Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

14. Investment Properties (Tables)

v3.8.0.1
14. Investment Properties (Tables)
12 Months Ended
Dec. 31, 2017
Investment Properties Tables  
Schedule of investment properties
Cost or valuation   Investment Properties  
Balance at January 1, 2015   $ 47,629,537  
Additions      
Disposals     (3,412,482 )
Revaluation adjustment     (2,271,703 )
Currency exchange rate adjustment     (4,538,269 )
Balance at December 31, 2015   $ 37,407,083  
Additions      
Disposals      
Revaluation adjustment     (563,477 )
Currency exchange rate adjustment     (1,057,553 )
Balance at December 31, 2016   $ 35,786,053  
Additions      
Disposals     (5,893,888 )
Revaluation adjustment     (858,371 )
Currency exchange rate adjustment     4,796,108  
Balance at December 31, 2017   $ 33,829,902  
Schedule of details of the investment properties
Location, address   2017 Fair Value, Level 3     2016 Fair Value, Level 3     2015 Fair Value, Level 3  
Milano, Corso Europa 22   $     $ 5,339,312     $ 5,565,238  
Buccinasco, Via Lucania 2-4-6     18,982,736       16,492,776       17,396,117  
Buccinasco, Via Privata Mulino 24     1,130,068       981,336       1,096,759  
Buccinasco, Via Lazio 95     3,907,149       3,703,752       3,887,522  
Buccinasco, Via Bruno Buozzi 22     180,330       849,436       879,579  
Buccinasco, Via Emilia 30     180,330       162,501       166,143  
Rozzano, Milanofiori, Building A5     2,789,103       2,437,512       2,454,134  
Rozzano, Milanofiori, Building N1     3,847,039       3,397,744       3,464,021  
Rozzano, Milanofiori, Building Q5     1,154,112       1,018,268       1,031,605  
Rozzano, Milanofiori, Building Q7     1,659,035       1,403,416       1,465,965  
Total   $ 33,829,902     $ 35,786,053     $ 37,407,083  
Schedule of unobservable inputs

The summary of the unobservable inputs used for the year ended December 31, 2017 are as follows:

 

Property   Fair
Value
  Valuation
technique
  Key
unobservable
inputs
  Inputs
used
Buccinasco, Via Lucania 2-4-6 $ 18,982,736   DCF   ERV   $96 per sq. meter
            Rental growth p.a.   0.83% to 1.50%
            Discount rate   8.50%
            Cap rate   7.5%
                 
Buccinasco, Via Privata Mulino 24   1,130,068   DCF   ERV   $213 per sq. meter
            Rental growth p.a.   0.83% to 1.50%
            Discount rate   7.30%
            Cap rate   6.9%
                 
Buccinasco, Via Lazio 95   3,907,149   DCF   ERV   $82 per sq. meter - warehouse
$117 per sq meter - office
            Rental growth p.a.   0.83% to 1.50%
            Discount rate   8.60%
            Cap rate   7.5%
                 
Buccinasco, Via Bruno Buozzi 22   180,330   DCF   ERV   $117 per sq. meter
            Rental growth p.a.   0.83% to 1.50%
            Discount rate   6.80%
            Cap rate   5.6%
                 
Buccinasco, Via Emilia 30   180,330   DCF   ERV   $69 per sq. meter, $481 per parking space
            Rental growth p.a.   0.83% to 1.50%
            Discount rate   8.70%
            Cap rate   7.6%
                 
Rozzano, Milanofiori, Building A5   2,789,103   DCF   ERV   $153 per sq. meter - offices,
$166 per sq. meter commercial area
$48 per sq. meter - cellars,
$1,082 per parking space
            Rental growth p.a.   0.83% to 1.50%
            Discount rate   6.80%
            Cap rate   5.6%
                 
Rozzano, Milanofiori, Building N1   3,847,039   DCF   ERV   $84 - $153 per s. meter
            Rental growth p.a.   0.83% to 1.50%
            Discount rate   6.80%
            Cap rate   5.6%
                 
Rozzano, Milanofiori, Building Q5   1,154,112   DCF   ERV   $153 per sq. meter,
$1,082 per parking space
            Rental growth p.a.   0.83% to 1.50%
            Discount rate   6.80%
            Cap rate   5.6%
                 
Rozzano, Milanofiori, Building Q7   1,659,035   DCF   ERV   $153 per sq. meter,
$1,082 per parking space
            Rental growth p.a.   0.83% to 1.50%
            Discount rate   6.80%
            Cap rate   5.6%
                 
Total $ 33,829,902            

 

The summary of the unobservable inputs used for the year ended December 31, 2016 are as follows:

 

Property   Fair
Value
  Valuation
technique
  Key
unobservable
inputs
  Inputs
used
                 
Milano, Corso Europa 22 $ 5,339,312   DCF   ERV   $475 per sq. meter
            Rental growth p.a.   0.975% to 1.5%
            Discount rate   4.96%
            Cap rate   4.3%
                 
