EPRA Performance Measures

The EPRA (European Public Real Estate Association) has developed Best Practice Recommendations for Reporting, Accounting and Corporate Governance in the listed real estate sector in recent years. The aim is to ensure consistency and transparency throughout the real estate sector. Züblin is a member of EPRA. In addition to the EPRA Performance Measures, Züblin is also disclosing a number of other company-specific figures.

A. EPRA Earnings per share

in CHF thousands

 

1.4.2018 to 30.9.2018

1.4.2017 to 30.9.2017

 

 

 

 

Earnings of shareholders of Züblin Immobilien Holding AG

 

1 842

–30 351

 

 

 

 

Adjustments:

 

 

 

Change in market value of investment properties

 

–1 000

–1 175

Deferred taxes in respect of EPRA Earnings adjustments

 

521

190

Currency differences

 

65

–256

Result from discontinued operations

 

0

29 591

EPRA Earnings of shareholders

 

1 428

–2 001

 

 

 

 

Average number of outstanding shares

 

3 318 027

3 318 027

EPRA Earnings per share

 

0.43

–0.60

B. EPRA Equity and EPRA Equity ratio

in CHF thousands

 

30.9.2018

31.3.2018

 

 

 

 

Number of outstanding shares at balance sheet date

 

3 318 027

3 318 027

 

 

 

 

Equity of shareholders

 

127 407

128 909

Equity per share

 

38.40

38.85

 

 

 

 

Equity of shareholders

 

127 407

128 909

Adjustments:

 

 

 

Deferred taxes (net) 1

 

10 902

10 076

EPRA Net Asset Value (NAV) of shareholders

 

138 309

138 985

EPRA NAV per share

 

41.68

41.89

 

 

 

 

EPRA Equity

 

138 309

138 985

Total Assets

 

208 621

209 396

EPRA Equity ratio

 

66.3%

66.4%

1 This amount includes all deferred taxes and agrees with the net amount of the deferred tax assets and deferred tax liabilities as stated in the consolidated balance sheet.

C. EPRA Triple Net Asset Value (NNNAV)

in CHF thousands

 

30.9.2018

31.3.2018

 

 

 

 

EPRA Net Asset Value (NAV) of shareholders

 

138 309

138 985

Adjustments:

 

 

 

Deferred taxes (net)

 

–10 902

–10 076

EPRA NNNAV

 

127 407

128 909

Number of outstanding shares at balance sheet date

 

3 318 027

3 318 027

EPRA NNNAV per share

 

38.40

38.85

D. EPRA Net Yield Disclosure

in CHF thousands

 

30.9.2018

31.3.2018

 

 

 

 

Gross-up valuation of Investment properties available for lease (A)

 

201 150

200 120

 

 

 

 

Annual rental income investment properties available for lease (B)

 

8 175

8 100

Property expenses

 

–356

–776

Net Annual rental income (C)

 

7 819

7 324

Adjustment for lease incentives

 

n.a.

n.a.

“Topped-up” Net annual rental income (D)

 

7 819

7 324

 

 

 

 

EPRA Gross Initial Yield (GIY) (B/A)

 

4.1%

4.0%

EPRA Net Initial Yield (NIY) (C/A)

 

3.9%

3.7%

EPRA “topped-up” NIY (D/A)

 

3.9%

3.7%

E.1 EPRA Vacancy Rate monetary

in CHF thousands

 

30.9.2018

31.3.2018

 

 

 

 

Estimated market rental income of vacant space (A)

 

937

954

Estimated market rental value of the whole portfolio (B)

 

8 495

8 671

EPRA Vacancy rate (A/B)

 

11.0%

11.0%

E.2 Züblin Vacancy Rate monetary

in CHF thousands

 

30.9.2018

31.3.2018

 

 

 

 

 

 

 

 

Estimated annual rental income of vacant space (A)

 

937

954

Projected annual rental income of the whole portfolio (B)

 

9 112

9 054

Züblin Vacancy rate (A/B)

 

10.3%

10.5%