10 Net Income from Fair Value Adjustments of Investment Properties
The measurement of the investment properties led to a valuation gain as of June 30, 2021, of € 3,698.6 million (first half of 2020: € 1,812.3 million; see explanatory information in note [D17] Investment Properties). This includes € -1.6 million (first half of 2020: € -2.8 million) for the measurement of right-of-use assets (IFRS 16).
The figure also includes the valuation result from buildings under construction (new construction/development to hold) that were completed during the reporting period and were moved to the Rental portfolio. A fair value measurement is performed for the first time when the properties are completed. This resulted in a valuation effect of € 18.9 million as of June 30, 2021 (first half of 2020: € 26.2 million).
The recognition and valuation of investment properties are explained in detail in the consolidated financial statements for 2020.