Bouwfonds European Residential - Catella Real Estate AG

Notes to the Statement of Changes in Fund Assets
The Statement of Changes in Fund Assets indicates the transactions
during the reporting period that led to the assets
reported in the Fund’s Statement of Assets and Liabilities. It
provides a breakdown of the difference between the assets at
the beginning and the end of the financial year.
The distribution for the previous year is the distribution
amount reported in the Annual Report for the previous year
(see the “Calculation of the Distribution” in that document).
The equalisation paid item is used to account for the issue
and redemption of units during the period between the end
of the financial year and the distribution date. Investors who
acquire units between these two dates participate in the
distribution even though their unit purchases were not
recognised as a cash inflow during the prior-year reporting
period. Conversely, investors who sell their units between
these two dates do not participate in the distribution even
though the redemption of their units was not recognised as
a cash outflow during the prior-year reporting period.
The inflow of funds from the sale of units and the outflow of
funds from the redemption of units are calculated by multiplying
the respective issue/redemption price 1 by the number
of units issued or redeemed. The issue/redemption price
includes the accrued income per unit (equalisation paid).
The equalisation paid is deducted from or added to the inflows
and outflows of funds, which thus only indicate the
change in assets. The effect of the equalisation paid is that
changes in the number of units in issue do not affect the
amount distributed per unit.
The ordinary net income is given in the Statement of Income
and Expenditure.
The changes in value of unrealised profits or losses on
properties and equity interests in real estate companies are
the result of remeasurement gains and losses and changes
in carrying amounts during the financial year. Changes in
market value due to revaluations and gains on initial valuation
are recognised, as are all other changes in the carrying
amounts of the properties or equity interests. These may be
due to the creation or reversal of provisions, purchase price
adjustments after the fact, or cost reimbursements, for
example.
1 No front-end charge or redemption fee is levied at the present time.
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