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%