DES GB2012 E

Notes to the Consolidated ﬁnancial statements – Assets PROPERTY, ADVANCE PAYMENTS AND ASSETS UNDER CONSTRUCTION 2012 2011 Costs as at 1 January 230 230 Additions 0 0 Disposals -230 0 as at 31 December 0 230 Depreciation as at 1 January -230 -230 Additions 0 0 Disposals 230 0 as at 31 December 0 -230 Carrying amount at 1 January 0 0 Carrying amount at 31 December 0 0 3. INVESTMENT PROPERTIES 2012 2011 Carrying amount at 1 January 3,106,832 2,700,697 Additions 12,618 77,067 Additions to basis of consolidation 179,760 274,767 Unrealised changes in fair value 31,079 54,301 Carrying amount at 31 December 3,330,289 3,106,832 The properties are secured by mortgages. There are land charges in the amount of €1,565,291 thousand (previous year: €1,472,149 thousand). The rental income of the properties valued in accordance with IAS 40 was €211,231 thou- sand (previous year: €189,975 thousand). Directly associated operating expenses were €21,803 thousand (previous year: €18,333 thousand). The additions include construction costs incurred for our expansion measures in Dresden, Wildau and Sulzbach as well as ongoing investments in portfolio properties. The Herold-Center Norderstedt was acquired on 31 December 2012. The fair value at the balance sheet date was included in the basis of consolidation. Unrealised changes in market value relate to appreciation and depreciation in accordance with IAS 40 on shopping center properties. € thousand € thousand CONSOLIDATED FINANCIAL STATEMENTS { 158 } DES ANNUAL REPORT 2012

DES GB2012 E

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