In order to give investors information on the transition from the Net Asset Value (NAV) according to IFRS to the adjusted NAV based on INREV valuation principles, the Fund also publishes the accounts according to the INREV valuation principles.

Before appropriation of result, all amounts in € thousands As at 31 December20142013  IFRSAdjustmentINREVIFRSAdjustmentINREV Assets       Non-current

 All amounts in € thousands unless otherwise stated   As at 31 December  2014  2013  IFRSAdjustmentINREVIFRSAdjustmentINREV Gross rental income37,920 37,92037,784 37,784 Service charge

All amounts in € thousands  For 2014, before appropriation of result   Issued capitalShare premiumRevaluation reserve*Retained earningsNet result for the yearTotal equity Balance according to IFRS at 1 January

All amounts in € thousands unless otherwise stated  Note Total 2014Per share 2014Total 2013Per share 2013  NAV as per the financial statements565,1132,113.01469,2012,341.19  Reclassification of certain IFRS

Investors’ capital can take various forms aside from equity – examples include shareholder loans and hybrid capital instruments such as convertible bonds. Some vehicles are structured via a combination of equity participations and shareholder loans.

Under certain circumstances dividends are recorded as a liability but have not yet been legally distributed. For the determination of INREV NAV, these accrued dividends should be reversed to the NAV.

After initial recognition, investment property is valued at fair value under the fair value option of IAS 40. Therefore no adjustment had to be made as per 31 December 2014.