Buccinasco, Via Lucania 2-4-6   16,492,776   DCF   ERV   $88 per sq. meter
            Rental growth p.a.   0.975% to 1.5%
            Discount rate   8.56%
            Cap rate   7.5%
                 
Buccinasco, Via Privata Mulino 24   981,336   DCF   ERV   $185 per sq. meter
            Rental growth p.a.   0.975% to 1.5%
            Discount rate   7.36%
            Cap rate   6.9%
                 
Buccinasco, Via Lazio 95   3,703,752   DCF   ERV   $73 - $103 per sq. meter
            Rental growth p.a.   0.975% to 1.5%
            Discount rate   8.66%
            Cap rate   7.5%
                 
Buccinasco, Via Bruno Buozzi 22   849,436   DCF   ERV   $103 per sq. meter
            Rental growth p.a.   0.975% to 1.5%
            Discount rate   6.86%
            Cap rate   5.6%

 

 

Property   Fair
Value
  Valuation
technique
  Key
unobservable
inputs
  Inputs
used
Buccinasco, Via Emilia 30   162,501   DCF   ERV   $61 per sq. meter,
$422 per parking space
            Rental growth p.a.   0.975% to 1.5%
            Discount rate   8.76%
            Cap rate   7.6%
                 
Rozzano, Milanofiori, Building A5   2,437,512   DCF   ERV   $135 per sq. meter,
$950 per parking space
            Rental growth p.a.   0.975% to 1.5%
            Discount rate   6.86%
            Cap rate   5.6%
                 
Rozzano, Milanofiori, Building N1   3,397,744   DCF   ERV   $74 - $135 per sq. meter
            Rental growth p.a.   0.975% to 1.5%
            Discount rate   6.86%
            Cap rate   5.6%
                 
Rozzano, Milanofiori, Building Q5   1,018,268   DCF   ERV   $135 per sq. meter,
$950 per parking space
            Rental growth p.a.   0.975% to 1.5%
            Discount rate   6.86%
            Cap rate   5.6%
                 
Rozzano, Milanofiori, Building Q7   1,403,416   DCF   ERV   $135 per sq. meter,
$950 per parking space
            Rental growth p.a.   0.975% to 1.5%
            Discount rate   6.86%
            Cap rate   5.6%
                 
Total $ 35,786,053            

  

The summary of the unobservable inputs used for the year ended December 31, 2015 are as follows:

 

Property   Fair
Value
  Valuation
technique
  Key
unobservable
inputs
  Inputs
used
                 
Milano, Corso Europa 22 $  5,565,238   DCF   ERV   $499 per sq. meter
            Rental growth p.a.   0.83% to 1.5%
            Discount rate   4.96%
            Cap rate   4.3%
                 
Buccinasco, Via Lucania 2-4-6    17,396,117   DCF   ERV   $91 per sq. meter
            Rental growth p.a.   0.83% to 1.5%
            Discount rate   8.46%
            Cap rate   7.4%
                 
Buccinasco, Via Privata Mulino 24    1,096,759   DCF   ERV   $192 per sq. meter
            Rental growth p.a.   0.83% to 1.5%
            Discount rate   7.26%
            Cap rate   6.8%
                 
Buccinasco, Via Lazio 95    3,887,522   DCF   ERV   $75 - $106 per sq. meter
            Rental growth p.a.   0.83% to 1.5%
            Discount rate   8.56%
            Cap rate   7.4%
                 
Buccinasco, Via Bruno Buozzi 22    879,579   DCF   ERV   $106 per sq. meter
            Rental growth p.a.   0.83% to 1.5%
            Discount rate   6.86%
            Cap rate   5.6%
                 
Buccinasco, Via Emilia 30    166,143   DCF   ERV   $64 per sq. meter, $434 per parking space
            Rental growth p.a.   0.83% to 1.5%
            Discount rate   8.66%
            Cap rate   7.5%
                 
                 
Rozzano, Milanofiori, Building A5    2,454,134   DCF   ERV   $139 per sq. meter,
$977 per parking space
            Rental growth p.a.   0.83% to 1.5%
            Discount rate   6.86%
            Cap rate   5.6%
                 
                 
Rozzano, Milanofiori, Building N1    3,464,021   DCF   ERV   $76 - $139 per sq. meter
            Rental growth p.a.   0.83% to 1.5%
            Discount rate   6.86%
            Cap rate   5.6%
                 
                 
Rozzano, Milanofiori, Building Q5   1,031,605   DCF   ERV   $139 per sq. meter,
$977 per parking space
            Rental growth p.a.   0.83% to 1.5%
            Discount rate   6.86%
            Cap rate   5.6%
                 
Rozzano, Milanofiori, Building Q7   1,465,965   DCF   ERV   $139 per sq. meter,
$977 per parking space
            Rental growth p.a.   0.83% to 1.5%
            Discount rate   6.86%
            Cap rate   5.6%
Total $  37,407,083