| | Note | 2015 | 2014 |
Gross rental income | 6 | 38,718 | | 35,662 | |
Service charge income | 6 | 1,971 | | 1,930 | |
Other income | | 215 | | 159 | |
Revenues | | | 40,904 | | 37,751 |
| | | | | | |
Service charge expenses | | (2,198) | | (2,203) | |
Property operating expenses | 7 | (5,069) | | (4,631) | |
| | | | (7,267) | | (6,834) |
Net rental income | | | 33,637 | | 30,917 |
| | | | | | |
Profit (loss) on sales of investment property | | | (183) | | (8,356) |
| | | | | | |
Positive fair value adjustment completed investment property | | 12,141 | | 2,465 | |
Negative fair value adjustment completed investment property | | (29,682) | | (40,846) | |
Net valuation gain (loss) on investment property | 12 | | (17,541) | | (38,381) |
| | | | | | |
Net valuation gain (loss) on investment property under construction | 13 | | 19,831 | | 30,254 |
| | | | | | |
Administrative expenses | 8 | | (3,595) | | (3,254) |
Result before finance result | | | 32,149 | | 11,180 |
| | | | | | |
Finance income | 9 | 1 | | 5 | |
Net finance result | | | 1 | | 5 |
| | | | | | |
Result before tax | | | 32,150 | | 11,185 |
Income taxes | 10 | | - | | - |
Result for the year | | | 32,150 | | 11,185 |
| | | | | | |
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 | | | 32,150 | | 11,185 |
| | | | | | |
Net result attributable to shareholders | | | 32,150 | | 11,185 |
Total comprehensive income attributable to shareholders | | | 32,150 | | 11,185 |
| | | | | | |
| | | | | | |
Distributable result | 19 | | 30,044 | | 27,669 |
Pay-out ratio | 19 | | 100% | | 100% |