Manager of the Fund
Bouwinvest is the fund manager of the Fund and as such is responsible for portfolio management and risk management.
Key macro developments
Following the reopening of the economy early 2022, after the last national lockdown due to Covid 19 in December 2021, the first economic indicators looked fairly positive at the beginning of the year.
Bouwinvest Real Estate Investors aims to operate on the basis of a healthy balance between risk and return and strives to take risks in a conscious and sustainable manner.
4 Critical accounting estimates and judgements
Estimates and judgements are continually evaluated and are based on historical experience and adjusted for current market conditions and other factors.
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.
Articles of Association related to the appropriation of profit
Appropriation of profit is provided for in Article 20 of the Articles of Association. This specific article is quoted below.
Notes to the INREV adjustments
The proportion of construction sites controlled by the reporting company that are registered under the Dutch Considerate Constructors (Bewuste Bouwers) scheme in a reporting year, weighted by purchase price.
1 Effect of reclassifying shareholder loans and hybrid capital instruments (including convertible bonds) that represent shareholders’ long-term interest in a vehicle
Investors’ capital can take various forms aside from equity – examples include shareholder loans and hybrid capital instruments such as convertible bonds. Some vehicles are structured via a combination of equity participations and shareholder loans.
2 Effect of dividends recorded as a liability that have not been distributed
Under certain circumstances dividends are recorded as a liability but have not yet been legally distributed. For the determination of INREV NAV, these accrued dividends should be reversed to the NAV.