In 2017, € 0.2 million (2016: € 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 2017. 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 Office 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 (re)developed within the Office Fund but via external parties or within Bouwinvest Office Development B.V. As at 31 December 2017 the investment property under construction relates to Hourglass, Building 1931 and Buidling

The deferred tax assets as per 31 December 2017 relate to the loss in Bouwinvest Office Development B.V. The compensable loss at year-end amounted to € 0.3 million.

The bank balances of € 35.4 million are freely available to the Fund as at 31 December 2017. In order to minimalise the costs of the negative interest rate on the bank balances, during 2017 the Fund used 30-day bank deposits.