldifferentiation, flexibility and the quality of student housing receives broad support. This reducesvulnerability of the total housing stock. In consultation with the municipality of Ede, we were asked whywe did not undertake new construction of student housing in Ede. The liveliness and economy of Edewould clearly benefit from this.

However, experience shows that WU students prefer to live in Wageningen. Idealis therefore givespreference to new building in Wageningen. If this does not offer sufficient possibilities, we would ofcourse look for affordable alternatives in Ede.

CooperationIn consultations with Wageningen UR, it was found that new agreements about future housing ofinternational students were necessary. The main questions here are what both partners would expectfrom each other in the coming years and how such cooperation could best take shape. In meetings withthe municipality of Wageningen, there were specific discussions about sales of construction sites at publicsector prices and the suitability of the campus as a location for supplementary student housing. In June2011, the town council of Wageningen agreed to modify town and planning policy to permit the buildingof around 600 supplementary student housing units, some at locations in the town center and others onthe university campus.

The municipality of Ede supports practical collaboration between Woonstede and Idealis. In this way, itwould be possible to build some 250 student units around the Ede Knowledge Campus. The ECU expectsthe quality of the location of new buildings to result in a larger demand for rooms. In the discussionabout the strategic framework, the Housing Association thought it was a good idea, with regard toaccommodations scheduled for demolition, to rent them temporarily to Idealis. In that way, theseaccommodations could first be rented by the room to students.

Decision processAfter conferring with the strategic partners and personnel about the strategic framework, the draftbusiness plan was presented to the SFO and the Works Council (WC) for advice. The executive decision toadopt the draft memorandum (accompanied by written advice from the SFO and WC, along with Idealisresponse to this advice) was then brought before the Supervisory Board for approval.

Meanwhile, we have also adopted the contours of a new model of housing distribution, which describesfuture housing of international students in particular. Because this model will have a huge impact on theclients and the organization, the SFO and WC were asked to provide supplementary advice on this topic.

This supplementary advice has also been included in the final decision process concerning the businessplan.

8/10/2019 O-plan 2012-2015-def-ENG(1)

17/29

17

5 Organization and Employees

5.1 Specialism

Our organization is used to large numbers of moves in short periods and in dealing with young people.Most students have just recently moved out of their parental homes and are living on their own for thefirst time. For their studies, they come for several years or sometimes only for a few months to live inour accommodations. The many moves and sharing of facilities with other tenants require specialattention to maintenance, building management and a pleasant, safe living environment. Nearly a third ofour tenants come from abroad. Therefore, to communicate with our clients, English is as important asDutch.The organizational structure, personnel establishment, the positions and processes are geared towardsour specialism, student housing. We take pride in the fact that our clients appreciate the service provisionand personal service offered by Idealis.

5.2 Starting points of personnel policy

Motivated, well-trained personnel, a pleasant working atmosphere and good working conditions aredecisive factors in realizing our mission, strategy and objectives. Our clients can count on good serviceand open communication. The executives in particular must be committed, able to provide direction,create conditions, be persuasive and inspiring.

The complete Idealis p ersonnel policy is described in the policy document, Working Together.

The policy document, Working Together Assessment of personnel policy takes place every three years. An updated policy document, WorkingTogether , which was adopted at the end of 2011, is scheduled for review in 2014.

5.3 Core values

To support the desired company culture, four core values have been proposed throughout theorganization for all employees: proactive, sustainable, customer-oriented and conscious choice. Allemployees are expected to embrace these core values in their everyday attitudes and conduct. The corevalues have become a permanent component of the assessment system. In this way, these core valueswill assume a life of their own, form a guideline for our actions and our thinking.

Nearly a third of our tenants come from abroad. Therefore, tocommunicate with our clients, English is as important as Dutch.

