EPRA-Reporting

PSP Swiss Property ist EPRA-Mitglied (European Public Real Estate Association). Die 1999 gegründete EPRA, eine Non-Profit-Organisation, hat ihren Sitz in Brüssel. Sie fördert und unterstützt die europäische Immobilienwirtschaft. In unserer Berichterstattung (Finanzkennzahlen und Nachhaltigkeit) wenden wir die Best Practices Recommendations der EPRA an.

In Übereinstimmung mit den Best Practices Recommendations der EPRA weist PSP Swiss Property die EPRA Performance-Kennzahlen aus.

Summary table EPRA performance measures Unit 2015 2016
A. EPRA earnings per share (EPS) CHF 3.44 3.51
B. EPRA NAV per share CHF 103.05 102.52
C. EPRA triple net asset value per share (NNNAV) CHF 84.77 84.49
D. EPRA net initial yield % 3.7 3.5
EPRA “topped-up” net initial yield % 3.8 3.6
E. EPRA vacancy rate % 8.1 9.1
F. EPRA cost ratio (including direct vacancy costs) % 18.9 20.0
EPRA cost ratio (excluding direct vacancy costs) % 17.2 18.2
G. EPRA like-for-like rental change % 0.2 – 1.6
H. EPRA cap ex CHF 1 000 130 218 257 771

Die Details zur Herleitung dieser Kennzahlen sind in den folgenden Tabellen ersichtlich:

A. EPRA earnings & EPRA earnings per share (EPS)(in CHF 1 000) 2015 2016
Earnings per IFRS statement of profit or loss 187 726 134 867
     
Adjustments to calculate EPRA earnings, exclude:    
Changes in value of investment properties, development properties held for investment and other interests – 33 791 50 208
Profits or losses on disposal of investment properties, development properties held for investment and other interests – 1 374 – 1 354
Profits or losses on sales of trading properties including impairment charges in respect of trading properties – 2 385 – 13 311
Tax on profits or losses on disposals 762 3 120
Negative goodwill / goodwill impairment n.a. n.a.
Changes in fair value of financial instruments and associated close-out costs n.a. n.a.
Acquisition costs on share deals and non-controlling joint venture interests n.a. n.a.
Deferred tax in respect of EPRA adjustments 6 796 – 12 411
Adjustments to above in respect of joint ventures n.a. n.a.
Non-controlling interests in respect of the above n.a. n.a.
EPRA earnings  157 735  161 119
Average number of outstanding shares 45 867 891 45 867 891
EPRA EPS in CHF 3.44 3.51
B. EPRA net asset value (NAV)(in CHF 1 000) 31 December 2015 31 December 2016
NAV per the financial statements 3 870 473 3 866 754
Effect of exercise of options, convertibles and other equity interests n.a. n.a.
     
Diluted NAV, after the exercise of options, convertibles and other equity interests 3 870 473 3 866 754
Include:    
Revaluation of investment property under construction (IPUC) (if IAS 40 cost option is used) 8 256 0
Revaluation of own-used properties  91 315
Revaluation of other non-current investments n.a. n.a.
Revaluation of tenant leases held as finance leases n.a. n.a.
Revaluation of trading properties 27 403 19 605
Exclude:    
Fair value of financial instruments 63 064 47 800
Deferred tax 757 540 768 058
Goodwill as result of deferred tax n.a. n.a.
EPRA NAV 4 726 827 4 702 531
Number of outstanding shares 45 867 891 45 867 891
EPRA NAV per share in CHF 103.05 102.52
C. EPRA triple net asset value (NNNAV) (in CHF 1 000) 31 December 2015 31 December 2016
EPRA NAV 4 726 827 4 702 531
Include:    
Fair value of financial instruments – 63 064 – 47 800
Fair value of debt – 12 866 – 9 005
Deferred tax – 762 563 –  770 562
EPRA NNNAV 3 888 334 3 875 164
Number of outstanding shares 45 867 891 45 867 891
EPRA NNNAV per share in CHF 84.77 84.49
D. EPRA net initial yield (NIY) (in CHF 1 000) 31 December 2015 31 December 2016
Investment property – wholly owned 6 614 549 6 806 773
Less developments – 427 701 – 544 360
Gross up completed property portfolio valuation (B) 6 186 848 6 262 413
Annualised cash passing rental income 272 538 265 742
Property outgoings – 41 992 – 43 880
Annualised net rents (A) 230 546 221 862
Add: notional rent expiration of rent free periods or other lease incentives 2 881 3 757
Topped-up net annualised rent (C) 233 427 225 619
EPRA NIY (A/B) 3.7 % 3.5 %
EPRA “topped-up” NIY (C/B) 3.8 % 3.6 %

