EPRA Awards 2014 | Deloitte Lithuania | Real estate | Articles and reports | Press release has been added to your bookmarks.
EPRA Awards 2014
RE companies become more transparent
EPRA survey shows higher transparency of reporting from European real estate companies through stronger adoption of best practices recommendations.
9 new real estate companies gained a Gold award this year recognising their exceptional compliance with the EPRA’s Best Practice Recommendations (BPR), bringing the total of Gold awards granted to 25.
5 companies have seen their effort to improve their reporting acknowledged by a “Most Improved Annual Report“ award. This impressive result is the outcome of the Annual Report Survey presented today at the European Public Real Estate Association’s (EPRA) annual conference in London.
To put more emphasis on companies which have outstandingly improved their reporting, EPRA has decided to increase the number of the “Most Improved Annual Report“ awards. Aedifica, Icade, Intervest Offices & Warehouses, Nieuwe Steen Inv (NSI) and Wereldhave were granted the “Most Improved Annual Report“ award, recognising the particular effort made this year to comply with EPRA BPR.
One of the milestones of this year’s survey is that the new EPRA cost ratios have already been largely adopted: 61 per cent of the companies surveyed, by market capitalisation, disclosed at least one of the EPRA cost ratios, an encouraging result for this first time implementation.
Annual reports of 84 real estate companies from across Europe were included in the survey conducted by Deloitte with a particular focus on EPRA’s performance measures. Significantly, 81 per cent of companies surveyed disclosed at least one performance measure (representing 91 per cent by market capitalisation of the FTSE EPRA/NAREIT Developed Europe indices), whilst 58 per cent by market capitalisation disclosed all 6 performance measures.
A total of 42 awards, representing over 70 per cent of the listed European real estate sector by market capitalisation, were issued today comparable in number to last year: 25 Gold awards, 9 Silver awards and 8 Bronze awards. Companies from 7 out of the 13 countries represented by members of the Index received an award.
Emmanuel Proudhon, director at Deloitte France, said: “The outcome of the survey with a striking 9 new Gold awards and the increase of the average score of awarded companies demonstrates that these companies, speeding ahead, continue to improve their compliance with the BPR which thus enhance the comparability and transparency within the real estate industry.”
Lucinda Bell, CFO, British Land and Chair of EPRA Reporting & Accounting Committee, said: “I would like to offer my congratulations to all of this year’s EPRA BPR award winners. EPRA’s aim is to make the financial statements of public real estate companies clearer, more transparent and comparable across Europe and it is pleasing to note the increasing number of Gold Award winners reflecting the growing recognition of the importance and value of the EPRA metrics”.