4 Critical accounting estimates and judgements

5 Core regions

A spread by core regions is applied in the analysis of the valuation of the investment property portfolio. Amsterdam, Rotterdam, The Hague and Utrecht are considered core office regions in 2023. The Fund is currently active in these 4 regions.

6 Gross rental income and service charge income

The future contractual rent from leases in existence on 31 December 2023, until the end of the contract (accounted for on the basis of the minimum rent) can be analysed as follows:

7 Property operating expenses

In 2023, € 0.4 million (2022: € 0.6 million) of the maintenance expenses related to unlet properties.

8 Administrative expenses

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.

9 Finance income and expenses

The Fund had no external loans and borrowings during 2023. The Fund was subject to the positive interest rate development for its bank balances.

10 Income taxes

The Fund, being a so called closed fund for mutual account (‘closed FGR’ in Dutch), is tax transparent for Dutch corporate income tax and dividend withholding tax purposes.

11 Employee benefits expense

The Office Fund has no employees.

12 Investment property

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

13 Trade and other current receivables

The other receivables in the previous year consist of prepaid expenses and settlement of dividend in 2023 due to the restructuring of the Fund into a Fund for Mutual Account.