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
Annualized rental income: Annual rent based on existing rental agreements as of reporting date.
Annualized gross rental income: Vacant units valued at market rent on reporting date plus annualized rental income.
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: Estimated market rental value of vacant space divided by annualized gross rental income.
EPRA Vacancy rate: Estimated market rental value 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.
