EPRA Earnings
EPRA Earnings is a measure of the operating result. It indicates the extent to which current dividend payments are supported by the operating result. Based on the profit for the period, adjustments are made to reflect changes in the value of assets and liabilities affecting net income, sale effects, costs for acquisitions or other non-operating items and payouts for other investors.
EPRA Earnings were up 3.4% year over year in 2025.
As far as company-specific adjustments are concerned, we include the earnings contributions made by the Development and Recurring Sales segments. Prior-year and non-recurring interest expenses, payouts to other investors and taxes are also eliminated. The adjusted earnings are calculated after adjustments to reflect effects of using the equity method. This corresponds to the Adjusted EBT (continuing operations), which was up by 4.8% year over year.
EPRA Earnings
in € million | 2024* | 2025 | Change in % | |||
Earnings per IFRS income statement | -962.3 | 4,185.5 | – | |||
Profit from discontinued operations | -26.7 | -71.3 | >100 | |||
Profit from continuing operations | -989.0 | 4,114.2 | – | |||
Changes in value of investment properties, development properties held for investment and other interests | 1,923.0 | -988.8 | – | |||
Profits or losses on disposal of investment properties, development properties held for investment and other interests | -120.4 | -53.0 | -56.0 | |||
Profits or losses on sales of trading properties including impairment charges in respect of trading properties | -38.0 | -89.5 | >100 | |||
Selling costs | 63.3 | 52.9 | -16.4 | |||
Tax on profits or losses on disposals | 28.4 | 107.4 | >100 | |||
Negative goodwill/goodwill impairment | – | – | – | |||
Changes in fair value of financial instruments and associated close-out costs | 177.9 | 20.7 | -88.4 | |||
Acquisition costs | 33.9 | 116.8 | >100 | |||
Adjustment related to funding structure | -143.7 | -202.9 | 41.2 | |||
Adjustment related on non-operating and exceptional items | 207.9 | 23.5 | -88.7 | |||
Deferred tax in relation to EPRA adjustments | 163.8 | -1,749.9 | – | |||
EPRA earnings | 1,307.1 | 1,351.4 | 3.4 | |||
EPRA earnings per share in €** | 1.60 | 1.62 | 1.2 | |||
Adjustment – development | 30.1 | 75.1 | >100 | |||
Adjustment – recurring sales | 57.6 | 83.2 | 44.4 | |||
Adjustment related to funding structure | 143.7 | 202.9 | 41.2 | |||
Adjustment of prior-year/one-time interest expense | 30.6 | 75.2 | >100 | |||
Adjustment – taxes | 193.4 | 56.0 | -71.0 | |||
Adjustment – at-equity | 53.8 | 60.5 | 12.5 | |||
Adjusted earnings (Adjusted EBT continuing operations) | 1,816.3 | 1,904.3 | 4.8 | |||
Adjusted earnings (Adjusted EBT continuing operations) per share in €** | 2.22 | 2.29 | 3.1 | |||
- * Previous year adjusted.
- ** Based on the weighted average number of shares carrying dividend rights.