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Sla artikel navigatie over.Notes to the consolidated statement of profit or loss and other comprehensive income
1 Gross rental income
EUR X 1,000 | 2023 | 2022 |
Theoretical rental income | 167,316 | 157,357 |
Incentives | (191) | (379) |
Vacancy | (2,919) | (3,468) |
Gross rental income | 164,206 | 153,510 |
Theoretical rental income from residential properties (including parking spaces) represents EUR 164,963 thousand (2022: EUR 153,942 thousand) and commercial real estate income represents EUR 2,353 thousand (2022: EUR 3,415 thousand).
The nature of the theoretical rental has an indefinite duration because there are no fixed contract periods.
2 Operating costs
EUR X 1,000 | 2023 | 2022 |
Maintenance costs | (18,827) | (15,347) |
Property management costs | (4,574) | (3,542) |
Fixed charges | (7,854) | (7,795) |
Letting expenses | (1,459) | (1,450) |
Contributions to owners associations | (4,962) | (4,313) |
Other expenses | (1,160) | (1,336) |
Operating costs | (38,836) | (33,783) |
In the fixed charges for 2023, an amount of EUR 0 relates to the landlord tax (2022: EUR 351 thousand).
3 Realised capital gains on investments
EUR X 1,000 | 2023 | 2022 |
Realised gains on investments | 4,165 | 5,879 |
Realised losses on investments | (43) | (9,525) |
Realised capital results on investments | 4,122 | (3,646) |
4 Unrealised capital gains on investments
EUR X 1,000 | 2023 | 2022 |
Unrealised capital gains on investments | 27,159 | 62,701 |
Unrealised capital losses on investments | (297,056) | (117,218) |
Unrealised capital results on investments | (269,897) | (54,517) |
5 Management expenses
EUR X 1,000 | 2023 | 2022 |
Management fee Amvest REIM BV | (13,109) | (12,383) |
Auditor's fee | (267) | (260) |
Legal and tax expenses | (1,137) | (376) |
Valuation expenses | (533) | (521) |
Other expenses | (849) | (1,235) |
Management expenses | (15,895) | (14,775) |
Remuneration
Amvest REIM B.V. is the Fund Manager of the ARC Fund. The management fee paid for the year 2023 amounted to EUR 13.109 thousand (2022: EUR 12.383 thousand). In consideration of the management activities with respect to the ARC Fund, the Fund Manager receives an annual management fee; up to EUR 90 million of gross rental income, the management fee equals 8.5% per annum, between EUR 90 million and 150 million of gross rental income, the management fee equals 7.5% per annum, and for every euro of gross rental income above EUR 150 million, the management fee equals 6.5%. The management fee is payable quarterly in advance.
All fund team members, (identified) staff and board members are employed by Amvest Management B.V., the Fund Services Provider of the ARC 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 ARC Fund.
In 2023, the members of the Advisory Board (5) did not receive any fee; the members of the Investment Committee (3) received a total fee of EUR 65,000.
Reference is made to Amvest REIM B.V. annual report for more information on remuneration.
6 Financial income and expenditures
EUR X 1,000 | 2023 | 2022 |
Interest expenses on syndicated loan facility | (22,761) | (11,590) |
Other expenses | (992) | (1,511) |
Financial income and expenditures | (23,753) | (13,101) |