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EPRA issues latest Best Practices Recommendations

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15 Dec 2014

The European Public Real Estate Association (EPRA) has today released its latest set of Best Practices Recommendations (BPR). These recommendations, which represent the first comprehensive update of the BPR since 2011, set out additional performance measures and supplementary information to be presented in the annual reports of public real estate companies, with the aim of making the financial statements of these companies clearer, more transparent and comparable across Europe.

The EPRA BPR sets out a number of recommendations for public real estate companies, all of which are designed to enhance the comparability of their annual reports. It recommends that:

  • Companies should present a summary table showing standard 'EPRA Performance Measures', as well as detailed supporting calculations for these measures. The location of this summary table should be clearly indicated within the annual report and companies are encouraged to refer to the reported EPRA measures throughout the annual report. The EPRA Performance Measures in the BPR now include the “EPRA Cost Ratios”, guidance on which was issued in July 2013.
  • Companies should apply the IAS 40 fair value model in accounting for their investment properties, using external valuers to obtain these values at least annually and in accordance with International Valuation Standards. The basis for the valuer’s fees should also be disclosed.
  • Companies should disclose extensive information on the nature of their property portfolios, including significant properties owned, development properties, like-for-like rental growth and capital expenditure.

These recommendations are effective for accounting periods ending on or after 31 December 2014.

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