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EPRA performance indicators
31.12.2015
31.12.2014
Definition
(x 1,000 EUR)
EUR/share (x 1,000 EUR)
EUR/share
1
EPRA Earnings
Current result from strategic operational activities.
128,518
6.46
120,479
6.70
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 crystallise in a long-term investment property
business model.
1,960,777
93.34
1,684,024
93.59
3 EPRA NNNAV
EPRA NAV adjusted to include the fair value of (i) financial
instruments, (ii) debt and (iii) deferred taxes.
1,910,128
90.93
1,595,358
88.66
31.12.2015
31.12.2014
Definition
in %
in %
4 (i) 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.
5.98%
6.06%
(ii) 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.
5.92%
6.04%
5 EPRA Vacancy
rate
Estimated Rental Value (ERV) of vacant space divided by the
ERV of the total portfolio
5.23%
4.93%
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.
20.13%
18.54%
7 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.
17.68%
15.93%
1
These data are not compulsory according to the RREC regulation and are not subject to 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 “EPRA Best Practices Recommendations” and whether the financial data used in the
calculation of these figures comply with the accounting data included in the audited consolidated financial statements.
DATA ACCORDING
TO THE EPRA
PRINCIPLES
1
Data according to the EPRA Principles