In 2019, € 0.2 million (2018: € 0.6 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 2019. The Fund was subject to the negative interest rate development for its bank balances.

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.

The Residential Fund has no employees.

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

The right of use of land is included as an integrated part of the investment property under construction.

The bank balances of € 80.0 million are freely available to the Fund as at 31 December 2019. In order to minimalise the costs of the negative interest rate on the bank balances, in 2019 the Fund used 30-day bank deposits.

For 2019, before appropriation of profit