Finance
Average effective rate (AER). Weighted average contracted interest rate for all
loans in the loan portfolio at year-end.
Average equity. The average of equity in the beginning and end for the year.
Capital employed. Total assets less non-interest-bearing liabilities and deferred tax liabilities.
Central administration. Costs for Senior Executives, Group staff functions and maintaining the company’s stock exchange listing and other common company costs.
Debt/equity ratio. Net debt in relation to equity at year-end.
Earnings from property management. Operating result before items affecting comparability and changes in value minus financial income and expenses.
EPRA Company specific Adjusted Earnings – Company-specific earnings from property management after nominal tax. Operating result before items affecting comparability and changes in value with a deduction for financial income and expenses and computed current tax, excluding a loss carryforward of unutilised tax losses. The tax deducted has been calculated with account taken of, among other things, tax-deductible depreciation and investments.
EPRA Earnings – Earnings from property management after nominal tax. Operating result before changes in value with a deduction for financial income and expenses and computed current tax, excluding a loss carryforward of unutilised tax losses. The tax deducted has been calculated with account taken of, among other things, tax-deductible depreciation and investments.
EPRA. European Public Real Estate Association. Not-for-profit association for listed property companies in Europe.
EPRA LTV – Loan to Value. Non-current and current interest-bearing liabilities according to the balance sheet, net working capital if negative and declared unpaid dividends less cash and cash equivalents in relation to the carrying amount of the properties including intangible fixed assets and net working capital if positive.
EPRA NDV – Net Disposal Value. Shareholders’ equity according to the balance sheet.
EPRA NRV – Net Reinstatement Value. Shareholders’ equity according to the balance sheet after reversal of interest rate derivatives and deferred tax according to the balance sheet, excluding deferred tax on assets and/or liabilities other than investment properties and right-of-use assets attributable to ground rents.
EPRA NTA – Net Tangible Assets. Shareholders’ equity according to the balance sheet after reversal of derivative instruments and deduction for intangible fixed assets, adjusted for actual deferred tax instead of nominal deferred tax.
Equity ratio. Equity at year-end in relation to total assets.
Gross margin. Gross profit in relation to net revenue.
Interest coverage ratio. Result after financial items, excluding items affecting comparability and changes in value plus financial expenses, in relation to financial expenses.
Items affecting comparability. Non-recurring items that make comparability difficult between two given periods.
MTN programme. Medium Term Note. A bond programme with a term of 1–15 years.
Net debt. Interest-bearing liabilities, including lease liabilities and the decided dividend, minus current investments and cash and cash equivalents.
Net loan-to-value ratio, properties. Net debt in relation to the carrying amount of the properties.
Net profit from current operations. Result before tax, excluding changes in value and items affecting comparability, charged with standard corporate tax for the year.
Return on capital employed. Result before tax plus financial expenses in relation to the average capital employed.
Return on equity, adjusted. Net result for the year after tax excluding tax-adjusted items affecting comparability and changes in value in relation to the average equity.
Return on equity. Net result for the year after tax in relation to the average equity. Surplus ratio. Net operating income as percentage of net revenue from property management including intra-Group rents.
Tax. The Group’s total tax comprises current tax and deferred tax.
Share
Cash flow for the year per share. Cash flow for the year in relation to the average number of shares outstanding during the year.
Cash flow from current operations per share. Cash flow from current operations in relation to the average number of shares outstanding during the year.
Dividend proportion. Dividend in relation to net profit from current operations.
Earnings per share. Net result for the year in relation to the average number of shares outstanding during the year.
EPRA Company specific Adjusted EPS. EPRA Company specific Adjusted Earnings in relation to the average number of shares outstanding during the year.
EPRA EPS. EPRA Earnings in relation to the average number of shares outstanding during the year.
Equity per share. Equity in relation to the number of shares outstanding at year-end.
Free Float. Shares available for trading, excluding shares held by a shareholder with a controlling interest.
P/E ratio. The share price at year-end in relation to earnings per share for the year.
Shares outstanding. The total number of shares reduced by the shares bought back by the company.
The average number of shares outstanding. Weighted average number of shares outstanding during the year.
Yield. Dividend per share in relation to the share price at year-end.
Property
Annual rent. Gross rent, including supplements for utility charges, at the end of the year, calculated on an annual basis. Vacant premises are reported at the market rent.
CBD. Central Business District. The most central part of a city for office and retail properties.
Comparable holdings. Properties disposed of during the year are excluded. Properties acquired during the year are included and the previous year is adjusted for the equivalent period.
EPRA Vacancy rate. Estimated Market Rental Value (ERV) of vacant space divided by the ERV of the whole portfolio. Current development projects are excluded.
Fair value, properties. The amount for which the properties could be assigned on condition that the transaction takes place between parties that are independent of each other and which have an interest in the transaction being implemented. In accounting terms, this is known as fair value.
Fair value. The estimated market value of the properties.
Floor space vacancy rate. Vacant floor space in square metres in relation to the total rentable floor space.
Gross rent. Defined as the contracted rent, excluding supplements for utility charges, and including assessed market rent for vacant premises.
Net operating income. Net revenue from property management including intra-Group rents less expenses for property management.
New leases. Leases signed during the year with a new tenant other than the tenant that leased the property previously, or for premises that were previously vacant.
Property tax supplement. Reimbursement of property tax by tenants.
Renegotiations. New or extended leases with existing tenants whose earlier leases have come to an end.
Rentable floor space. Total floor space available for renting.
Rental vacancy rate. Vacant floor space at an estimated market rent in relation to the total annual rent.
Rent losses. Loss of revenue as a result of vacant premises.
Sales-based rent supplement. Rent in addition to the guaranteed minimum rent, based on the turnover of a store or restaurant.
Yield, properties. Net operating income in relation to the fair value of properties.
