Net asset value (NAV) per share

Equity attributable to owners of the Parent divided by the fully diluted number of shares in issue at the period end excluding treasury shares.

EPRA

European Public Real Estate Association. It mission is to promote, develop and represent the public real estate sector at a European scale. http://www.epra.com

Occupancy

Premises are said to be occupied on the closing date if a tenant has a right on the premises, making it impossible to enter into a lease for the same premises with a third party on the closing date; this right exists for a lease, whether or not it is effective on the closing date, whether or not the tenant has delivered notice to the lessor, or whether or not the the lessor has delivered notice to the tenant. Premises are vacant if they are not occupied.

Headline rents

Headline rents correspond to the contractual rents of the lease, to which successive pegging operations are applied as contractually agreed in the lease, excluding advantages granted to the tenant by the owner (unbilled charges contractually considered as such, staggering of rent, etc.).

Effective rents

Effective rents correspond to annualised rents considered as recurrent in the context of valuing the building on the closing date.

Market rents

Market rents correspond to rents that would be achieved if the premises were re-let on the closing date.

Potential rents

Potential rents correspond to the sum of headline rents and the market rents of vacant premises.

Loan-to-value

Group LTV is the ratio of net debt related to investment properties and equivalent to the sum of investment properties and equivalent.

Properties

The rental portfolio corresponds to investment buildings which have not been subject to restructuring on the closing date.

Like-for-like portfolio

The like-for-like portfolio includes all properties which have been in the portfolio since the beginning of the period, but excludes those acquired, sold or included in the development programme at any time during the period.

Yield

Headline, effective and potential yield correspond respectively to headline, effective and potential rent divided by the market value including tansfer taxes of buildings in the rental portfolio on the closing date.

Occupancy rate

The financial occupancy rate is equal to the headline rent divided by potential rent.

Gross estimated rental value (ERV)

The estimated market rental value of lettable space as determined biannually by the Group’s external appraisers.