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Definition

The European Public Real Estate Association (EPRA) is the industry body for European real estate investment trusts (REIT). EPRA Net Initial Yield is a measure of the yield based on the annualised cash rents passing at the balance sheet date less non recoverable operating costs (e.g. service charges, property taxes, ground rents) divided by the gross portfolio value. EPRA Earnings is a measure of the underlying operating performance of an investment property company excluding fair value gains, investment property disposals and limited other items that are not considered to be part of the core activity of an investment property company.

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