The 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, and to reflect sale effects and costs for acquisition/integration.
The EPRA Earnings increased by 13.8% in 2021 compared with 2020.
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, depreciation and amortization, other non-recurring items and taxes that do not correspond to current income taxes are also eliminated. The adjusted earnings are calculated after adjustments under IFRS 16 and effects resulting from the takeover of Deutsche Wohnen. This corresponds to the Group FFO, which was up by 24.0% year-on-year.
As there were no diluting financial instruments on the reporting dates, the undiluted EPRA Earnings equal the diluted figure.
in € million
Change in %
Earnings per IFRS income statement
Changes in value of investment properties, development properties held for investment and other interests
Profits or losses on disposal of investment properties, development properties held for investment and other interests
Profits or losses on sales of trading properties including impairment charges in respect of trading properties.
Tax on profits or losses on disposals
Negative goodwill/goodwill impairment
Changes in fair value of financial instruments and associated close-out costs
Deferred tax in relation to EPRA adjustments
EPRA Earnings per share in €**
Adjustment Recurring Sales
Adjustments other non-recurring Items
Adjustment depreciation and amortization (incl. depreciation on financial assets)
Adjustments of prior-year/one-time interest expense
Adjustments for tax on profits or losses on disposals and other/prior-year taxes
Adjustment IFRS 16 effects
Adjustment Deutsche Wohnen
Adjusted Earnings (Group FFO)
Adjusted Earnings (Group FFO) per share in €**
- * Excluding Deutsche Wohnen selling costs due to segments not being fully integrated.
- ** Based on the shares carrying dividend rights as of the reporting date, Prior-year value TERP-adjusted (TERP factor 1.067).