| | Note | | 2015 | | 2014 |
Gross rental income | 6 | 41,999 | | 37,920 | |
Service charge income | 6 | 7,814 | | 6,640 | |
Other income | | 704 | | 1,805 | |
Revenues | | | 50,517 | | 46,365 |
| | | | | | |
Service charge expenses | | (10,601) | | (8,466) | |
Property operating expenses | 7 | (13,063) | | (9,107) | |
| | | | (23,664) | | (17,573) |
Net rental income | | | 26,853 | | 28,792 |
| | | | | | |
Profit (loss) on sales of investment property | | | 535 | | - |
| | | | | | |
Positive fair value adjustment investment property | 12 | 8,664 | | 1,216 | |
Negative fair value adjustment investment property | 12 | (29,275) | | (26,414) | |
Fair value adjustments on investment property under construction | 13 | 477 | | (477) | |
Net valuation gain (loss) on investment property | | | (20,134) | | (25,675) |
| | | | | | |
Administrative expenses | 8 | | (3,221) | | (2,526) |
Result before finance result | | | 4,033 | | 591 |
| | | | | | |
Finance income | 9 | 1 | | 21 | |
Net finance result | | | 1 | | 21 |
| | | | | | |
Result before tax | | | 4,034 | | 612 |
Income taxes | 10 | | - | | - |
Result for the year | | | 4,034 | | 612 |
| | | | | | |
Items that will not be reclassified subsequently to comprehensive income | | | - | | - |
Items that may be reclassified subsequently to comprehensive income | | | - | | - |
Total comprehensive income for the year, net of tax | | | 4,034 | | 612 |
| | | | | | |
Net result attributable to shareholders | | | 4,034 | | 612 |
Total comprehensive income attributable to shareholders | | | 4,034 | | 612 |
| | | | | | |
| | | | | | |
Distributable result | 19 | | 23,633 | | 26,287 |
Pay-out ratio | 19 | | 100% | | 100% |