62 / 220
Management Report /
Data according to the EPRA Principles
56
/
DATA ACCORDING TO
THE EPRA PRINCIPLES
EPRA PERFORMANCE INDICATORS
2013
2012
Definitions
(x €1,000)
in €/share
(x €1,000)
in €/share
1
EPRA Earnings
Current result from core operational activities.
119,209
6.78
121,830
7.61
2
2 EPRA NAV
Net Asset Value (NAV) adjusted to include the investment
properties at their fair value and to exclude certain items not
expected to crystallize in a long-term investment property
business model.
2,036,176
98.85
1,845,391
102.04
2
3 EPRA NNNAV
EPRA NAV adjusted to include the fair value of (i) financial
instruments, (ii) debt and (iii) deferred taxes.
1,972,284
95.74
1,706,777
94.38
2
2013
2012
Definitions
in %
in %
4 EPRA Net Initial
Yield (NIY)
Annualised gross rental income based on the passing rents at
the closing date, less property charges, divided by the market
value of the portfolio, increased with estimated transaction
costs resulting from the hypothetical disposal of investment
properties.
6.20%
6.19%
EPRA
‘topped-up’ NIY
This measure incorporates an adjustment to the EPRA NIY
in respect of the expiration of rent-free periods and other
incentives.
6.16%
6.10%
5 EPRA
Vacancy rate
Estimated Rental Value (ERV) of vacant space divided by the
ERV of the total portfolio.
5.04%
4.70%
6 EPRA Cost ratio
(direct vacancy
costs included)
Administrative/operational expenses per IFRS income
statement, including the direct costs of vacant buildings,
divided by the gross rental income, less ground rent costs.
18.87%
18.69%
EPRA Cost ratio
(direct vacancy
costs excluded)
Administrative/operational expenses per IFRS income
statement, less the direct costs of vacant buildings, divided by
the gross rental income, less ground rent costs.
16.01%
16.17%
1
These data are not compulsory according to the Sicafi/Bevak regulation and are not subject to a verification by public authorities. The auditor verified whether the “EPRA Earnings”,
“EPRA NAV”, “EPRA NNNAV” and “EPRA Cost ratios” are calculated according to the definitions included in the 2013 “EPRA Best Practices Recommendations” and if the financial data used
in the calculation of these ratios comply with the accounting data included in the audited consolidated financial statements.
2
Takes into account the sale of 8,000 treasury shares in January2013.
1