9 Net Income from Fair Value Adjustment of Investment Properties

The measurement of the investment properties led to a valuation result as of June 30, 2023, of € -6,382.9 million (H1 2022: € 3,115.9 million; see explanatory information in chapter note [D17] Investment Properties). This includes € -52.1 million (H1 2022: € -5.7 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 € 13.7 million as of June 30, 2023 (H1 2022: € 28.9 million).

The recognition and valuation of investment properties are explained in detail in the consolidated financial statements for 2022.