12. Investment property

(in millions of euros)

Total real estate

Composition per 1 January 2015

 
  

Cost

292

Cumulative depreciation and impairments

-96

Carrying amount as at 1 January 2015

196

  

Changes in 2015

 

Additions

8

Depreciation

-8

Divestments

-2

Impairment

-

Reversal impairment

-

Other changes

-

Total changes

-2

  

Composition per 31 December 2015

 
  

Cost

295

Cumulative depreciation and impairment

-101

Carrying amount as at 31 December 2015

194

  

Changes in 2016

 

Additions

1

Depreciation

-9

Divestments

-

Impairments

-2

Reversal impairment

-

Other changes

13

Total changes

3

  

Composition per 31 December 2016

 
  

Cost

306

Cumulative depreciation and impairments

-109

Carrying amount as at 31 December 2016

197

The other changes in 2016 relate to the transfer from other asset categories to investment property.

Given the nature, diversity and locations (station environments) the fair value of the property portfolio can not be determined reliably. Is expected to be the fair value substantially higher than the book value of the properties.

The properties exist alongside commercial properties also of other real estate properties that are leased to third parties or held as strategic real estate. The leases include a period of several years in which cancellation is not possible. Thereafter, a negotiation about extension with the tenant will take place. The total contractual rent until the end of the leases amounts to approximately € 200 million in 2016. No contingent rents are charged.

The direct rental income was €68 million (2015: €55 million). The direct rental costs are maintenance costs, property taxes and direct management costs, coming to a total of €19 million (2015: €16 million).