Bouwfonds European Residential - Catella Real Estate AG

Notes to the Statement of Income and Expenditure
Income
Income in the reporting period totalled €3,351 thousand.
Income from properties of €2,707 thousand represents the
rental income generated by the properties.
Income from liquid assets totalled €594 thousand in the year
under review. This stemmed from interest income on time
deposits of €366 thousand and from interest on bank
accounts and other interest income of €228 thousand. Time
deposits are invested with the objective of generating returns
and with a view to risks, as well as in accordance with the
provisions of the Investmentgesetz (InvG – German Investment
Act).
The Other income item of €50 thousand in total relates
mainly to interest income from the shareholder loan of
€35 thousand granted to the equity interest in France, as well
as to refunded insurance contributions (€15 thousand).
Expenditure
Expenditure of €913 thousand mainly comprises Investment
Fund administration costs and real estate management costs.
The Real estate management costs item of €323 thousand
consists of operating expenses, maintenance costs, property
management costs and other costs.
Operating costs of €31 thousand relate to incidental costs
that cannot be passed through to tenants. The maintenance
costs item of €91 thousand relates long-term value presentation
to measures. Property management costs of €103
thousand relate mainly (€98 thousand) to the costs of
managing the individual properties.
Other costs (€98 thousand) contain costs for initial and
subsequent letting (€47 thousand), €35 thousand chargeable
to the Investment Fund in accordance with section 13(5) of the
Special Fund Rules (BVB) and other costs of €16 thousand.
In the period under review, ground rent of €14 thousand was
recognised for the Hamburg-Harburg property.
Interest expenses (€84 thousand) include loan interest for a
short-term loan that has since been repaid in full (€21 thousand)
and commitment fees for two additional loans that have not
yet been drawn (€63 thousand).
The Investment Fund administration costs of €492 thousand
mainly include the ongoing Fund management fee
(€320 thousand), the Custodian Bank fee (€49 thousand)
and audit and publication costs (€109 thousand).
Acquisition fees for the properties are not included here, as
they are not recognised as income but rather as incidental
acquisition costs for the properties concerned.
Equalisation paid
The Equalisation paid item of €1,019 thousand is the net
amount of the sums paid by investors acquiring units in the
period under review to offset accrued income and of income
reimbursed by the Fund on redemption as part of the unit
redemption price.
Ordinary net income
Ordinary net income for the past year totalled €3,458 thousand.
Total expense ratio (TER)
The Total expense ratio (0.70%) expresses the sum of all
costs and fees as a percentage of the average fund assets in
the financial year.
Total expenses comprise the Fund management fee, the
Custodian Bank fee and the expert fees, as well as other
expenses in accordance with section 13(5) of the BVB
(excluding transaction costs).
Sales provisions
The Investment Company is not reimbursed for fees and
expenses paid to the Custodian Bank and third parties by the
Investment Fund. The Investment Company grants brokers,
e.g. banks, brokerage fees (“trail commission”) from the
fund management fee paid to it.
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