Since its listing, IGD has been a member of EPRA (European Public Real Estate Association), the leading association for listed real estate in Europe, which brings together property companies, investors and other stakeholders.
Founded in 1999 and based in Brussels, EPRA promotes and represents the sector at European level, fostering its development through dialogue with institutions and financial markets and the spread of shared standards.
For IGD, membership of EPRA enables it to be part of a specialised network and to maintain constant dialogue with the sector’s leading players and the international financial community. This dialogue allows IGD to closely monitor market developments and helps ensure it remains aligned with the sector’s leading standards and best practices.
For more information visit the EPRA’s website
consecutive years
2018-2026
IGD has been reporting EPRA performance indicators since 2014 and, in 2026, received the EPRA BPR Gold Award for the ninth consecutive year, the highest recognition awarded by EPRA based on the level of compliance with the BPR Guidelines.
consecutive years
2015-2026
IGD has adhered to the sBPR since 2012, incorporating them into its sustainability reporting. This well-established approach led IGD, in 2026, to win the EPRA sBPR Gold Award for the twelfth consecutive year, the highest level of recognition awarded by EPRA for the application of the Sustainability Best Practices Recommendations.
The EPRA performance measures relating to financial reporting, as reported by IGD in accordance with the Best Practices Recommendations, are set out below to facilitate a standardised and comparable interpretation of IGD’s results over time.
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| EPRA Earnings (in €000) | 40,380 | 30,365 | 56,857 | 72,102 | 73,215 | 69,941 |
| EPRA Earnings per azione (in €) | 0.37 | 0.28 | 0.52 | 0.65 | 0.66 | 0.57 |
| EPRA NRV/NAV (in €000) | 1,003,539 | 985,934 | 1,016,875 | 1,133,860 | 1,197,354 | 1,145,827 |
| EPRA NRV/NAV per azione (in €) | 9.09 | 8.94 | 9.22 | 10.28 | 10.85 | 10.38 |
| EPRA NTA (in €000) | 996,255 | 978,453 | 1,009,216 | 1,125,979 | 1,189,467 | 1,137,258 |
| EPRA NTA per azione (in €) | 9.03 | 8.87 | 9.15 | 10.20 | 10.78 | 10.31 |
| EPRA NDV (in €000) | 985,571 | 965,618 | 993,138 | 1,110,002 | 1,151,244 | 1,149,534 |
| EPRA NDV per azione (in €) | 8.93 | 8.75 | 9.00 | 10.06 | 10.43 | 10.42 |
| EPRA Net Initial Yield | 6.3% | 6.3% | 6.1% | 6.0% | 5.8% | 5.8% |
| EPRA "Topped-up" Net Initial Yield | 6.6% | 6.6% | 6.4% | 6.3% | 5.9% | 5.9% |
| EPRA Vacancy rate Italy | 3.9% | 4.8% | 4.7% | 4.3% | 4.9% | 5.7% |
| EPRA Vacancy rate Romania | 5.0% | 4.2% | 3.8% | 2.0% | 5.4% | 6.5% |
| EPRA Cost ratio (including vacancy costs) | 23.5% | 23.6% | 23.6% | 23.9% | 20.5% | 17.9% |
| EPRA Cost ratio (excluding vacancy costs) | 19.7% | 19.7% | 19.3% | 19.4% | 17.5% | 15.3% |
| EPRA LTV | 45.3% | 46.4% | 50.9% | 48.4% | - | - |
EPRA Eearnings: it is a measure of the Group’s operating performance net of fair value adjustments, gains and losses from the sale of investment property and a limited number of other items
that are not considered to be part of the Group’s core
business.
EPRA Net Reinstatement ValueE (NRV): this scenario is intended to represent the value of net assets over the long term. It represents the repurchase value of the Company, assuming the
Company does not sell properties, It is calculated based on the equity attributable to the Group (as shown in the IFRS financial
statements), excluding the fair value of hedging derivatives and deferred taxes on the properties’ appraised market
values and hedging derivatives.
EPRA Net Tangible Asset (NTA): the underlying assumption is that the Company buys and sells properties, which impacts on its deferred tax liability. It represents a scenario in which a few properties could be sold. Unlike NRV, the goodwill and the intangible assets included in the financial statements are not part of the equity attributable to the Group.
EPRA Net Disposal Value (NDV): it represents the stakeholders’ value under a company disposal scenario, where deferred tax,
financial instruments and certain other adjustments are calculated to the full extent of their liability, net of any resulting tax. In this disposal scenario, goodwill is excluded from the Group’s
portion of equity, while the fair value of debt is included.
EPRA Net Initial Yield: EPRA NIY is a performance index which is calculated as the annualised rental income based on the cash rents at the end of the reporting period (including one-off and variable income), less non-recoverable property operating
expenses, divided by the gross market value of real estate assets, net of development property.
EPRA “Topped-up” Net Initial Yield: the EPRA topped-up NIY is a performance index obtained by making an adjustment to the EPRA NIY with annualised and full-term rental income (including one-off and variable income), i.e. excluding unexpired lease incentives such as discounted rent periods and step rents.
EPRA Vacancy rate: the portfolio’s vacancy rate calculated as the ratio between the estimated market rental value (ERV) of the vacant premises and the ERV for the whole portfolio. Given the different characteristics of the portfolio and the Italian market with respect to the Romanian one, the vacancy rate was calculated separately by asset class and for the two countries.
EPRA Cost ratios: these are ratios that aim to make the Group’s significant structural and operating costs more comparable. They are calculated as a percentage of operating and general costs,
net of management fees and other limited items not attributable
to the company’s core business, on gross rental revenues. There are two EPRA Cost Ratios, one which includes and one which
excludes direct vacancy costs.
EPRA Loan To Value (LTV): it is a performance measure which shows the ratio of the net financial position (which includes financial debt for the headquarters lease and the balance between payables and receivables) to the market value of real estate assets. The calculation takes into account the net financial position
and assets of the companies in which the Group has a significant interest.
