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NOTE 8
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INVESTMENT PROPERTY
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Investment property
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NOK 1 000
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2016
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2015
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Balance at 1 January
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2 235 960
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2 386 449
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Acquisitions
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499 020
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75 126
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Acquisitions through improvements
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571 615
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140 436
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Disposals
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-10 592
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-556 228
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Reclassifications
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-1 180 100
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-
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Net change in value of investment property
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584 597
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190 117
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Carrying amount at 31 December
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2 700 500
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2 235 900
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Income from investment property
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NOK 1 000
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2016
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2015
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Rental income from properties
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143 512
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85 858
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Costs directly attributable to properties
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-37 960
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-12 545
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Net change in value of investment property
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584 597
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190 117
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Total
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690 150
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263 430
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Calculation of 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 well-informed, 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 for signed contracts, as well as future cash flows based on expected market prices. No external valuations have been obtained. Note 2 gives a detailed description of the parameters used to calculate the fair value.
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