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 2025, the EPRA Cost Ratio was up by 0.5 percentage points year-on-year, both including and excluding direct vacancy costs.
EPRA Cost Ratio
in € million | 2024 | 2025 | Change in % | |||
Operating expenses Rental | 467.3 | 488.1 | 4.5 | |||
Maintenance expenses | 470.5 | 484.1 | 2.9 | |||
Adjusted EBITDA Value-add | -168.4 | -197.5 | 17.3 | |||
Intragroup profits/losses | 3.8 | 39.9 | >100 | |||
EPRA Costs (including direct vacancy costs) | 773.2 | 814.6 | 5.4 | |||
Direct vacancy costs | -36.9 | -38.4 | 4.1 | |||
EPRA Costs (excluding direct vacancy costs) | 736.3 | 776.2 | 5.4 | |||
Gross rental income | 3,323.5 | 3,417.2 | 2.8 | |||
EPRA Cost Ratio including direct vacancy costs in % | 23.3 | 23.8 | 0.5 pp | |||
EPRA Cost Ratio excluding direct vacancy costs in % | 22.2 | 22.7 | 0.5 pp | |||
- Costs are only capitalized in connection with internally generated capitalized maintenance or value-enhancing investments.