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EPRA Annual Report Survey 2012/13

Taking a leap forward

The EPRA survey, which reviewed 86 companies, highlights further improvement in reporting within European real estate industry.

Belgium belongs to countries having shown consistent marked increases in their scores. Four Belgian listed real estate companies have received a gold award (Befimmo, Cofinimmo, Leasinvest and WDP).


Key points

  • The survey results show a leap forward in results since last year. 18 companies achieved EPRA Gold awards compared to 15 last year, with 14 Silver awards and 11 Bronze. 43 awards were issued in total (2011/12: 33), representing 71% of the population by market capitalisation.
  • Swiss Prime Site has been awarded the 2012/13 EPRA Most Improved Annual Report Award.
  • Peer and industry pressure continues to drive compliance with the BPR, with increases in scores shown across 10 out of 13 countries in the survey, the highest increases seen in Finland, France and Italy.
  • 79% of companies surveyed, representing 89% by market capitalisation of the FTSE EPRA/NAREIT Developed Europe Indices now recognise the BPR (by adopting at least one EPRA Performance Measure), an increase of 5% on last year, while 28% of companies disclose all five performance measures.
  • The yield and vacancy rate EPRA Performance Measures are gaining traction, with 37% of companies presenting EPRA Net Initial Yield (2011/12: 28%) and 38% EPRA Vacancy rate (2011/12: 32%).
  • 14% of companies disclosed some form of cost ratio on advance of the new EPRA cost measure published in July 2013. Although an increase of 4% on last year, only 36% of companies have included a summary table showing the EPRA Performance Measures as recommended in the BPR.
  • We have observed that interpretation of the BPR and its definitions can vary across EPRA constituents, with some companies disclosing performance measures but not entering fully into the spirit of EPRA.



Gold award history for Belgium – The “domino effect”




Belgium performed very well in obtaining the second highest average score per country. A trend has emerged whereby in the past couple of years a small number of companies have put particular efforts into adopting the Best Practices Recommendations and have been rewarded with an award.

“I would like to congratulate all the Belgian real estate companies that have contributed to this and to underline once more the very positive evolution of the reporting processes in our country” said Frédéric Sohet Deloitte Belgium Real Estate & Construction Industry Leader.




In conjunction with European Public Real Estate Association (EPRA), Deloitte is delighted to present a report on the findings of our review of the annual reports of 86 listed real estate companies across Europe.

Announced on 5 September 2013 at EPRA’s annual conference in Paris, the survey identified a leap forward in compliance with EPRA’s Best Practice Recommendations amongst members.

The survey recognises excellence in reporting by issuing Gold, Silver and Bronze awards.  

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. 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.

Swiss real estate company Swiss Prime Site has been presented with the award for ‘Most Improved Annual Report’.

The survey focuses on EPRA’s Performance Measures which are at the heart of EPRA’s drive to achieve consistency and transparency in financial reporting for the benefit of shareholders and investors. 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).

“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.”
Martin Greensdale, Chief Financial Officer of Land Securities and Chair of Reporting and Accounting Committee, European Public Real Estate Association (EPRA).

Gold awards were won by: Alstria Office REIT AG, Befimmo (Sicafi), The British Land Company PLC, Capital & Counties Properties PLC, Citycon OYJ, Cofinimmo NV/SA,  Derwent London PLC, Foncière Des Régions SA, Hammerson PLC, Intu Properties PLC (formerly Capital Shopping Centres Group PLC),  IVG Immobilien, Land Securities Group PLC, Leaseinvest-Sicafi, Mobimo, SEGRO plc, Unibail-Rodamco SE, Vastned Retail and Warehouses De Pauw Comm. VA.

Swiss real estate company Swiss Prime Site has been presented with the award for ‘Most Improved Annual Report’.

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