24. Investment property
in € thousand |
|
Investment property |
|
Payments on account and plants under construction |
|
Total |
|---|---|---|---|---|---|---|
Carrying amount as of 1 January 2022 |
|
172,845 |
|
39,742 |
|
212,587 |
Acquisition or production cost |
|
|
|
|
|
|
1 January 2022 |
|
356,417 |
|
39,742 |
|
396,159 |
Additions |
|
13,316 |
|
8,151 |
|
21,467 |
Disposals |
|
|
|
- 128 |
|
- 128 |
Reclassifications |
|
31,616 |
|
- 31,068 |
|
548 |
31 December 2022 |
|
401,349 |
|
16,697 |
|
418,046 |
Accumulated depreciation, amortisation and impairment |
|
|
|
|
|
|
1 January 2022 |
|
183,572 |
|
0 |
|
183,572 |
Additions |
|
7,640 |
|
|
|
7,640 |
Disposals |
|
|
|
|
|
0 |
Reclassifications |
|
|
|
|
|
0 |
31 December 2022 |
|
191,212 |
|
0 |
|
191,212 |
Carrying amount as of 31 December 2022 |
|
210,136 |
|
16,697 |
|
226,834 |
|
|
|
|
|
|
|
Carrying amount as of 1 January 2023 |
|
210,136 |
|
16,697 |
|
226,834 |
Acquisition or production cost |
|
|
|
|
|
|
1 January 2023 |
|
401,349 |
|
16,697 |
|
418,046 |
Additions |
|
2,183 |
|
16,289 |
|
18,472 |
Disposals |
|
- 25,443 |
|
- 228 |
|
- 25,671 |
Reclassifications |
|
538 |
|
- 538 |
|
0 |
31 December 2023 |
|
378,627 |
|
32,220 |
|
410,847 |
Accumulated depreciation, amortisation and impairment |
|
|
|
|
|
|
1 January 2023 |
|
191,212 |
|
0 |
|
191,212 |
Additions |
|
7,712 |
|
|
|
7,712 |
Disposals |
|
- 20,994 |
|
|
|
- 20,994 |
Reclassifications |
|
|
|
|
|
0 |
31 December 2023 |
|
177,930 |
|
0 |
|
177,930 |
Carrying amount as of 31 December 2023 |
|
200,697 |
|
32,220 |
|
232,917 |
Investment property mainly relates to warehouses converted to office space and other commercial real estate in Hamburg’s Speicherstadt historical warehouse district, as well as logistics warehouses and surfaced areas.
The additions in the reporting period relate mainly to conversion costs in connection with changes of use.
Disposals during the reporting period are generally associated with the sale of a logistics property including the relevant surfacing.
Rental income from investment property at the end of the financial year was € 59,760 thousand (previous year: € 58,477 thousand). The direct operating expenses for investment property, which are fully attributable to rental income, amounted to € 15,456 thousand in the reporting year (previous year: € 15,851 thousand).
There are no contractual obligations to buy, erect or develop investment property, or to repair, maintain or improve such property.
Fair value is calculated and measured annually by HHLA’s Real Estate segment. The associated inputs are classified as level 3 in the fair value hierarchy; see Note 7.
in € thousand |
|
2023 |
|
2022 |
|---|---|---|---|---|
As of 1 January |
|
584,432 |
|
588,038 |
Change in fair value (not realised) |
|
- 23,734 |
|
- 3,606 |
As of 31 December |
|
560,698 |
|
584,432 |
Valuation method |
|
Key unobservable input factors |
|
Relationship between key unobservable input factors and fair value measurement: |
|---|---|---|---|---|
The fair values are determined on the basis of the projected net cash flows from the management of the properties using the discounted cash flow method (DCF method). A detailed planning period of ten years or until the end of the useful life is assumed for properties with a remaining useful life of less than ten years. The discounting of the cash flows is based on customary market discount rates. The determination is made on a property-specific basis using property-specific assessment criteria. |
|
Contractual rental income |
|
the contractual rental income would be higher (lower) |
|
Expected rent increases |
|
expected rent increases would be higher (lower) |
|
|
Vacancy periods |
|
the vacancy periods would be shorter (longer) |
|
|
Occupancy rate |
|
the occupancy rate would be higher (lower) |
|
|
Rent-free periods |
|
the rent-free periods would be shorter (longer) |
|
|
Possible terminations of the tenancy agreement |
|
possible terminations would not (occur) |
|
|
Follow-up renting |
|
the follow-up renting would occur sooner (later) |
|
|
Operating, administrative and maintenance costs |
|
the operating, administration and maintenance costs would be lower (higher) |
|
|
Rent for the land |
|
the rent would be lower (higher) |
|
|
Discount rate |
|
the risk-adjusted discount rate would be lower (higher) |
Regarding existing restrictions on the disposal and use of buildings in connection with the renting of associated properties from the Free and Hanseatic City of Hamburg, see the explanatory remarks on leases in Note 45.