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NOTE 16
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INVESTMENT PROPERTY
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Investment property
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NOK 1 000
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2013
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2012
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Balance at 1 January
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1 981 853
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1 514 927
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Acquisitions
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640 189
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65 136
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Acquisitions through improvements
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1 219
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65 418
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Disposals
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- 814 807
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- 6 963
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Net change in value of investment property
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20 463
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343 335
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Carrying amount at 31 December
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1 828 917
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1 981 853
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Income from investment property
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NOK 1 000
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2013
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2012
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Rental income from properties
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92 071
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98 850
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Costs directly attributable to properties
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- 11 449
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- 6 472
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Net change in value of investment property
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20 463
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343 335
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Total
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101 085
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435 713
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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 knowledgeable, 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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