Fair Values

Major market developments and valuation parameters that have an impact on the fair values of Vonovia are assessed every quarter. Due to the market momentum recognized across Germany in the first half of the year, Vonovia arranged for a new valuation to be performed on around two-thirds of the portfolio. This led to net income from the valuation of € 1,164.7 million. The recognition and valuation of investment properties are explained in detail in the Notes to the consolidated financial statements (note [9]).