EPRA survey highlights further improvement in reporting within European real estate industry
5 September 2013
Fifty per cent of real estate companies surveyed gained an award in this year’s European Public Real Estate Association’s (EPRA) Annual Report Survey, with British property firms winning the largest share.
Announced today at EPRA’s annual conference in Paris, the awards identified continuing improvements in compliance with the EPRA’s Best Practice Recommendations amongst its members. There were 18 gold, 14 silver and 11 bronze awards issued, representing over 70 per cent of the listed European real estate sector by market capitalisation.
British companies topped the awards pile with 14 awards, France received seven, and Germany six. Swiss Prime Site was the winner of the ‘Most Improved’ annual report award.
The survey, conducted by Deloitte, reviewed 86 annual reports that focused on EPRA’s performance measures which are now widely recognised as important KPIs in the real estate industry. Significantly, 79 per cent of companies surveyed disclosed at least one performance measure (representing 89 per cent by market capitalisation of the FTSE EPRA/NAREIT Developed Europe indices).
A total of 43 awards were issued today, 10 more than last year. Companies in nine out of the 13 countries represented by members of the Index received an award.
Jennifer Chase, director at Deloitte, said:
"The survey results this year have taken a big leap forward with half of the companies surveyed achieving awards. The domino effect is taking hold, with more companies responding to peer and market pressure to adopt the Best Practice Recommendations. It’s essential we continue to promote the value in consistency and transparency in financial reporting.”
Martin Greenslade, chief financial officer of Land Securities and chair of EPRA Reporting and Accounting Committee said:
“I am delighted to see that the number of listed property companies adopting EPRA Best Practice Reporting continues to grow. The increased transparency which comes from reporting EPRA KPIs is now widely understood. This year, we have continued our drive towards greater, consistent disclosure by developing additional KPIs on operating costs”.
Notes to editors
A copy of the full report is available to download at: http://www.epra.com/bpr.
The European Public Real Estate Association - is the voice of the publicly traded European real estate sector. With more than 200 active members, EPRA represents over EUR 250 billion of real estate assets and 90 per cent of the market capitalisation of the FTSE EPRA/NAREIT Europe Index. Through the provision of better information to investors, improvement of the general operating environment, encouragement of best practices and the cohesion and strengthening of the industry, EPRA works to encourage greater investment in listed real estate companies in Europe.
About the Awards
The purpose of the EPRA Annual Report survey by Deloitte Real Estate is to promote awareness of the EPRA Best Practices Recommendations (BPR) and to encourage companies to recognise and promote the value in consistency and transparency in financial reporting.
The survey comprised a review of annual reports for all members of the FTSE EPRA/NAREIT Developed Europe REITs and Non-REITs indices, comprising 86 listed real estate companies across Europe.
Most Improved Annual Report
Swiss Prime Site AG
Alstria Office REIT-AG
The British Land Company PLC
Capital & Counties Properties PLC
Derwent London PLC
Foncière Des Régions SA
Intu Properties PLC
Land Securities Group PLC
Warehouses De Pauw Comm. VA
Vastned Retail NV
Great Portland Estates PLC
Hamborner REIT AG
LondonMetric Property PLC
Picton Property Income Ltd
PSP Swiss Property AG
Société de la Tour Eiffel SA
Swiss Prime Site AG
Beni Stabili SIIQ
Big Yellow Group PLC
Deutsche EuroShop AG
Development Securities PLC
DIC Asset AG
EuroCommercial Properties NV
Helical Bar PLC
Prime Office REIT-AG
About Deloitte Real Estate
Deloitte Real Estate redefines the concept of a full-service real estate business, offering a breadth of capability and an innovative approach unequalled in the market.
Our team combines traditional property services with financial and business advisory expertise to deliver integrated solutions on the most simple assignment to the most complex. We apply a depth of insight drawn from our understanding of all industries and sectors to advise occupiers, lenders, investors and the public sector on every aspect of real estate in an increasingly complex world.
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.
Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.
The information contained in this press release is correct at the time of going to press.
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