3. Investment properties
| in € thousands | Investment properties 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 |
| in € thousands | Investment properties 2008 |
|---|---|
| Costs as of 1 January | 1,495,632 |
| Currency differences | -38,129 |
| Additions | 0 |
| Investments during the current year | 172 |
| Disposals | 0 |
| Reclassifications | 210,269 |
| as of 31 December | 1,667,944 |
| Depreciation and amortisation/impairment losses and reversals as of 1 January | 162,568 |
| Currency differences | 0 |
| Additions | 0 |
| Reversals of impairment losses | 89,947 |
| Depreciation and amortisation | -23,631 |
| Disposals | 939 |
| as of 31 December | 229,823 |
| Carrying amount 1 January | 1,658,200 |
| Carrying amount 31 December | 1,897,767 |
The reclassifications relate to the properties in Hameln und Passau, which opened in March and September and were reported at fair value under IAS 40 for the first time.
The properties are secured by mortgages. Land charges exist in the amount of €899,808 thousand.
The rental income of the property valued in line with IAS 40 amounted to €115,343 thousand. The direct operating expenses amounted to €13,108 thousand.