Statement of comprehensive income in accordance with INREV valuation principles

All amounts in € thousands unless otherwise stated


As at 31 December			2014			2013
	IFRS	Adjustment	INREV	IFRS	Adjustment	INREV
Gross rental income	156,049		156,049	152,233		152,233
Service charge income	4,038		4,038	2,799		2,799
Other income	671		671	656		656
Revenues	160,758		160,758	155,688		155,688

Service charge expenses	(4,560)		(4,560)	(3,502)		(3,502)
Property operating expenses	(40,922)		(40,922)	(42,751)		(42,751)
Other expenses	-		-	-		-
	(45,482)		(45,482)	(46,253)		(46,253)
Net rental income	115,276		115,276	109,435		109,435

Profit (loss) on sales of investment property	(869)		(869)	(3,665)		(3,665)

Positive fair value adjustment	49,661		49,661	11,003		11,003
Negative fair value adjustment	(17,090)		(17,090)	(103,881)		(103,881)
Net valuation gain (loss) on investment property	32,571		32,571	(92,878)		(92,878)

Administrative expenses	(13,865)	(600)	(14,465)	(13,839)	(600)	(14,439)
Result before finance expense	133,113		132,513	(947)		(1,547)

Finance income	41		41	6		6
Net finance expense	41		41	6		6
Result before tax	133,154		132,554	(941)		(1,541)
Income taxes	-		-	-		-
Net result	133,154		132,554	(941)		(1,541)

Other comprehensive income for the year	-		-	-		-
Total comprehensive income for the year	133,154		132,554	(941)		(1,541)
Net result attributable to shareholders	133,154		132,554	(941)		(1,541)
Total comprehensive income attributable to shareholders	133,154		132,554	(941)		(1,541)

Earnings per share (€)
Basic earnings per share	128.47		127.89	(0.93)		(1.32)
Diluted earnings per share	128.47		127.89	(0.93)		(1.32)