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In accordance with reporting standards widely adopted across the real estate industry in Europe, the board of directors feels it is appropriate and useful, to disclose EPRA performance measures.

  2020 2019 2018 2017
Adjusted EPRA earnings £19.7m £25.2m £25.8m £25.5m
Diluted Adjusted EPRA earnings per share 6.88 pence 8.84 pence 9.09 pence 8.99 pence
Diluted EPRA NAV per share £1.39 £1.41 £1.41 £1.36

EPRA Earnings

A key measure of a company’s underlying operating results and an indication of the extent to which current dividend payments are supported by earnings.


Makes adjustments to IFRS NAV to provide stakeholders with the most relevant information on the fair value of the assets and liabilities within a true real estate investment company with long-term investment strategy.

EPRA Cost Ratio (including direct vacancy costs):

A key measure to enable meaningful measurement of the changes in a company’s operating costs (Including direct vacancy costs) as a percentage of rental income.