5.4 Assessment system

Every year, all personnel go through an assessment cycle, consisting of planning, progress andassessment interviews. Assessment takes place on the basis of achievement, performance targets,development of qualifications and personal interpretation given to the core values. The performancetargets are linked to the general annual plan and its elaboration in department plans. Qualifications referto the conduct needed to perform well, which are formulated for each job. Potential training courses arealso discussed during the planning interview.

8/10/2019 O-plan 2012-2015-def-ENG(1)

18/29

18

5.5 Personnel consequences of the business plan

The intended expansion of our real estate during the next five years affects the organization. The way inwhich employees translate the new challenge in daily practice is crucial.

Personnel establishmentTo preserve the quality of service provision and avoid too high pressures of work, the intendedscheduling of new construction will result in limited growth of personnel establishment. It is expected thatexpansion will occur in staff that carry out the work. In calculating the financial consequences of theplanned policy, allowances have been made for an increase in personnel costs linked to the number ofrental units.

Monitoring work pressures and tasksThe team leaders will discuss and monitor developments in the pressures of work, tasks, positions andprocedures. They will do so by calling attention to them in team meetings and in individual discussionsthat take place during the annual assessment cycle.

General demographic developments, such as the ageing population, necessitate thinking about thepersonnel organization at strategic level. At housing associations, the staff generally enjoys a protractedperiod of employment; staff turnover is limited. At Idealis, the average age of staff is also high. Thisraises the concern that expertise and capacity could be lost within a relative short period of time.

In particular, staff members will start to leave during the years immediately following the period coveredby this business plan. We do not view the current age structure as a vulnerability: it provides anopportunity to change of personnel, in which there is relatively little turnover, to adapt adequately to achanging environment.

Scan and future vision of the number of personnelIn 2012, each department will undergo a scan of the personnel composition, including a future visionbased on the business plan. The scan will form the basis for fleshing out a strategic personnel plan for thecoming years.

The scan will focus specifically on answers to the following questions. What is the desired capacity of the organization, given the strategic aims and the way in which we

want to achieve them? How does the desired capacity relate to the expected staff turnover? Who willleave and how will this affect the acquired expertise? How can you ensure that knowledge will not belost and can be transferred on time?

To what extent do current, skilled employees stimulate or limit achievement of the strategy? Cancurrent staff members develop the necessary skills? How do we do this? What are the priorities? Willwe need some new faces for this? If the skills cannot be developed, what should we do? Isoutsourcing a desirable option?

How do we deal with compensation policy? As an employer, how do we make our organizationappeal to new staff and how do we motivate existing staff?

How do we organize staff commitment to the strategy and adapt the strategy to the experience,possibilities and impossibilities of the staff?

5.6 Staff satisfaction

Idealis attaches considerable importance to staff satisfaction, improvement of mutual team work,increased personal responsibility, increased career-development opportunities and more scope forindividual initiatives. We measure these aspects once every three years in a staff satisfaction surveyamong our employees.

The last such survey took place in 2010. In general, the results were very positive, showing that mostpeople enjoyed working at Idealis. Based on the report, in consultation with the WC, we determined threeareas that needed improvement. On general satisfaction, Idealis scored 7.4. (Other organizations scoredan average of 7.2).

Survey of staff satisfactionA new staff satisfaction survey will take place in 2013. Our target is to retain the current level of staffsatisfaction for working at Idealis (an average score of 7.4 or higher).

8/10/2019 O-plan 2012-2015-def-ENG(1)

19/29

19

5.7 Office building

The office building at Duivendaal 1 is rented from Wageningen UR. Idealis is exploring the possibilities ofmoving to another office space because of the limitations of the current office and the uncertain future ofthe total Duivendaal area. We have started setting up a schedule of requirements for a new office. Weare also examining the possibility of combining an office in a new building for student housing.

5.8 Towards a sustainable organization

With the establishing of a carbon footprint for our own organization, we have now reached the finalstage. This means that we will be able to visualize our contribution to carbon dioxide from our businessoperations and explore ways of reducing it. We also plan to decide how we can compensate for CO2emissions, for example, by planting trees or by investing in renewable energy.

