bfw liegenschaften ag reported earnings results or the full year of 2016. In 2016, net rental income increased by 6.4% to CHF 20.4 million (2015: CHF 19.1 million). The positive change is mainly due to the completion of the conversion project in Zurich, and the completion of the new building projects in Romanshorn, Zweidlen (Glattfelden), Kreuzlingen and Grenchen which were all completed during 2015. The vacancy rate excluding conversion projects was at 7.1% (2015: 7.0%). The company achieved an EBIT of CHF 27.3 million (2015: CHF 19.5 million), which is the high amount of EBIT that the company ever reached in its history. The increase compared to the previous year was mainly due to the above mentioned higher rental income and the profit from the valuation of the investment portfolio. Earnings including effects from changes in fair value of real estate investments and deferred taxes increased to CHF 18.2 million (2015: CHF 10.2 million). Excluding the fair value adjustments of interest rate swaps and receiver options, net earnings came to CHF 18.7 million (2015: CHF 12.6 million). Total operating income was CHF 20.4 million compared to CHF 19.1 million a year ago. Net asset value per share was CHF 38.73 compared to CHF 36.58 a year ago. Net asset value excl. fair value adjustments of interest rate swaps /deferred taxes were CHF 41.18 compared to CHF 38.93 a year ago.