The table below presents the key parameters used in measuring the largest investment properties (including those presented as held for sale).

All real properties classified as level III fair value were measured by the income approach using the investment method and the straight capitalization technique or using a mixed approach. This valuation uses non-observable inputs such as:

  • capitalization rate – determined through analysis of rates of return obtained in transactions for similar properties;
  • monthly rental rate per 1 m2 of relevant space or per parking space.
XLS

Properties classified as level III Type of space 31 December 2022 31 December 2021
Carrying amount Rental fees included in the measurement Capitalization rates included in the measurement Carrying amount Rental fees included in the measurement Capitalization rates included in the measurement
Investment property
office Office 958 12.50 – 14,50 EUR 6.25% – 7.50% 962 12.50 – 14,50 EUR 6.00% – 7.25%
Parking lot 40.00 – 90,00 EUR 40.00 – 75.00 EUR
warehouse Office 1 680 9.50 – 11,00 EUR 4.95% – 6.70% 1 421 8.50 – 9.50 EUR 5.00% – 6.50%
Warehouse 3,65 – 4,00 EUR 3.30 – 4,00 EUR
commercial Commercial 151 w zależności od wielkości wynajmowanej powierzchni 6.25% – 7.50% 159 w zależności od wielkości wynajmowanej powierzchni 7.75% – 10.00%
other 72 65
Total 2 861 2 607
Investment property held for sale
warehouse Office 607 9.50 EUR 5.70% – 6.20% 557 8.50 – 9.00 EUR 5.50% – 6.50%
Warehouse 3.60 – 3.65 EUR 3.30 – 3.50 EUR
other 6 41
Total 613 598
XLS

Properties classified as level III Fair value Estimate variable Assumed fluctuation of the estimate variable Impact on measurement
Investment property 2 861 Capitalization rate + 0.25 p.p. -116
– 0.25 p.p. 127
Monthly rent rate + 5% 114
-5% -114
Investment property held for sale 613 Capitalization rate + 0.25 p.p. -24
– 0.25 p.p. 26
Monthly rent rate + 5% 26
-5% -26
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10.2.1.1. Change in the fair value measurement methodology for financial instruments measured at fair value
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10.2.2. Assets and liabilities not measured at fair value