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

A spread by core regions is applied in the analysis of the valuation of the investment property portfolio.

The Fund leases its property investments in the form of non-cancellable operating leases. The nature of the theoretical rent has an indefinite duration because there are no fixed contract periods.

In 2016, € 0.5 million (2015: € 0.5 million) of the maintenance expenses related to unlet properties.

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 Residential Fund has no employees.

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

The Fund has an agreement with Bouwinvest Development B.V., which developed part of the investment property for the Fund.