EPRA Reporting

The European Public Real Estate Association’s (EPRA) mission is to promote, develop and represent the European public real estate sector.

EPRA provides effective and continuous leadership in matters of common interest by publishing research and encouraging discussion of issues impacting the property industry, both within the membership and with a wide range of stakeholders, including the EU institutions, governmental and regulator bodies and business partners.

We support EPRA’s drive to bring parity to the comparability and quality of information provided to investors and other key stakeholders. With this in mind, we aim to allow our audience to navigate to key areas of narrative in our reporting and highlight these areas within our Reports using the EPRA logo to aid identification.

We also include all of our key EPRA performance metrics in one section within our reporting as well as highlighting other specific metrics throughout our Reports.

EPRA performance measures (EPM)

EPRA Best Practices Recommendations recognise the six key performance measures detailed below, something we fully support. We aim to be as transparent with our EPRA Best Practices Recommendation reporting as possible, and we felt the inclusion of the purpose against each measure would be helpful for our audiences and help give context. We have also cross referenced these specific measures to more detailed information found in our Annual Reports.

EPRA performance measures

EPRA earnings£19.9m£22.9m£22.6m
EPRA earnings per share3.7p4.3p4.2p
EPRA NAV per share93p93p90p
EPRA NNNAV per share88p88p87p
EPRA cost ratio (including direct vacancy costs)28.3%22.9%23.7%
EPRA cost ratio (excluding direct vacancy costs)20.2%19.5%19.2%
EPRA net initial yield4.8%4.9%5.5%
EPRA ‘topped-up’ net initial yield5.4%5.3%5.9%
EPRA vacancy rate11.5%10.3%4.2%

EPRA earnings:
A key measure of a company’s underlying operating results and an indication of the extent to which current dividend payments are supported by earnings.

Makes adjustments to IFRS NAV to provide stakeholders with the most relevant information on the fair value of the assets and liabilities within a true real estate investment company with long-term investment strategy.

Makes adjustments to EPRA NAV to provide stakeholders with the most relevant information on the current fair value of all the assets and liabilities within a real estate company.

EPRA net initial yield and ‘topped up’ net initial yield:
A comparable measure for portfolio valuations. This measure should make it easier for investors to judge for themselves, how the valuation of a portfolio compares with others. The EPRA NIY is based on the passing rents at the balance sheet date, the EPRA ‘topped up’ NIY also includes rents where there are unexpired lease incentives at the balance sheet date.

EPRA vacancy rate:
A 'pure' (%) measure of investment property space that is vacant, based on ERV.

EPRA cost ratios:
A ratio to enable meaningful measurement of the changes in a company’s operating costs as a percentage of rental income.