Examples of Net Initial Yield in a sentence
The scope of the property charges to be excluded for calculating the EPRA Net Initial Yield is defined in the EPRA Best Practices and does not correspond to “property charges” as presented in the consolidated IFRS accounts.
EPRA Net Initial Yield is a measure of the yield based on the annualised cash rents passing at the balance sheet date less non recoverable operating costs (e.g. service charges, property taxes, ground rents) divided by the gross portfolio value.
EPRA Net Initial Yield (NIY) measures the 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 (estimated) purchasers’ costs.
If vacancy includes short term lets (i.e. they are treated as occupied and not vacant) then consistent application with other EPRA metrics needs to apply (e.g. property included in Net Initial Yield and like-for-like rent calculation).
The adjustments described in the EPRA BPR Net Initial Yield calculation (such as inflation, rent review adjustments) relate to rental income to which the company is contractually entitled at the balance sheet date.
The fair value is based on the BAR / NAR (Bruto Aanvangsrendement/ Netto Aanvangsrendement or Gross/ Net Initial Yield) methodology.
EPRA metricsEPRA key performance measures 1 31.03.2019 31.12.2018EPRA Earnings (in euros per share)21,451,34EPRA NAV (in euros per share)373,571,2EPRA NNNAV (in euros per share)469,968,2EPRA Net Initial Yield (in %)6,06,0EPRA Topped-up Net Initial Yield (in %)6,06,0EPRA vacancy rate (in %)2,92,7EPRA cost Ratio (incl.
The following table shows the geographic split of the Group’s retail assets: Figures may not add up due to rounding.Sensitivity Sensitivity to Net Initial Yield change Figures may not add up due to rounding.
This measure is very similar to the EPRA Net Initial Yield except that the cash rent is ‘topped-up’ to reflect the rent after the expiry of incentives such as rent-free periods and discounted rents.
EPRA Net Initial Yield (‘NIY’)EPRA NIY is calculated as the annualised rental income based on the cash rents passing at the balance sheet date less non-recoverable property operating expenses, divided by the gross market value of the property (excluding those that are under development, held as PPE or occupied by CLS).