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, € 0.0 million (2022: € 0.1 million) of the maintenance expenses related to unlet properties. The gain in the 2023 promotion and marketing expenses is primarily due to a release of a provision which was accounted for as at 31 December 2022.
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 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.
11 Employee benefits expense
The Retail 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
Other receivables are increased due to a VAT receivable with regard to the acquisition of the Groote Wielen, Rosmalen.
14 Cash and cash equivalents
The bank balances of € 25.4 million are freely available to the Fund as at 31 December 2023.
15 Equity attributable to shareholders of Bouwinvest Dutch Institutional Retail Fund N.V.
For 2023, before appropriation of profit