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8 Net Income from Fair Value Adjustment of Investment Properties

The measurement of the investment properties led to a gain as of June 30, 2022, of € 3,115.9 million (H1 2021: € 3,698.6 million; see explanatory information in note [D15] “Investment Properties”). This includes € -5.7 million (H1 2021: € -1.6 million) for the measurement of right-of-use assets (IFRS 16).

The figure also includes the valuation result from buildings under construction (new construction/development to hold) that were completed during the reporting period and were moved to the Rental portfolio. A fair value measurement is performed for the first time when the properties are completed. This resulted in a valuation effect of € 28.9 million as of June 30, 2022 (H1 2021: € 18.9 million).

The recognition and valuation of investment properties are explained in detail in the consolidated financial statements for 2021.