3. Investment properties
| in € thousands | Investment properties 2006 |
|---|---|
| Costs as of 1 January | 1,078,774 |
| Currency differences | 0 |
| Additions | 386 |
| Investments during the current year | 3,418 |
| Disposals | -73,411 |
| Reclassifications | 58,490 |
| Changes in consolidated Group | 268,536 |
| as of 31 December | 1,336,193 |
| Depreciation and amortisation/impairment losses and reversals as of 1 January |
59,497 |
| Currency differences | 0 |
| Additions | 0 |
| Reversals of impairment losses | 66,491 |
| Disposals | -10,179 |
| as of 31 December | 115,809 |
| Carrying amount 1 January | 1,138,271 |
| Carrying amount 31 December | 1,452,002 |
The previous year’s figures for cost and depreciation and amortisation/impairment losses have been adjusted.
| Costs in € thousands | Investment property 2007 |
|---|---|
| Costs as of 1 January | 1,336,193 |
| Currency differences | -373 |
| Additions | 0 |
| Investments during the current year | 2,921 |
| Disposals | 0 |
| Reclassifications | 156,891 |
| as of 31 December | 1,495,632 |
| Depreciation and amortisation/impairment losses and reversals as of 1 January |
115,809 |
| Currency differences | 0 |
| Additions | 0 |
| Reversals of impairment losses | 46,759 |
| Disposals | 0 |
| as of 31 December | 162,568 |
| Carrying amount 1 January | 1,452,002 |
| Carrying amount 31 December | 1,658,200 |
Reclassifications relate to Galeria Baltycka, which was reported for the first time at fair value under IAS 40. Since the final statement of the entire investment is still outstanding, the fair value was estimated properly by Deutsche EuroShop for a new shopping center, taking into account a provisional valuation report of 2006.
Furthermore, reversals of impairment losses of €46,759 thousand were made on the property in line with IAS 40.
The properties are secured by mortgages. Land charges exist in the amount of €1,077,481 thousand.
The rental income of the property valued in line with IAS 40 amounted to €95,762 thousand. The direct operating expenses amounted to €11,537 thousand.