In 2017, € 0.6 million (2016: € 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 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 Residential Fund has no employees.

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

The property under construction 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 € 75.3 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, in 2017 the Fund used 30-day bank deposits.

For 2017, before appropriation of profit