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 expenses
The Fund had no external loans and borrowings during 2022. The Fund was subject to the negative interest rate development for its bank balances.
10 Income taxes
Like in previous years in 2022 the The Fund has opted for the status of Fiscal Investment Institution (FII). On 1 January 2023 the Fund has been converted into the legal form of a ’closed’ FMA.
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 Investment property under construction
The right of use of land is included as an integrated part of the investment property under construction.
14 Trade and other current receivables
The other receivables mainly consist of prepaid expenses.
15 Cash and cash equivalents
The bank balances of € 12.4 million are freely available to the Fund as at 31 December 2022.
16 Equity attributable to shareholders of Bouwinvest Dutch Institutional Office Fund N.V.
For 2022, before appropriation of result
17 Non-current lease liabilities
The average discount rate used for discounting the lease payments is 3%.