EPRA Earnings

The earnings is a measure of the operating result. It indicates the extent to which current dividend payments are supported by the operating result. Based on the profit for the period, adjustments are made to reflect changes in the value of assets and liabilities affecting net income, and to reflect sale effects and costs for acquisition/integration.

As far as company-specific adjustments are concerned, prior-year and non-recurring interest expenses, depreciation and amortization, other non-recurring items and taxes that do not correspond to current income taxes are eliminated. The adjusted earnings correspond to .

As there were no diluting financial instruments on the reporting dates, the undiluted EPRA earnings equals the diluted figure.

in € million

 

2016

 

2015

 

Change in %

*

Based on the shares carrying dividend rights on the reporting date of Dec. 31, 2016: 466,000,624; Dec. 31, 2015: 466,000,624

 

 

 

 

 

 

 

Earnings per IFRS income statements

 

2,512.9

 

994.7

 

152.6

Changes in value of investment properties, development properties held for investment and other interests

 

-3,236.1

 

-1,323.5

 

144.5

Profits or losses on disposal of investment properties, development properties held for investment and other interests

 

-102.2

 

-119.0

 

-14.1

Selling costs

 

27.7

 

29.2

 

-5.1

Tax on profits or losses on disposals

 

29.5

 

17.0

 

73.5

Changes in fair value of financial instruments and associated close-out costs

 

98.8

 

112.3

 

-12.0

Acquisition costs

 

46.8

 

179.8

 

-74.0

Deferred tax in relation to EPRA adjustments

 

1,071.1

 

438.7

 

144.2

EPRA earnings

 

448.5

 

329.2

 

36.2

EPRA earnings per share in €*

 

0.96

 

0.71

 

36.2

Adjustments other non-recurring Items

 

47.7

 

29.6

 

61.1

Adjustment depreciation and amortization

 

27.0

 

13.4

 

101.5

Adjustments of prior-year/one time interest expense

 

1.9

 

-38.1

 

-105.0

Adjustments for other deferred/prior-year taxes

 

235.7

 

273.9

 

-13.9

Adjusted earnings (FFO 1)

 

760.8

 

608.0

 

25.1

Adjusted earnings (FFO 1) per share in €*

 

1.63

 

1.30

 

25.1

EPRA (European Public Real Estate Association)
The European Public Real Estate Association (EPRA) is a non-profit organization that has its registered headquarters in Brussels and represents the interests of listed European real estate companies. Its mission is to raise awareness of European listed real estate companies as a potential investment destination that offers an alternative to conventional investments. EPRA is a registered trademark of the European Public Real Estate Association.
FFO 1
The profit or loss for the period to reflect the adjusted profit or loss from sales; period adjustments from assets held for sale; specific effects that do not relate to the period, are non-recurring or do not relate to the objective of the company; the net income from fair value adjustments of investment properties; depreciation and amortization; deferred and prior-year current taxes (tax expenses/income); transaction costs; prepayment penalties and commitment interest; valuation effects on financial instruments; the unwinding of discounting for provisions, particularly provisions for pensions, and other prior-year interest expenses and income that are not of a long-term nature.