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 |
|
1.4.2019 to 30.9.2019 |
1.4.2018 to 30.9.2018 |
|
|
|
|
|
|
Earnings of shareholders of Züblin Immobilien Holding AG |
|
4 426 |
1 842 |
|
|
|
|
|
|
Adjustments: |
|
|
|
|
Change in market value of investment properties |
|
–2 968 |
–1 000 |
|
Deferred taxes in respect of EPRA Earnings adjustments |
|
876 |
521 |
|
Currency differences |
|
52 |
65 |
|
EPRA Earnings of shareholders |
|
2 386 |
1 428 |
|
|
|
|
|
|
Average number of outstanding shares |
|
3 317 516 |
3 318 027 |
|
EPRA Earnings per share |
|
0.72 |
0.43 |
B. EPRA Equity and EPRA Equity ratio
|
in CHF thousands |
|
30.9.2019 |
31.3.2019 |
|
|
|
|
|
|
Number of outstanding shares at balance sheet date |
|
3 315 077 |
3 318 027 |
|
|
|
|
|
|
Equity of shareholders |
|
132 700 |
131 744 |
|
Equity per share |
|
40.03 |
39.71 |
|
|
|
|
|
|
Equity of shareholders |
|
132 700 |
131 744 |
|
Adjustments: |
|
|
|
|
Deferred taxes on investment properties |
|
13 650 |
13 219 |
|
EPRA Net Asset Value (NAV) of shareholders |
|
146 350 |
144 963 |
|
EPRA NAV per share |
|
44.15 |
43.69 |
|
|
|
|
|
|
EPRA Equity |
|
146 350 |
144 963 |
|
Total Assets |
|
225 216 |
213 815 |
|
EPRA Equity ratio |
|
65.0% |
67.8% |
C. EPRA Triple Net Asset Value (NNNAV)
|
in CHF thousands |
|
30.9.2019 |
31.3.2019 |
|
|
|
|
|
|
EPRA Net Asset Value (NAV) of shareholders |
|
146 350 |
144 963 |
|
Adjustments: |
|
|
|
|
Deferred taxes (net) |
|
–13 650 |
–13 219 |
|
Deviation to fair value of mortgages |
|
–198 |
–231 |
|
EPRA NNNAV |
|
132 502 |
131 513 |
|
Number of outstanding shares at balance sheet date |
|
3 315 077 |
3 318 027 |
|
EPRA NNNAV per share |
|
39.97 |
39.64 |
D. EPRA Net Yield Disclosure
|
in CHF thousands |
|
30.9.2019 |
31.3.2019 |
|
|
|
|
|
|
Gross-up valuation of Investment properties available for lease (A) |
|
220 330 |
200 880 |
|
|
|
|
|
|
Annual rental income investment properties available for lease (B) |
|
9 514 |
8 189 |
|
Property expenses |
|
–730 |
–736 |
|
Net Annual rental income (C) |
|
8 784 |
7 453 |
|
Adjustment for lease incentives |
|
n.a. |
n.a. |
|
"Topped-up" Net annual rental income (D) |
|
8 784 |
7 453 |
|
|
|
|
|
|
EPRA Gross Initial Yield (GIY) (B/A) |
|
4.3% |
4.1% |
|
EPRA Net Initial Yield (NIY) (C/A) |
|
4.0% |
3.7% |
|
EPRA "topped-up" NIY (D/A) |
|
4.0% |
3.7% |
E.1 EPRA Vacancy Rate monetary
|
in CHF thousands |
|
30.9.2019 |
31.3.2019 |
|
|
|
|
|
|
Estimated market rental income of vacant space (A) |
|
760 |
914 |
|
Estimated market rental value of the whole portfolio (B) |
|
9 558 |
8 506 |
|
EPRA Vacancy rate (A/B) |
|
8.0% |
10.7% |
E.2 Züblin Vacancy Rate monetary
|
in CHF thousands |
|
30.9.2019 |
31.3.2018 |
|
|
|
|
|
|
|
|
|
|
|
Estimated annual rental income of vacant space (A) |
|
760 |
914 |
|
Projected annual rental income of the whole portfolio (B) |
|
10 274 |
9 103 |
|
Züblin Vacancy rate (A/B) |
|
7.4% |
10.0% |
