EPRA Cost Ratio
As the ratio of EPRA costs to gross rental income, the EPRA Cost Ratio provides information on the cost efficiency of a real estate company. The EPRA Cost Ratio is reported including and excluding direct vacancy costs. In 2024, the EPRA Cost Ratio was up by 0.9 percentage points year-on-year, both including and excluding direct vacancy costs.
EPRA Cost Ratio
in € million | 2023 | 2024 | Change in % | |||
Operating expenses Rental | 425.5 | 467.3 | 9.8 | |||
Maintenance expenses | 426.2 | 470.5 | 10.4 | |||
Adjusted EBITDA Value-add | -105.5 | -168.4 | 59.6 | |||
Intragroup profits/losses | -17.7 | 3.8 | – | |||
EPRA Costs (including direct vacancy costs) | 728.5 | 773.2 | 6.1 | |||
Direct vacancy costs | -34.5 | -36.9 | 7.0 | |||
EPRA Costs (excluding direct vacancy costs) | 694.0 | 736.3 | 6.1 | |||
Gross rental income | 3,253.4 | 3,323.5 | 2.2 | |||
EPRA Cost Ratio including direct vacancy costs in % | 22.4 | 23.3 | 0.9 pp | |||
EPRA Cost Ratio excluding direct vacancy costs in % | 21.3 | 22.2 | 0.9 pp | |||
- Costs are only capitalized in connection with internally generated capitalized maintenance or value-enhancing investments.