26.03.2012

Deferred taxes used in EPS and FFO calculation

Patrick Kiss Investor Relations Financials

We got some requests why we show significant differences in the used deferred taxes in the calculations of our 2011 EPRA EPS/share and the 2011 FFO/share.

EPRA EPS 

Here is the answer: EPRA earnings are - according to EPRA's best practice recommendations) only adjusted for the deferred taxes on the valuation while the FFO is adjusted for the complete deferred taxes (on operating & valuation result).

FFO

A "problem" we see is, that EPRA's way to calculate the earnings is perfectly applicable for REITs, but not necessarily for "normal" real estate companies (which pay taxes).


 

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