For 2015, before appropriation of result, all amounts in € thousands

All amounts in € thousands

All amounts in € thousands, unless otherwise stated

The Hotel Fund is a public limited company incorporated under the laws of the Netherlands, with its corporate seat in Amsterdam, 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.

The risk management function within the Fund is carried out with respect to financial risks. Financial risks are risks arising from financial instruments to which the Fund is exposed during or at the end of the reporting period.

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

The future contractual rent from leases in existence on 31 December 2015, until the end of the contract (accounted for on the basis of the minimum rent) can be analysed as follows:

Where administrative expenses relate directly to the operation of the property portfolio, they are charged to operating expenses. Where administrative expenses relate directly to the development of the property portfolio, they are capitalised.