A CO2-neutral organizationIdealis will become a CO2-neutral organization in 2012.

Energy savings and sustainability are not limited to our studentcomplexes, but also form a major area of attention in our ownorganization.

8/10/2019 O-plan 2012-2015-def-ENG(1)

20/29

8/10/2019 O-plan 2012-2015-def-ENG(1)

21/29

21

Not only does Idealis want to meet short-term demand for studenthousing, but also demand in the distant future

Rate of discountFor turning cash flow into cash we have assumed an interest rate of 5.25 percent.

Remaining life of complexes Operation to end of: Walstraat 2015Asserpark, Hoevestein, Bornsesteeg, Dijkgraaf, Marijkeweg, Haarweg, 2025 *Oude Bennekomseweg, Boterstraat, Vijzelstraat/Salverdaplein, Salvowoningen 2025 *Herenstraat 14 2035Bassecour 2044Wilhelminaweg 2047Pedel and Kloosterstegen 2048Droevendaal 2049Binnenveld 2053Lombardi and Nobelweg 2057Burgtstraat 2060* For these complexes, at the end of the operating period, allowances have not yet been made for new replacementbuildings (and related investment costs) or extension of life expectancy (and related cost of upgrading).

6.2 Financial continuity

Key figuresThe assessment of financial continuity is based on the following key figures and related standards:

Relative cash flow: Interest-coverage ratio (ICR)Capital: Solvency and Loan to valueYield: Direct yield

These key figures were calculated for formulated policy. We then applied scenario analysis to the key

figures that are decisive for the assessment of outside supervisory bodies, the interest coverage(Guarantee Fund, Public Sector Housing) and solvency. This entailed calculating a large number ofscenarios to include changing economic circumstances. If 95 percent of the calculated scenarios ( 95%Var ) satisfy the established standard, we assume that the economic risk is acceptable and, as a result,financial continuity is safeguarded.

The graphs included in appendix 3 show that the assessment of financial continuity meets the establishedstandards, by a wide margin.

Healthy financial positionThe calculation of the policy formulated in this business plan shows that Idealis financial continuity willbe safeguarded over the long term.

8/10/2019 O-plan 2012-2015-def-ENG(1)

22/29

22

7 Risk management and monitoring

7.1 Supply and demand of student housing

Every year around June an estimate is made of the supply-and-demand situation of student housing,including a review of whether the intake of first-year students is in line with the goal. Every six months ahousing address analysis is made for all WU students. This is important for the translation of studentforecasts into supply and demand for student housing. In addition, there is a review of whether theactual student forecasts give rise to changes in planned investments in strategic housing-stock policy.

Structural consultation and alignment of student forecasts will take place in particular with WageningenUR at the earliest possible stage. On instruction from Kences, in 2011 ABF developed a student monitorin which an effort was made to gain better insight, both nationally and for individual student towns andcities, in supply and demand and possible mismatches. During stage 1, the monitor focuses onquantitative aspects while, in stage 2, on the qualitative aspects of supply and demand. During stage 2,among other things, a housing-requirement survey among students is held, whereby Wageningen (inaddition to Groningen and Eindhoven) served as a pilot function. Publication of the survey results isexpected early in 2012.

As part of the planned scheduling of new building projects, all investment decisions to be taken will bebased on the actual monitoring of both the supply and demand situation and on financial continuity.Growing numbers of students afford opportunities for supplementary, smaller scale, more differentiatedand more flexible new buildings. This means that, over the long term, the new buildings could also besuitable for rental or sale to focus groups other than students.

In the long term, restructuring of obsolete student complexes might be feasible. This could reduce thenumber of rooms per corridor or the demolition of a complex.

Monitoring supply and demand Monitor student forecasts, the actual intake and demand for student housing; Monitor relevant developments in government policy (student grants and loans, rent subsidies and

the like); Housing market research, housing-requirement survey, customer satisfaction, livability monitor. Reports should include structural management information, directors letter, the annual report, the

annual monitor of supply-and-demand of student housing, for example.

