Consolidated statement of profit or loss and other comprehensive income¹

For the year ended 31 December 2024; amounts in € million

	Notes	2024	2023
Gross rental income	5	399	378
Service charges income	6	14	12
Other income		2	2
Revenues		415	392

Property operating expenses (excluding service charges)	7	(105)	(89)
Service charges	6	(21)	(19)
Net rental income		289	284

Result on property sales	8	46	10
Management expenses	9	(30)	(30)
Financial results	10	(68)	(56)
Result before valuation gains (losses) on investment property		237	208

Unrealised result	11	891	(863)

Result before tax		1,128	(655)

Tax	12	(1)	(1)
Result after tax (attributable to equity holders of the parent/participants)		1,127	(656)

Other comprehensive income that will be reclassified subsequently to profit or loss
- Settlement pre-hedge contracts		1	1
Other comprehensive income that will not be reclassified subsequently to profit or loss
- Revaluation of PPE		1	(2)
Other comprehensive income, net of tax	13	2	(1)

Total comprehensive income (attributable to equity holders of the parent)		1,129	(657)

Earnings per participation right² in €
Basic and diluted earnings, on result after tax	21	32.01	(18.45)

Comprehensive income per participation right³ in €
Basic and diluted earnings, on total comprehensive income		32.07	(18.48)

^{1 This table contains a reconciliation between IFRS reported and certain non-GAAP measures.}
^{2 The earnings per participation right (EPR) are non-GAAP measures. The EPR are calculated by the result after tax divided by the weighted average number of participation rights.}
^{3 The comprehensive income per participation right (CIPR) is a non-GAAP measure. The CIPR is calculated by the total comprehensive income divided by the weighted average of participation rights.}