Consolidated statement of comprehensive income
All amounts in € thousands, unless otherwise stated
| Note | | 2018 | | 2017 |
Gross rental income | 6 | 207,094 | | 192,464 | |
Service charge income | 6 | 5,546 | | 4,939 | |
Other income | | 613 | | 850 | |
Revenues | | | 213,253 | | 198,253 |
| | | | | |
Service charge expenses | | (5,782) | | (5,130) | |
Property operating expenses | 7 | (53,539) | | (55,840) | |
| | | (59,321) | | (60,970) |
Net rental income | | | 153,932 | | 137,283 |
| | | | | |
Result on disposal of investment property | | | 8,456 | | 10,275 |
| | | | | |
Positive fair value adjustments completed investment property | 12 | 667,369 | | 412,467 | |
Negative fair value adjustments completed investment property | 12 | (1,935) | | (33) | |
Fair value adjustments on investment property under construction | 13 | 78,715 | | 100,972 | |
Net valuation gain (loss) on investment property | | | 744,149 | | 513,406 |
| | | | | |
Administrative expenses | 8 | | (27,812) | | (22,700) |
Result before finance result | | | 878,725 | | 638,264 |
| | | | | |
Finance expenses | 9 | (639) | | (641) | |
Net finance result | | | (639) | | (641) |
| | | | | |
Result before tax | | | 878,086 | | 637,623 |
Income taxes | 10 | | (73) | | (13) |
Result for the year | | | 878,013 | | 637,610 |
| | | | | |
Items that will not be reclassified subsequently to comprehensive income | | | - | | - |
Items that may be reclassified subsequently to comprehensive income | | | - | | - |
Total comprehensive income for the year, net of tax | | 878,013 | | 637,610 |
| | | | | |
Net result attributable to shareholders | | | 878,013 | | 637,610 |
Total comprehensive income attributable to shareholders | | | 878,013 | | 637,610 |
| | | | | |
| | | | | |
Distributable result | 19 | | 125,372 | | 113,930 |
Pay-out ratio | 19 | | 100% | | 100% |