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NOTE 8
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INVESTMENT PROPERTY
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Investment property
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NOK 1 000
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2014
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2013
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Balance at 1 January
|
1 828 917
|
1 981 853
|
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Acquisitions
|
65 450
|
640 189
|
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Acquisitions through improvements
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325 159
|
1 219
|
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Disposals
|
- 2 435
|
- 814 807
|
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Net change in value of investment property
|
169 358
|
20 463
|
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Carrying amount at 31 December
|
2 386 449
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1 828 917
|
|||||
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Income from investment property
|
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|
NOK 1 000
|
2014
|
2013
|
|||||
|
Rental income from properties
|
73 612
|
92 071
|
|||||
|
Costs directly attributable to properties
|
- 11 226
|
- 11 449
|
|||||
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Net change in value of investment property
|
169 358
|
20 463
|
|||||
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Total
|
231 744
|
101 085
|
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Calculation of fair value of investment property
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The investment properties are measured at fair value. Fair value is the amount for which an asset can be traded in a transaction between well-informed, voluntary parties. Market prices are considered when determining the market rent and required rate of return.
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All of the Group's investment properties are measured yearly based on cash flow models. Future cash flows are calculated on the basis of signed contracts, as well as future cash flows based on expected market prices. No external valuations have been obtained. Other investment properties than rental properties, primarily land for developing property and residential projects, are valued on the basis of appraisals. Note 2 gives a detailed description of the parameters used to calculate the fair value.
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