5 Retail locations by strategy
A spread by strategy is applied in the analysis of the valuation of the investment property portfolio. The Fund’s key retail strategic segments are: Experience, Convenience, Mixed and Other.
6 Gross rental income and service charge income
The future contractual rent from leases in existence on 31 December 2022, 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 2022, € 0.1 million (2021: € 0.1 million) of the maintenance expenses related to unlet properties. The addition to provision for doubtful debtors is significantly decreased compared to 2021 due to lower Covid-19 compensations in 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 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 during the first half of the year. During the second half of the year the interest was positive.
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
The provision for doubtful debtors is based on expected credit losses. The provision for doubtful debtors was significantly lower in 2022 compared to 2021 due to Covid-19 arrangement in 2021.
14 Cash and cash equivalents
The bank balances of € 52.1 million are freely available to the Fund as at 31 December 2022.
15 Equity attributable to shareholders of Bouwinvest Dutch Institutional Retail Fund N.V.
For 2022, before appropriation of profit