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Performance
Measure
Definition
31/12/2015
31/12/2014
€ thousand Per share € thousand Per share
EPRA Earnings
Recurring earnings from
core operational activities
99,335 0.31
20,395 0.16
EPRA NAV
EPRA Net Asset Value
(EPRA NAV) is calculated
based on the consolidated
shareholders’ equity of
the Group 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, as per
EPRA’s recommendations
3,181,246 9.85 1,354,973 10.49
EPRA NNNAV
EPRA NAV adjusted to
include the fair value of
financial instruments, debt
and deferred taxes
2,926,431
9.06
1,286,5 9.96
EPRA Net Initial
Yield
Annualised rental income
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 acquisition
costs
4.96%
5.86%
EPRA “topped-
up” NIY
Adjustment to the EPRA
Net Initial Yield in respect
of the expiration of rent-
free periods (or other
unexpired lease incentives
such as discounted rent
periods and step rents)
5.01%
5.93%
EPRA Tasa de
desocupación
Estimated Market Rental
Value (ERV) of vacant
space divided by ERV of
the whole portfolio
5.4%
3.4%
EPRA Cost
Ratio (including
vacancy costs)
Recurring running costs of
the Company divided by
recurring rents
14.3%
12.2%
EPRA Performance metrics summary