GECINA - REFERENCE DOCUMENT 2017
COMMENTS ON THE FISCAL YEAR EPRA reporting at December 31, 2017
2.8.3
EPRA NET INITIAL YIELD AND EPRA “TOPPED-UP” NET INITIAL YIELD
The table below indicates the transition between the yield rate disclosed by Gecina and the yield rates defined by EPRA:
12/31/2016
12/31/2017
In %
GECINA NET YIELD (1)
4.39% -0.28% 0.00% -0.41% 3.69% 0.35% 4.05%
4.59% -0.30% -0.02% -0.41% 3.86% 0.25% 4.11%
Impact of estimated duties and costs
02
Impact of changes in scope Impact of rent adjustments EPRA NET INITIAL YIELD (2) Excluding lease incentives
EPRA TOPPED-UP NET INITIAL YIELD (3)
Like-for-like basis 2017 (including Eurosic assets, reconstituted like-for-like portfolio). (1) The EPRA Net Initial Yield rate is defined as the annualized rental income, net of property operating expenses, after deducting rent adjustments, (2) divided by the value of the portfolio, including duties. The EPRA “topped-up” Net Initial Yield rate is defined as the annualized rental income, net of property operating expenses, excluding lease incentives, (3) divided by the value of the portfolio, including duties.
2.8.4
EPRA VACANCY RATE
The financial occupancy rate disclosed corresponds to (1 – EPRA vacancy rate).
12/31/2016
12/31/2017
In %
Offices
4.7% 3.1% 9.7% 4.1%
4.5% 3.4%
Traditional residential Student residences
10.9%
Other activities
N.A.
Healthcare
N.A.
0.0%* 4.1%
GROUP TOTAL
4.6%
*
Until July 1, 2016.
2.8.5
EPRA COST RATIOS
12/31/2016 (141,371) (63,198)
12/31/2017
In € thousand/%
Property expenses
(169,330) (71,840) (1,795) 116,083
Overheads
Depreciation, net impairments and provisions
(9,559) 100,199
Expenses
Rental expenses recharged in gross rent Other income covering G&A expenses Share of costs from equity-accounted affiliates
0
0
73
201
4,519
61
Land-related expenses
772
792
EPRA COSTS (INCLUDING COST OF VACANCY) (A)
(121,518)
(112,876)
5,479
Cost of vacancy
4,993
EPRA COSTS (EXCLUDING COST OF VACANCY) (B) Gross rental income less land-related expenses
(116,525)
(107,397)
571,671
539,239
Rental expenses recharged in gross rent
0 0
0 0
Share of rental income from equity-accounted affiliates
GROSS RENTAL INCOME (C)
571,671
539,239
EPRA COST RATIO (INCLUDING COST OF VACANCY) (A/C) EPRA COST RATIO (EXCLUDING COST OF VACANCY) (B/C)
21.3% 20.4%
20.9% 19.9%
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GECINA - REFERENCE DOCUMENT 2017
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