Press releases

The European Public Real Estate Association (EPRA) awards show higher transparency of best practice reporting

24 September 2014

Nine new real estate companies received a gold award today having been recognised for their exceptional compliance with EPRA’s Best Practice Recommendations (BPR). An impressive 25 gold awards were granted today at EPRA’s annual conference in London.

Following EPRA’s Annual Report Survey, conducted by Deloitte, five companies have seen their effort to improve their reporting acknowledged by a ‘most improved annual report’ award.

Andy Rothery, head of Deloitte Real Estate, said:

“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. Congratulations to Aedifica, Icade, Intervest Offices & Warehouses, Nieuwe Steen Inv and Wereldhave for their awards, recognising their particular efforts made this year to comply with EPRA’s best practice recommendations.”

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, 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 six performance measures.

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.”

Rothery continued:

“The outcome of the survey demonstrates these companies continue to improve their compliance with the best practice recommendations.  This will act to enhance the comparability and transparency within the real estate industry.”

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 seven out of the 13 countries represented by members of the Index received an award.


Notes to editors:

A copy of the full report is available to download at

About EPRA: The European Public Real Estate Association - is the voice of the publicly traded European real estate sector. With more than 200 active members, EPRA represents over EUR 300 billion of real estate assets and 90 per cent of the market capitalisation of the FTSE EPRA/NAREIT Europe Index. Through the provision of better information to investors, improvement of the general operating environment, encouragement of best practices and the cohesion and strengthening of the industry, EPRA works to encourage greater investment in listed real estate companies in Europe.

About the Awards: The purpose of the EPRA Annual Report survey by Deloitte Real Estate is to promote awareness of the EPRA Best Practices Recommendations (BPR) and to encourage companies to recognise and promote the value in consistency and transparency in financial reporting.

The survey comprised a review of annual reports for all members of the FTSE EPRA/NAREIT Developed Europe REITs and Non-REITs indices, comprising 84 listed real estate companies across Europe.

About Deloitte Real Estate: Deloitte Real Estate redefines the concept of a full-service real estate business, offering a breadth of capability and an innovative approach unequalled in the market.

Our team combines traditional property services with financial and business advisory expertise to deliver integrated solutions on the most simple assignment to the most complex.  We apply a depth of insight drawn from our understanding of all industries and sectors to advise occupiers, lenders, investors and the public sector on every aspect of real estate in an increasingly complex world.

About Deloitte
: Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see for a detailed description of the legal structure of DTTL and its member firms.

The information contained in this press release is correct at the time of going to press.

Member of Deloitte Touche Tohmatsu Limited

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