EPRA – Earnings (€ / share)

Earnings from operational activities

The aim of the metric is to reflect what would be needed to recreate the company through the investment markets based on its current capital and financing structure, including relating costs such as real estate transfer taxes.

This is the NAV adjusted to include properties and other investments at their fair value and exclude certain line items that are not expected to take shape in a business model with investment properties over the long term.

The EPRA Net Disposal Value provides the reader with a scenario of the disposal of the company’s assets resulting in the settlement of deferred taxes and the liquidation of debt and financial instruments.

Annualised rental income based on the cash rents passing at the balance sheet date, less non-recoverable property operating expenses, divided by the market value of the property, increased with estimated purchasers costs.

The EPRA NIY in respect of the expiration of rent-free periods (or other unexpired lease incentives such as discounted rent periods and step rents).

Estimated Market Rental Value (ERV) of vacant space divided by ERV of the whole portfolio.

Administrative & operating costs (including costs of direct vacancy) divided by gross rental income.

Administrative & operating costs (excluding costs of direct vacancy) divided by gross rental income.

Outstanding debt divided by fair value of property.

Outstanding debt divided by market value of property.