EPRA operating expense ratio

CHF million

1st half-year 2019

1st half-year 2018

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

Direct expenses for rented investment real estate

11.4

8.9

Personnel expenses

0.6

1.3

Other operating expenses

4.8

4.3

EPRA operating expenses (including vacancy costs)

16.8

14.5

Direct vacancy costs

0.5

0.2

EPRA operating expenses (excluding vacancy costs)

16.3

14.3

Gross rental income

102.6

97.8

EPRA rental income

102.6

97.8

EPRA operating expense ratio (including direct vacancy costs)

16.4%

14.8%

EPRA operating expense ratio (excluding direct vacancy costs)

15.9%

14.6%