Since its listing, IGD has been a member of EPRA (European Public Real Estate Association), the European real estate association with more than 250 members representing assets worth more than €430 billion and 86% of the market cap of the FTSE EPRA/NAREIT Europe index.

Founded in 1999, EPRA is a non-profit organization registered in Belgium. EPRA’s mission is to promote, develop and represent listed European real estate companies. This is achieved by providing information to investors and stakeholders, being actively involved in public policy debates, improving the general operating environment, promoting best practices, as well as uniting and strengthening the sector.

For more information you can visit the EPRA’s website.

In September 2017 Claudio Albertini, IGD’s Chief Executive Officer, was appointed member of EPRA’s Advisory Board.


We decided to report on a few of the EPRA performance indicators in accordance with the recommendations found in in “EPRA Best Practices Recommendations” (available on EPRA’s website), which represent the highest European standards in terms of  transparency,  comparability and reporting of key business performance indicators.

After having received the EPRA BPR Silver Award for 2 years in a row (2016 and 2017), in 2019, for the second time, EPRA awarded us with the EPRA BPR Gold Award, the most important international prize which testifies our commitment to further increasing the transparency and comparability of our communication, which benefits investors, the financial community and all the Group’s stakeholders, in general.

EPRA Performance Indicators

EPRA Earnings
(in thousands of euro)
EPRA Earnings per share
(in euro)
(in thousands of euro)
EPRA NAV per share
(in euro)
(in thousands of euro)
EPRA NNNAV per share
(in euro),205,379
EPRA Net Initial Yield---5.3%5.4%5.4%5.9
EPRA "Topped-up" Net Initial Yield---5.5%5.5%5.5%6.0%
EPRA Vacancy rate Italy2.6%3.8%3.2%3.0%3.2%2.8%3.2%
EPRA Vacancy rate Romania15.5%13.6%6.1%3.9%3.6%2.9%2.4%
EPRA Cost ratio (including vacancy costs)--23.1%21.0%20.1%18.7%18.5%
EPRA Cost ratio (excluding vacancy costs)--20.2%18.7%18.0%16.9%16.1%

Definitions of the each indicator are provided below:

EPRA Eearnings: is a measure of the underlying operating
performance of an investment property company net of fair value gains, 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 company’s core business.

EPRA Net Asset Value (NAV): is the fair value of the net assets calculated over the long term and on a going concern basis, based on the equity pertaining to the Group (as shown in the financial statements in accordance with IFRS standards) net of certain assets and liabilities that are not part of normal operations, like the fair value of hedges or the deferred taxes on market appraisals of the properties and hedging instruments.

EPRA Triple Net Asset Value (NNNAV): is the EPRA NAV adjusted to include the fair values of (i) hedging instruments, (ii) financial debt and (iii) deferred taxes.

EPRA Net Initial Yield:is a measure calculated as the annualized rental income (including variable and temporary revenue), less non-recoverable operating expenses, divided by the market value of the real estate assets, net of properties currently being developed.

EPRA “Topped-up” Net Initial Yield:is a measure calculated by making an adjustment to EPRA NIY based on the annualized rental income (including variable and temporary revenue) excluding any other temporary incentives such as discounted rent free 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 of 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 for each asset class and for the two countries.

EPRA Cost ratios: are ratios aimed at providing a consistent comparison base for a company’s main structural and operating costs calculated by expressing operating costs and general overhead, net of management fees and a limited number of other items, as a percentage of gross rental income. There are two EPRA Cost Ratios, one which includes and one which excludes direct vacancy costs.