EPRA Performance Indicators

EPRA Performance Indicators

The following performance indicators have been prepared in accordance with best practices as defined by EPRA (European Public Real Estate Association) in its Best Practices Recommendations guide, available on EPRA’s website (www.epra.com). .

2013 2014 2015 2016
Earnings (in millions of euros) 384.9 384.3 645.6  694.4
Earnings per share (in euros) 1.97 1.96 2.17  2.31
NAV (in millions of euros) 6,300 6,289 10,792 11,446
NAV per share (in euros) 32.2 32.1 34.8 36.7
NNNAV (in millions of euros) 5,837 5,811 10,351 10,967
NNNAV per share (in euros) 29.9 29.6 33.2 35.2
« TOPPED-UP » NET INITIAL YIELD shopping centers 5.8% 5.5% 5.2% 5.10%
NET INITIAL YIELD shopping centers 5.6% 5.3% 5.1% 4.90%
Vacancy rate 3.5% 3.0% 3.8% 3.50%
Cost Ratio (including vacancy costs) 18.2% 19.5% 20.4% 18.70%
Cost Ratio (excluding vacancy costs) 16.5% 17.7% 18.3% 16.80%


EPRA Eearnings: EPRA Earnings is a measure of the underlying operating performance of an investment property company excluding fair value gains, investment property disposals and limited other items that are not considered to be part of the core activity of an investment property company.

EPRA NAV: EPRA NAV is a measure of the fair value of net assets assuming a normal investment property company business model. Accordingly, there is an assumption of owning and operating investment property for the long term. For this reason, deferred taxes on property revaluations and the fair value of deferred tax liabilities are excluded as the investment property is not expected to be sold and the tax liability is not expected to materialize.

EPRA NNNAV: EPRA NNNAV (Triple Net Asset Value) is similar to EPRA NAV except it includes the fair value of deferred tax liabilities, debt, and financial instruments.

EPRA Net Initial Yield and EPRA “Topped-up” Net Initial Yield: EPRA NIY (Net Initial Yield) is calculated as the annualized rental income based on the cash rents passing at the balance sheet date (but adjusted as set out below), less non-recoverable property operating expenses, divided by the gross market value of the property. EPRA “Topped-up” NIY is calculated by making an adjustment to EPRA NIY in respect of the expiration of rent free periods (or other unexpired lease incentives such as discounted rent free periods and step rents).

EPRA Vacancy rate: The EPRA Vacancy rate is calculated by dividing the market rents of vacant spaces by the market rents of the total space of the whole property portfolio (including vacant spaces).

EPRA Cost ratio: The purpose of the EPRA cost ratio is to reflect the relevant overhead and operating costs of the business. It is calculated by expressing the sum of property expenses (net of service charge recoveries and third-party asset management fees) and administration expenses (excluding exceptional items) as a percentage of gross rental income.

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