9 Net Income from Fair Value Adjustment of Investment Properties

The measurement of the investment properties led to a valuation gain as of June 30, 2025, of € 520.3 million (H1 2024: € -1,432.0 million) (see explanatory information in chapter [D20] Investment Properties). This includes € -16.3 million (H1 2024: € -12.9 million) for the measurement of right-of-use assets (IFRS 16).

Buildings under construction (New construction/Development to hold) were completed during the reporting period and 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 € 0.5 million as of June 30, 2025 (H1 2024: € 2.6 million).

The recognition and valuation of investment properties are explained in detail in the consolidated financial statements for 2024.