EPRA LTV
The aim of the EPRA LTV is to allow an assessment of the debt-to-equity ratio of a real estate company. This involves comparing net debt based on the EPRA definition with total assets.
The EPRA LTV is reported without information based on the proportionate consolidation of companies that are not fully consolidated.
The EPRA LTV fell from 49.1% in 2024 to 47.0% in 2025. A drop in net debt is countered by an increase in assets.
EPRA LTV
in € million | 2024 | 2025 | Change in % | |||
Borrowings from financial institutions | 17,910.8 | 17,691.1 | -1.2 | |||
Commercial paper | – | – | – | |||
Hybrids | – | 1,300.0 | – | |||
Bond loans | 24,529.5 | 23,642.2 | -3.6 | |||
Foreign currency derivatives | – | – | ||||
Net payables | – | 73.6 | – | |||
Owner-occupied property (debt) | – | – | ||||
Current accounts (equity characteristic) | – | – | ||||
Cash and cash equivalents | -1,756.7 | -3,256.9 | 85.4 | |||
Net debt | 40,683.6 | 39,450.0 | -3.0 | |||
Owner-occupied properties | 220.0 | 221.2 | 0.5 | |||
Investment properties | 78,343.1 | 82,392.8 | 5.2 | |||
Properties held for sale | 1,498.7 | 385.2 | -74.3 | |||
Properties under development* | – | |||||
Intangible assets | 32.7 | 42.1 | 28.7 | |||
Net receivables | 1,563.7 | – | -100.0 | |||
Financial assets | 1,137.7 | 911.8 | -19.9 | |||
Total property value | 82,795.9 | 83,953.1 | 1.4 | |||
EPRA LTV in % | 49.1 | 47.0 | -2.1 pp | |||
- * Included in Investment properties.