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.
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.
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 Reinstatement Value (NRV): Assumes that entities never sell assets and aims to represent the value required to rebuild the entity.
EPRA Net Tangible Assets (NTA): Assumes that entities buy and sell assets, thereby crystallising certain levels of unavoidable deferred tax.
EPRA Net Disposal Value (NDV): Represents the shareholdersʼ value under a disposal scenario, where deferred tax, financial instruments and certain other adjustments are calculated to the full extent of their liability, net of any resulting tax.
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.
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.
EPRA Vacancy rate: Estimated Market Rental Value (ERV) of vacant space divided by ERV of the whole portfolio.
Züblin Vacancy rate: Estimated market rental value of vacant space divided by annualized gross rental income.
Sustainability
Energy reference area (EBF): The sum of all floor areas above and below ground that are located within the thermal building envelope and for which heating or air conditioning is required.
