3. Investment properties

in € thousand Investment properties
  2010 2009
Carrying amount at 1 January 1,990,980 1,897,767
Currency differences 0 0
Additions 75,330 16,459
Additions to basis of consolidation 600,323 71,228
Investments during the year 2,626 4,703
Unrealised changes in fair value 31,333 -20,467
Reclassifications 105 21,290
Carrying amount at 31 December 2,700,697 1,990,980

The presentation of the development of investment properties was changed in the year under review. The key changes during the year are shown in the following table.

in € thousand
Investment properties as at 1 January 1,990,980
First-time consolidation 0
- Main-Taunus-Zentrum 245,198
- Phoenix-Center 95,720
- A 10 Center 204,381
  545,299
Increase in stake Altmarkt-Galerie Dresden 55,024
Additions to basis of consolidation 600,323
Additions, expansion measures 75,330
Ongoing investments / maintenance measures 2,626
Other 105
Value increases 32,315
Value decreases -982
Change in investment properties 709,717
Investment properties as at 31 December 2,700,697

The properties are secured by mortgages. There are land charges in the amount of €1,288,156 thousand (previous year: €934,195 thousand). The rental income of the properties valued in accordance with IAS 40 was €144,189 thousand (previous year: €127,563 thousand). Directly associated operating expenses were €15,212 thousand (previous year: €13,024 thousand).

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