Growing number of students affords opportunities for supplementary,small-scale, more differentiated and more flexible new buildings.

Supplementary, structural new building requires the availability ofaffordable locations.

7.2 Government policy

Government policy in the area of student grants and loans, rent policy, rent subsidies and the like couldhave major financial consequences for Idealis. European laws and regulations could also have an indirecteffect. Regulations concerning residential building and occupancy could result in large, mandatoryinvestments in student complexes. Idealis sees government policy as a major risk.

8/10/2019 O-plan 2012-2015-def-ENG(1)

23/29

23

In general, in forming national government policy, no allowances are made for student housing,particularly as far as rooms with shared facilities are concerned. Via Kences there are efforts to influencepolitics. In cooperation with the VSNU (Association of Dutch Universities), Kences has taken an initiativefor a National Plan of Action for Student Housing.

Monitoring government policy Follow political decision making; Take part in Kences, in administrative deliberations and in structural or systematic consultations at

policy level; Reporting: in the annual report, directors letters and memorandums and the like.

7.3 Working with local strategic partners

Supplementary structural new building of student housing requires the availability of affordable locationsfor public housing. In addition, plan development is only possible if it fits local policies for Housing andSpatial Planning. The safeguarding of sufficient student housing requires good cooperation with educationand the municipalities. Idealis, which is conscious of the fact that good cooperation with the mostimportant stakeholders is fundamentally important, makes every effort to maintain good relations.

It is important to wind up the performance agreements with the municipality and to draw up agreementsfor individual building plans. Structural consultation is carried out with the councilor and local politicians.Where possible, we take joint action with other strategic partners, align strategy and offer our expertise.Transparency with regard to investments, rent revenues and unprofitable peaks will contribute to mutualunderstanding and cooperation.

Monitoring collaboration Administrative and systematic consultation with municipalities and educational institutions; Follow new building plans; Reporting: in directors letters, structural progress reports of projects, the annual report, external

visitation (once every four years).

7.4 Financial continuity

To assess whether the investment track stemming from strategic housing-stock policy is financiallyfeasible, the future development of cash flows and our own net assets will be mapped out in variouspolicy variants. Several scenarios will be calculated to determine the economic risks per variant. Thesescenarios involve the following parameters:

Index Effect on:

Price inflation Rent and expenses

Wage inflation Wages

Short-term interest Cash

Long-term interest Financing

Building index Investment in new building and renovations

Maintenance index Maintenance

Market index Vacant value development

A determination is then made above which limit 95 percent of observations lie. If this level is higher thanthe established standards for rent-coverage degree and solvency, one can conclude that financialcontinuity is safeguarded.

As described above, the national government and definitive political decisions on several policy plans ofthe Rutte Cabinet constitute a financial risk for Idealis.

Idealis also views sale of non-mission-related complexes as a possible measure. This would only takeplace if the desired investments in student housing and safeguarding long-term financial continuityrequire this.

8/10/2019 O-plan 2012-2015-def-ENG(1)

24/29

24

Monitoring financial circumstances Structural and, where necessary, incidental through calculation with WALS (Ortec financial

forecasting model); Based on this, see whether interim adjustment in planned new-building investments, as set forth in

strategic housing-stock policy, is necessary; Treasury consultations and follow daily developments via the Thesor website; Reporting: structural quarterly reports, annual assessment letter from the ministry and the like; Annual Continuity assessment and the Corporation in perspective report from the CFV (Central

Public Housing Fund), the PWC management letter and the annual report.

