17 Financial Liabilities from Tenant Financing
The financial liabilities from tenant financing include € 114.2 million (December 31, 2017: € 7.7 million) in tenant financing contributions. The financing contributions relate to the contributions collected from tenants in Austria for subsidized apartments. These are reimbursed upon the termination of the rental contract following the deduction of a depreciation amount. The amount refunded can be collected again from the new tenants. As these are generally rental contracts that can be terminated at any time; these liabilities are reported as current liabilities.
In the previous year, the corresponding amounts for financial liabilities from tenant financing were reported as advance payments received within other liabilities due to their low amount.
In addition, the financial liabilities from tenant financing include € 40.7 million (December 31, 2017: € 0.0 million) in maintenance and improvement contributions deposited by tenants (EVB). These contributions are paid by tenants in Austria to finance the costs associated with modernization measures. The payment depends on the age of the building and must be used up for modernization measures within 20 years of their receipt. Otherwise, they have to be refunded to the tenant.