EPRA operating expense ratio

CHF million

2017

2016

Operating expenses of investment real estate according to IFRS income statement:

Direct expenses for rented investment real estate

24.6

24.5

Personnel expenses

4.5

4.3

Other operating expenses

7.5

6.8

EPRA operating expenses (incl. vacancy costs)

36.7

35.6

Direct vacancy costs

0.5

–1.0

EPRA operating expenses (excl. vacancy costs)

36.2

34.6

Gross rental income less ground rent

179.2

173.3

EPRA rental income

179.2

173.3

EPRA operating expenses (incl. direct vacancy costs)

20.5%

20.5%

EPRA operating expenses (excl. direct vacancy costs)

20.2%

20.0%