EPRA indicators

EPRA indicators EPRA definitions(a)   30.06.2016 30.06.2015
EPRA earnings Recurring earnings from core operational activities in € thousand  43 499  43 203
    in € per share 1.89 1.95
EPRA cost ratio Ratio of overhead and operating expenses on gross rental income. Incl. vacancy costs 18.88% 16.32%
    Excl. vacancy costs 14.69% 11.63%
(i) EPRA
Net Initial Yield (NIY)
Annualised rental income(b) based on the cash rents passing at the balance sheet date, less non-recoverable property operating expenses, divided by the market value of the property, increased with (estimated) purchasers' costs  in % 5.75% 5.91%
(ii) EPRA
Topped-up NIY
This measure incorporates an adjustment to the EPRA NIY in respect of the expiration of rent-free periods (or other unexpired lease incentives such as discounted rent periods and step rents) in % 5.89% 6.02%
EPRA Like-for-Like
Net Rental Growth
Like-for-like net rental growth compares the growth of the net rental income of the portfolio that has been consistently in operation, and not under development, during the two full preceding periods that are described in % -0.49% -0.49%
EPRA indicators EPRA definitions(a)   30.06.2016 31.12.2015
EPRA NAV Net Asset Value adjusted to include properties and other investment interests at fair value and to exclude certain items not expected to crystallise in a long term investment property business model in € thousand 1 280 076 1 229 772
    in € per share 55.60 55.55
EPRA NNNAV EPRA NAV adjusted to include the fair values of
(i) financial instruments, (ii) debt and (iii) deferred taxes
in € thousand 1 234 987 1 213 233
    in € per share 53.65 54.80
Vacancy Rate
Estimated Market Rental Value (ERV) of vacant space divided by ERV of the whole portfolio in % 6.88% 6.84%


(a) Source: EPRA Best Practices (www.epra.com).
(b) For Befimmo, the annualised rental income is equivalent to the current annual rent at the closing date (plus future rent on leases signed, as reviewed by the real-estate experts).