8/10/2019 O-plan 2012-2015-def-ENG(1)

25/29

25

Appendix 1: Forecast, cumulative supply and demand for student housing with respect to2010/2011 academic year

2010/2011 2011/2012 2012/2013 2013/2014 2014/2015 2015/2016

Revised total demand

(Changes with respect to 2010/2011, rounded

off in 25 figures) 0 475 800 1,100 1,300 1,475

Supply (with respect to 2010/2011; Idealis:

green , WUR and Other: black)

WUR Stadsbrink ( temporary 10 years) 44 44 44 44 44

WUR Haarweg ( temporary 5 to 10 years ?) 153 153 153 153 153

WUR Ede Kazerne (temporary 5 years) 200 200 200 200 200

Plantsoen ( above no.44 ) 12 12 12 12 12

Plantsoen ( above Junushoff) (temporary 10 years ) 52 52 52 52 52

WUR Beringhem ( Bennekom) (temporary 5 years ) 175 175 175 175

Nieuw Kortenoord 95 95 95 95

Rijnveste 345 345 345 345

Nobelweg 148 148 148

Lawickse Hof 150 150

City center location, if feasible 75

End of WUR Haarweg units from 2009/2010

(temporary 5 years)* -251 -251

Campus, replacement of WUR units * 250 250

Walstraat demolition -109

Revised supply total 0 461 1.076 1.224 1.373 1.339

Total, revised demand minus supply (25

figures) 0 25 -275 -125 -75 125

* Calculation assumes demolition of 250 WUR units before January 1, 2015. If these units continue in use for 10 years, demolition

and replacement of these units will be cancelled in the table.

Supply Ede with respect to 2010/2011 2010/2011 2011/2012 2012/2013 2013/2014 2014/2015 2015/2016

Zandlaan 250 250 250

Revised supply Ede total 0 0 0 250 250 250

Total, demand minus supply

Wageningen/Ede (25 figures) 0 25 -275 -375 -325 -125

Starting points- Housing demand WU per year: changes with respect to academic year 2010/2011; based on WUR forecast update March 2011, scenario

2; recalculation housing demand: 65% of students - Housing demand Van Hall Larenstein and the Christian University of Applied Sciences Ede stable, Stoas University of Applied Sciences

annual increase 40 units for first-year students and stable from 2014/2015 - Changes in supply: available before May 1 of the academic year in question

- Turnover degree: unchanged with respect to 2010/2011

8/10/2019 O-plan 2012-2015-def-ENG(1)

26/29

26

Appendix 2 Overview of Idealis rental prices for subsidy-eligible housing, incl. Ede(reference date July 1, 2011)

Type housing 212 .24 > 361 .66 > 517. 64 > 652 .52 Total

8/10/2019 O-plan 2012-2015-def-ENG(1)

27/29

27

Appendix 3 Calculation of financial continuity

Interest-cov erage degree (ICR)

(Operat ional cash f low / interest payments)

Solvency development

(Net assets / total net assets)

Direct yield development

(Operation al cash flow / value of real estate)

Direct yield Standard

Standard Standard

Loan to value development

(Net debt / value of r eal estate)

8/10/2019 O-plan 2012-2015-def-ENG(1)

28/29

8/10/2019 O-plan 2012-2015-def-ENG(1)

29/29

Appendix 5: Forecast, scheduling of projects / activities 2012 - 2016

Description per section of business plan 2012 2013 2014 2015 2016

Expansion of student housing (planned year of occupancy)

Nieuw Kortenoord

Rijnveste

Campus Ede (Woonstede)

Nobelweg

Lawickse Hof (formerly van der Kolk Noord )

City-center location, if feasibleCampus replacement of WUR units (depending on durationtemporary spatial exemption)

Demolition Walstraat (for new building in 2017)

Clients and service provision

Recalibrate total rent policy

New websiteElaboration and phased introduction of new model of housingdistribution

Monitoring/customer satisfaction surveys

Cooperation

Social visitation

Partnership agreement with SFOPerformance agreements 2012-2015 with municipality ofWageningen

Organization and personnel

Personnel policy memorandum

Scan + vision of number of employees

Monitoring staff satisfaction

Realization of CO2-neutral organization

Monitoring and risk management

Monitoring financial continuity

Annual monitoring, supply and demand