160 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS OF AEGON N.V.  NOTE 8 - 9 NOTE 8.1  INVESTMENTS IN REAL ESTATE  NOTE 8 INVESTMENTS FOR ACCOUNT  OF POLICYHOLDERS  Investments for account of policyholders comprise financial  assets at fair value through profit or loss, excluding derivatives,  and investments in real estate.  1  Refer to note 47 for a summary of all financial assets and financial liabilities at fair value through profit or loss. The investment property is fully leased out under  operating leases. Rental income of EUR 73 million (2009: EUR 76 million; 2008:  EUR 115 million) is reported as part of investment income in the  income statement. There are no restrictions on the realizability  of investment property or the remittance of income and  proceeds of disposal. Refer to note 48 for a summary of contractual obligations  to purchase investment property or for repairs, maintenance  or enhancements. 2010 2009 At January 1 1,048 1,131 Additions 109 77 Subsequent expenditure capitalized 9 12 Disposals  (138)  (217) Fair value gains / (losses) 73  (37) Net exchange differences 33 82 AT DECEMBER 31 1,134 1,048 Note 2010 2009 Shares 40,810 34,598 Debt securities  30,426 28,303 Money market and other short-term investments  2,597 2,925 Deposits with fi nancial institutions 2,630 2,357 Separate accounts and unconsolidated investment funds 68,089 55,809 Other 551 805 Total investments for account of policyholders at fair value through profi t or loss,  excluding derivatives  1 145,103 124,797 Investments in real estate  8.1 1,134 1,048 TOTAL INVESTMENTS FOR ACCOUNT OF POLICYHOLDERS 146,237 125,845