Lease incentives include rent free periods for one up to six months and step up rents.

E. EPRA vacancy rate (in CHF 1 000) 31 December 2015 31 December 2016
Estimated rental value of vacant space (A)   25 588 27 760
Estimated rental value of the whole portfolio (B)  317 165 304 033
EPRA vacancy rate (A/B)  8.1 % 9.1 %
F. EPRA cost ratio (in CHF 1 000) 2015 2016
Administrative/operating expense line per IFRS income statement 52 013 55 281
Net service charge costs/fees 0 0
Management fees less actual/estimated profit element 47 49
Other operating income/recharges intended to cover overhead expenses less any related profits 0 0
Share of joint ventures expenses 0 0
Investment property depreciation 0 0
Ground rent costs 0 0
EPRA costs (including direct vacancy costs) (A) 52 06155 330
Direct vacancy costs 4 864 5 152
EPRA costs (excluding direct vacancy costs) (B) 47 196 50 178
Gross rental income less ground rent costs 275 063 276 316
Gross rental income (C) 275 063 276 316
EPRA cost ratio (including direct vacancy costs) (A/C) 18.9 % 20.0 %
EPRA cost ratio (excluding direct vacancy costs) (B/C) 17.2 % 18.2 %
Capitalised operating costs 2 389 2 123

Staff costs for the development of own projects amounting to CHF 2.5 million (2015: CHF 3.0 million) have been capitalised but are not excluded from table F. All costs directly associated with the purchase or construction of properties as well as all subsequent value-enhancing capital expenditures qualify as acquisition costs and are capitalised. Capitalised own services arising from the development of own projects are valued at production costs.

G. EPRA like-for-like rental change (in CHF 1 000) 2015 2016
Rental income 275 063 276 316
Acquisitions – 63 – 2 701
Disposals – 2 127 – 234
Developments – 12 837 – 16 520
Properties’ operating expenses – 11 271 – 12 258
Rent-Free-Periods 2 453 2 966
Other – 89 – 347
Total EPRA like-for-like net rental income 251 130 247 222
EPRA like-for-like change, absolute 549 – 3 908
EPRA like-for-like change, relative 0.2 % – 1.6 %
EPRA like-for-like change by areas
Zurich – 1.2 % 0.7 %
Geneva 1.7 % – 19.3 %
Basel 1.6 % 4.8 %
Bern – 1.0 % – 3.7 %
Lausanne 9.4 % 1.8 %
Other locations 1.9 % – 0.4 %

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. At the end of 2016 the market value of the like-for-like portfolio amounted to CHF 5.879 billion (end of 2015: CHF 6.009 billion).

H. EPRA cap ex (in CHF 1 000) 2015 2016
Acquisitions 6 679 146 653
Development (ground-up/green field/brown field) 98 703 86 038
Like-for-like portfolio 21 516 22 435
Capitalised interests 3 320 2 645
Capital expenditure 130 218 257 771

Weitere Informationen finden sich unter www.epra.com.

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Datum
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25.10.2016
EPRA Annual Report Survey