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ePaper created 2012-04-27, 18:43:33 | version 1.23.1
3. Investment properties Investment Properties in € thousand 2011 2010 Carrying amount at 1 January 2,700,697 1,990,980 Additions 77,067 77,956 Additions to basis of consolidation 274,767 600,323 Unrealised changes in fair value 54,301 31,333 Reclassifications – 105 Carrying amount at 31 December 3,106,832 2,700,697 The presentation of the development of investment properties was changed in regard to additions/investments. The properties are secured by mortgages. There are land charges in the amount of € 1,472,149 thousand. (previous year: € 1,288,156 thousand). The rental income of the properties valued in accordance with IAS 40 was € 189,975 thousand (previous year: € 144,189 thousand). Directly associated operating expenses were € 18,333 thousand (previous year: € 15,212 thousand). The additions include investments in expansion measures in Dresden, Wildau and Sulzbach and ongoing investments in portfolio properties. The Billstedt-Center (acquired 1 January 2011) and the Allee-Center Magdeburg (acquired 1 October 2011) were recognised for the first time in the reporting year, at fair value, and represent additions to the scope of consolidation. Unrealised changes in market value relate to appreciation and depreciation in accordance with IAS 40 on shopping center properties. 4. Non-current financial assets Non-current fi nancial assets in € thousand 2011 2010 Costs as at 1 January 15,381 15,381 as at 31 December 15,381 15,381 Amortisation/impairment losses and reversals as at 1 January 8,504 9,374 Reversals of impairment losses 3,930 0 Write-downs 0 -870 as at 31 December 12,434 8,504 Carrying amount at 1 January 23,885 24,755 Carrying amount at 31 December 27,815 23,885 During the reporting year, a reversal of impairment losses, recognised directly in equity, on the stake in Ilwro Joint Venture Sp. z o.o., Warsaw, was made, in the amount of € 3,930 thousand, taking the carrying amount of the participation to € 27,815 thousand on the reporting date. DES Annual Report 2011 43 CONSOLIDATED FINANCIAL STATEMENTS notes to the consolidated balance sheet – assets