All amounts in € thousands unless otherwise stated  Note2014 2013 Gross rental income6156,049 152,233  Service charge income64,038 2,799  Other income

Before appropriation of result, all amounts in € thousands As at 31 DecemberNote20142013 Assets    Non-current assets    Investment property122,561,3542,535,854 Investment property under

For 2014, before appropriation of result, all amounts in € thousands  Issued capitalShare premiumRevaluation reserve*Retained earningsNet result for the yearTotal equity Balance at 1 January

All amounts in € thousands  Note20142013 Operating activities    Rental receipts 158,730153,575 Service charge receipts 2,4422,669 Operating payments (51,946)(60,369) Service charge

Bouwinvest Dutch Institutional Residential Fund N.V., (the Residential Fund, the Fund) holds a major portfolio of investment properties in the Netherlands.

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied unless otherwise stated.

3.1 Financial risk factors The risk management function within the Fund is carried out with respect to financial risks.

Estimates and judgements are continually evaluated and are based on historical experience and adjusted for current market conditions and other factors.

A spread by core regions is applied in the analysis of the valuation of the investment property portfolio.

 20142013 Theoretical rent163,179159,197 Incentives(1,431)(1,226) Vacancies(5,699)(5,738) Total gross rental income156,049152,233 Download XLS The Fund leases its property investments in the form of non-cancellable