EPRA Cost Ratio
As the ratio of EPRA costs to gross rental income, the EPRA Cost Ratio provides information on the cost efficiency of a real estate company. The EPRA Cost Ratio is reported including and excluding direct vacancy costs. In 2022, the EPRA Cost Ratio was down by 1.0 percentage points (incl. direct vacancy costs)/0.7 percentage points (excluding direct vacancy costs) year-on-year.
EPRA Cost Ratio
in € million | 2021* | 2022 | Change in % | |||
Operating expenses Rental | 412.3 | 486.3 | 17.9 | |||
Maintenance expenses | 377.7 | 443.6 | 17.4 | |||
Adjusted EBITDA Value-add | -153.8 | -126.7 | -17.6 | |||
Intragroup profits/losses | 37.8 | -4.7 | – | |||
EPRA Costs (including direct vacancy costs) | 674.0 | 798.5 | 18.5 | |||
Direct vacancy costs | -34.6 | -33.4 | -3.5 | |||
EPRA Costs (excluding direct vacancy costs) | 639.4 | 765.1 | 19.7 | |||
Gross rental income | 2,568.5 | 3,163.4 | 23.2 | |||
EPRA Cost Ratio including direct vacancy costs in % | 26.2 | 25.2 | -1.0 pp | |||
EPRA Cost Ratio excluding direct vacancy costs in % | 24.9 | 24.2 | -0.7 pp | |||
- *Prior-year adjusted.
- Costs are only capitalized in connection with self-provided capatilized maintenance or value-enhancing investments.