KEY ASPECTS OF 2017

KEY DATA

€m 2016A 2017A
OPERATING
Occupancy rate at year end(1) 97.2% 90.0%
Average rental (€/m2) 17.62 17.20
INCOME STATEMENT ITEMS
Total revenues 93.6 114.1
EBITDA 51.8 65.6
Net profit 173.2 133.5
BALANCE SHEET STATEMENT ITEMS
GAV 1,903 2,046
Net debt 804 805
Cost of debt at year end 1.98% 1.97%
Adjusted LTV 42.3% 40.7%
ICR 2.09x 3.77x
EPRA RATIOS
EPRA Earnings 25.4 40.9
EPRA NAV 1,070 1,090
EPRA NNNAV 972 1,106
EPRA Net Initial Yield (NIY)(2) 5.4% / 4.5% 4.2% / 3.4%
EPRA “topped-up” NIY(2) 5.5% / 4.4% 4.4% / 3.7%
EPRA vacancy rate 2.6% 12.6%
EPRA cost ratio (including vacancy costs) 20.0% 23.5%
EPRA cost ratio (excluding vacancy costs) 19.5% 20.6%

(1)Calculated on the basis of available space (in 2016A this excludes space being refurbished: Castellana 81 and Castellana 77)
(2)Calculated on the basis of rents for the last 12 months / Calculated on the basis of passing rent

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