See accounting policy D.
|At 1 January||2,052||1,973|
|Changes in value of investments, realised/unrealised gains and losses:|||||
|- Fair value gains and losses||122||91|
|Transferred from property and equipment||18||-|
|Transfer between investment property and investments||-||-2|
|Transfer of real estate equity funds to investments||-1,431||-|
|At 31 December||664||2,052|
Purchases in 2022 mainly relates to acquisitions of rural property (€ 30 million) and offices (€ 29 million). Disposals relates to the disposal of rural property (€ 55 million) and the sale of shares in ASR Dutch Farmland Fund (ASR DFLF) to third parties (€ 103 million). As a result a.s.r. lost control of ASR DFLF. The transfer of real estate equity funds (€ 1,431 million) to investments relates to the transfer of ASR DFLF to investments, see chapter 126.96.36.199.
Rental income is recognised as investment income, see chapter 6.6.2. In 2022, rentals amounted to € 58 million (2021: € 64 million). The rental income decreased due to the transfer of real estate equity funds to investments.
Direct operating expenses arising from investment property amounted to € 9 million (2021: € 10 million). Given the overall low vacancy rate, virtually all direct operating expenses relate to investment property generating rental income. Direct operating expenses of investment property are classified as other expenses, see chapter 6.6.11 .