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 Retail Fund has no employees.

The Fund’s investment properties are valued by external valuation experts on a quarterly basis. The external valuation expert is changed every three years.

Investment property is not (red)developed within the Retail Fund but via external parties or within Bouwinvest Development B.V. or Bouwinvest Retail Development B.V..

The bank balances of € 39.8 million are freely available to the Fund as at 31 December 2016. In order to minimalise the costs of the negative interest rate on the bank balances, during 2016 the Fund used 30-day bank deposits.

For 2016, before appropriation of profit

The other payables relate to invoices yet to be received for maintenance of and investments in the portfolio.