Notes to the statement of profit or loss and other comprehensive income
1 Gross rental income
EUR X 1,000 | 2023 | 2022 |
Theoretical rental income | 22,312 | 20,137 |
Vacancy | - | - |
Gross rental income | 22,312 | 20,137 |
EUR X 1,000 | < 1 YEAR | 1-5 YEARS | >5 YEARS |
Theoretical rental income* | 24,244 | 96,977 | 198,732 |
* Theoretical rental income is related to residential / care property and excludes EUR 2,361 thousand (2022: EUR 2,180 thousand) of lease-incentives which are depreciated over the term of the contract.
2 Operating costs
EUR X 1,000 | 2023 | 2022 |
Maintenance costs | (1,209) | (577) |
Property management costs | (330) | (336) |
Fixed charges | (360) | (387) |
Other expenses | (92) | (235) |
Operating costs | (1,991) | (1,535) |
3 Unrealised capital result on investments
EUR X 1,000 | 2023 | 2022 |
Unrealised capital gains on investments | 647 | 26,102 |
Unrealised capital losses on investments | (20,883) | (392) |
Unrealised capital results on investments | (20,236) | 25,710 |
4 Management expenses
EUR X 1,000 | 2023 | 2022 |
Management fee Amvest REIM BV | (1,897) | (1,712) |
Auditor's fee | (145) | (122) |
Legal and tax fee | (464) | (151) |
Valuation fee | (208) | (196) |
Broken deal costs | 2 | (153) |
Other management expenses | (351) | (252) |
Management expenses | (3,063) | (2,586) |
Remuneration
Amvest REIM B.V. is the Fund Manager of the AL&C Fund. The management fee paid for the year 2023 amounted to EUR 1,897 thousand (2022: EUR 1,712 thousand). In consideration of the management activities with respect to the AL&C Fund, the Fund Manager receives an annual management fee; the management fee equals to 8.5% per annum.
All fund team members, (identified) staff and board members are employed by Amvest Management B.V., the Fund Services Provider of the AL&C Fund. The Fund Services Agreement between the Fund Manager and Amvest Management B.V. contains agreements on the fees payable to the Fund Services Provider for the services provided. The remuneration of the members of the statutory board (2) of the Fund Manager is included in the management fee.
In accordance with Article 13 of the AIFM Directive, a remuneration policy is in place for the identified staff and other staff members who provide services for the AL&C Fund.
In 2023, the members of the Advisory Board (2) did not receive any fee.
Reference is made to Amvest REIM B.V. annual report for more information on remuneration.