EPRA net yield from rental income
CHF million | 31.12.2018 | 31.12.2017 | ||
Owned investment real estate | 4 159.9 | 3 956.6 | ||
Investment real estate in joint ventures/funds | – | – | ||
Development real estate | 147.6 | 116.5 | ||
Less development real estate and investment real estate under construction | –205.7 | –141.9 | ||
Market value of yield-producing properties | 4 101.8 | 3 931.2 | ||
Annualised actual rental income | 202.8 | 197.4 | ||
Direct expenses for investment real estate | –24.8 | –27.0 | ||
Annualised net rental income | 178.0 | 170.4 | ||
Plus expected additional rental income after expiry of rental discounts | 2.1 | 2.5 | ||
Topped-up annualised net rental income | 180.1 | 172.9 | ||
EPRA net yield from rental income | 4.3% | 4.3% | ||
EPRA topped-up net yield from rental income | 4.4% | 4.4% |