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.

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