EPRA net yield from rental income
CHF million | 31.12.2017 | 31.12.2016 | ||
Owned investment real estate | 3 956.6 | 3 574.5 | ||
Investment real estate in joint ventures/funds | – | – | ||
Development real estate | 116.5 | 165.7 | ||
Less development real estate and investment real estate under construction | –141.9 | –235.2 | ||
Market value of yield-producing properties | 3 931.2 | 3 505.0 | ||
Annualised actual rental income | 197.4 | 181.5 | ||
Direct expenses for investment real estate | –27.0 | –30.9 | ||
Annualised net rental income | 170.4 | 150.6 | ||
Plus expected additional rental income after expiry of rental discounts | 2.5 | 2.6 | ||
Topped-up annualised net rental income | 172.9 | 153.2 | ||
EPRA net yield from rental income | 4.3 | 4.3% | ||
EPRA topped-up net yield from rental income | 4.4 | 4.4% |