Estimates and judgements are continually evaluated and are based on historical experience and adjusted for current market conditions and other factors.

The future contractual rent from leases in existence on 31 December 2016, until the end of the contract (accounted for on the basis of the minimum rent) can be analysed as follows:

Where administrative expenses relate directly to the operation of the property portfolio, they are charged to operating expenses. Where administrative expenses relate directly to the development of the property portfolio, they are capitalised.

The Fund had no external loans and borrowings during 2016. The Fund was subject to the negative interest rate development for its bank balances.

The Fund is structured as a fiscal investment institution (fiscale beleggingsinstelling, or ‘FII’) within the meaning of Article 28 of the Dutch Corporate Income Tax Act 1969 (Wet op de vennootschapsbelasting 1969).

The Hotel Fund has no employees.

The Fund’s investment properties are valued by external valuation experts on a quarterly basis.

The investment property under construction in 2016 relates to Amsteltower, Amsterdam.