The Residential Fund has no employees.

The Fund’s investment properties are valued by independent external appraisers on a quarterly basis.

The investment property under construction relate to acquisitions and is being developed by third parties. For a list of the investment properties under construction and investment commitments, see Note 20.

The bank balances of € 25.0 million are freely available to the Fund as at 31 December 2018. In order to minimalise the costs of the negative interest rate on the bank balances, in 2018 the Fund used 30-day bank deposits.

For 2018, before appropriation of profit

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

Basic earnings per share are calculated by dividing the net profit attributable to shareholders by the weighted average number of ordinary shares outstanding during the year.

In 2018, the Fund paid out € 121.9 million (2017: € 108.5 million) as dividend.

As at 31 December 2018, the Fund’s total future commitments amounted to € 736 million (2017: € 689 million).