The future contractual rent from leases in existence on 31 December 2018, until the end of the contract (accounted for on the basis of the minimum rent) can be analysed as follows:

In 2018, € 0.2 million (2017: € 0.2 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 2018. The Fund was subject to the negative interest rate development for its bank balances.

The Fund has opted for the status of Fiscal Investment Institution (FII). Although an FII is not transparent for tax purposes the FII regime is based on the principle of tax transparency.

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 under construction is not (re)developed within the Retail Fund but via external parties or Bouwinvest Retail Development B.V.

The bank balances of € 20.5 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, during 2018 the Fund used 30-day bank deposits.