Definition of terms

Income statement

EBITDA: Earn­ings before inter­est and tax­es (EBIT) exclud­ing net changes in mar­ket val­ue of invest­ment prop­er­ties, result from the sale of invest­ment prop­er­ties and depreciation. 

EPRA Earn­ings: Earn­ings exclud­ing net changes in mar­ket val­ue of invest­ment prop­er­ties, result from the sale of invest­ment prop­er­ties, changes in fair val­ue of deriv­a­tive finan­cial instru­ments and non-con­trol­ling interests. 

EPRA Return on equi­ty: Ratio of earn­ings to the EPRA Net Asset Val­ue at the begin­ning of the finan­cial year adjust­ed for any div­i­dends and/or cap­i­tal transactions.

Balance sheet

Mar­ket val­ue of invest­ment prop­er­ties: The mar­ket val­ue of invest­ment prop­er­ties as assessed by inde­pen­dent exter­nal real estate apprais­ers. In Ger­many after deduc­tion of the trans­ac­tion costs payable on a sale. 

EPRA Equi­ty: Equi­ty exclud­ing fair val­ue of deriv­a­tive finan­cial instru­ments and the net amount of deferred taxes. 

EPRA Equi­ty of share­hold­ers: EPRA Equi­ty exclud­ing non-con­trol­ling interests. 

EPRA Equi­ty Ratio: Ratio of EPRA Equi­ty to total assets.

Key figures per share

Num­ber of out­stand­ing shares: Num­ber of shares of Züblin Immo­bilien Hold­ing AG in issue less trea­sury shares. In the case of fig­ures relat­ing to the bal­ance sheet the num­ber of trea­sury shares at the bal­ance sheet date is deduct­ed, while in the case of the income state­ment, the aver­age num­ber of trea­sury shares is used. 

EPRA Earn­ings: EPRA Earn­ings divid­ed by aver­age num­ber of out­stand­ing shares. 

EPRA Net Asset Val­ue (NAV): EPRA Net Asset Val­ue of the share­hold­ers of ZIHAG divid­ed by the aver­age num­ber of out­stand­ing shares. 

EPRA Triple Net Asset Val­ue (NNNAV): EPRA Net Asset Val­ue of the share­hold­ers of ZIHAG less the fair val­ue of deriv­a­tive finan­cial instru­ments, the net amount of deferred tax­es and the dif­fer­ence between the fair val­ue and cost of mort­gages divid­ed by the num­ber of out­stand­ing shares at the bal­ance sheet date.

Portfolio

Annu­al rental income: Annu­al­ized gross rental income based on the con­trac­tu­al rents pass­ing at the bal­ance sheet date. This amount does not include any recov­er­able costs which can be charged to tenants. 

Pro­ject­ed annu­al rental income: Annu­al rental income added to the esti­mat­ed annu­al rental income of vacant space. 

Esti­mat­ed mar­ket rental val­ue (ERV): All rentable space of the whole port­fo­lio cal­cu­lat­ed at mar­ket rent. 

Analysis of the various yields on rental income 

Invest­ment prop­er­ties avail­able for lease: Invest­ment prop­er­ties exclud­ing rede­vel­op­ment projects and invest­ment prop­er­ties held for sale. 

EPRA Gross Ini­tial Yield: Ratio of annu­al rental income of invest­ment prop­er­ties avail­able for lease to the invest­ment prop­er­ties avail­able for lease as of the bal­ance sheet date.

EPRA Net Ini­tial Yield: Ratio of annu­al rental income exclud­ing real estate expens­es and main­te­nance and repairs of invest­ment prop­er­ties avail­able for lease to the mar­ket val­ue of the invest­ment prop­er­ties avail­able for lease inclu­sive of the esti­mat­ed sale trans­ac­tion costs as of the bal­ance sheet date. 

Analysis of the vacancy levels 

Esti­mat­ed annu­al rental income of vacant space: Vacant space in m2 cal­cu­lat­ed at mar­ket rent. 

Züblin Vacan­cy rate: The esti­mat­ed annu­al rental income of vacant space divid­ed by the pro­ject­ed annu­al rental income. 

EPRA Vacan­cy rate: The esti­mat­ed annu­al rental income of vacant space divid­ed by the esti­mat­ed mar­ket rental val­ue of the whole portfolio. 

Vacan­cy rate (m2): Vacant space as of the bal­ance sheet date divid­ed by the rentable space.