Assurance report of the independent auditor

To the participants of Vesteda Residential Fund FGR

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Consolidated statement of profit or loss and other comprehensive income

for the year ended 31 December 2018

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Consolidated statement of financial position

for the year ended 31 December 2018

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Consolidated statement of changes in equity

for the year ended 31 December 2018

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Consolidated cash flow statement

for the year ended 31 December 2018

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1. Corporate information

The consolidated financial statements of Vesteda Residential Fund FGR (the Fund) and the affiliated entities (the Vesteda Companies) for the year ended 31 December 2018 were authorised for issue in accordance with a resolution of the Managing Board

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2. Basis of preparation

Vesteda Residential Fund FGR (the Fund) is not a legal entity. These financial statements present the consolidated financial information of the Fund and its affiliated companies (together referred to as the Vesteda Companies).

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3. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Vesteda’s accounting policies, which are described in note 4, management is required to make judgements (other than those involving estimations) that have a significant impact on the amounts recognized and to make estimates

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4. Summary of significant accounting policies

Vesteda Residential Fund FGR is a contractual investment fund (beleggingsfonds), as defined in section 1:1 of the Dutch Financial Supervision Act (FSA).

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5. Gross rental income

Gross rental income can be broken down as follows:

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