Investor Relations



The glossary is organised alphabetically and is constantly updated. If you cannot find the term you are looking for, please write to us.

(A to C) (D to G) (F to M) (N to O) (P to X)


Ad hoc disclosures

The Wertpapierhandelsgesetz (German Securities Trading Act) requires issuers to publish ad hoc disclosures, i.e. to immediately publish significant news relating to the company that could materially affect its share price. This is designed to prevent pricesensitive information being known only to insiders who then exploit their knowledge edge to their own advantage.

Annual financial statements

Under German (HGB) accounting principles, the annual financial statements consist of a company’s balance sheet, profit and loss account, notes to the financial statements and a management report. The annual financial statements of a public company are prepared by its executive board, audited by a certified public accountant (in Germany: Wirtschaftsprüfer) and adopted by the supervisory board.


A standard of comparison, e.g. an index which serves as a guideline. 

Closed-end fund

In closed-end funds, the sale of units ceases when the set issuing volume has been reached. There is no provision for the issuing company to buy back the units during the term of the fund.

Collection Ratio

The collection ratio measures the ratio of incoming payments to rent and service charge receivables from tenants.

Consensus Rating

The average of different analysts' recommendations for a share. As many brokers have different rating categories, their recommendations must be standardized to calculate a consensus.

This standards has the following categories with numeric codes:

  1.  Strong Buy
  2. Buy
  3. Hold/Neutral
  4. Underperform
  5.  Sell

Each analyst recommendation is categorized accordingly and with the numeric codes it's possible to calculate an arithmetic average, which is the consensus respectively the consensus rating

Consumer price index

Also called the cost-of-living index, this is calculated in Germany by the Federal Statistical Office on a monthly basis. The CPI is the most important statistical indicator of a change in prices; the price of a basket of goods during a given period is compared with the price of the same basket during the base year. This change is also known as the inflation rate.

Corporate governance

Corporate governance lays down the rules for good, value-driven corporate management. The objective is to control the company’s management and to create mechanisms to ensure executives act in the interests of their shareholders.

Covenants A clause in a loan agreement which pertains to and contractually defines the binding warranties to be adhered  to by the borrower during the term of a loan.


Information provided on a listed public company in the form of studies and research reports by banks and financial analysts.


Germany’s premier equity index. The composition of the DAX is established by Deutsche Börse AG on the basis of the share prices of the 40 largest listed companies in Germany.

Designated sponsor

A designated sponsor is obliged to provide bid and ask prices for a share on request, thus ensuring additional liquidity.


The share of the distributed net profit of a company to which a shareholder is entitled in line with the number of shares he or she holds. 


Earnings before interest and taxes.

DES calculation: EBT excluding net finance costs and measurement gains/losses.


Earnings before interest, taxes, depreciation and amortisation.


European Public Real Estate Association: EPRA is an Brussels-based organisation that represents the interests of the major European real estate companies in the public sphere and supports the development and market presence of European real estate corporations.

EPRA earnings

EPRA earnings represent sustained operating earnings and thus lay the foundation for a real estate company's ability to pay a dividend. To calculate this, the profit/loss for the year is adjusted to reflect any income components that have no sustained, recurring impact on operational performance.
The DES calculation is performed using the current version of the EPRA Best Practice Recommendations, which can be found at


The new EPRA LTV (Loan to Value) introduced in 2022 almost corresponds to the LTV (pro rata) reported by Deutsche EuroShop in the past, which was also determined on the basis of the Group's share of the assets and liabilities of the subsidiaries and joint ventures. In contrast to the previous LTV (pro rata), the EPRA LTV includes additional assets and liabilities. The main additional item is other assets (net), which includes trade receivables and other assets less trade payables, tax liabilities, other provisions and other current liabilities. 
The DES calculation is performed using the current version of the EPRA Best Practice Recommendations, which can be found at


EPRA NTA: The EPRA NTA represents the net asset value based on a long-term business model. Here, Group equity is adjusted for assets and liabilities that are unlikely to be realised if held over the long term. Intangible assets are elimnated in the process.
The DES calculation is performed using the current version of the EPRA Best Practice Recommendations, which can be found at

EPRA vacancy rate (and occupancy rate)

The EPRA vacancy rate is the ratio of the market value of vacant space to the market rent of the entire portfolio as at the reporting date. The occupancy rate is the difference between 100% and the vacancy rate. 
The DES calculation is performed using the current version of the EPRA Best Practice Recommendations, which can be found at


Earning per share


Earnings before taxes.

EBT (excluding measurement gains/losses)

DES calculation: EBT less measurement gains/losses (including at-equity profit/loss) and less the deferred taxes included in at-equity profit/loss.

Fair Value

The Fair Value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price).

Free cash flow

The surplus cash generated from operating activities recognised in the profit and loss account. This expresses a company’s internal financing power, which can be used for investments, the repayment of debt, dividend payments and to meet funding requirements.

Funds from Operations (FFO)

Inflow of funds from operations used to finance our ongoing investments in portfolio properties, scheduled repayments on our bank loans and the annual distribution of dividends.

DES calculation: Consolidated profit after adjustment for measurement gains/losses (including at-equity profit/loss), the non-cash expense of conversion rights and deferred tax expense.


Fungible securities are securities that can be easily bought and sold at an individual level. The stock exchange is a market for fungible goods.

Gross domestic product (GDP)

The value of all goods and services produced or rendered internally against payment by a national economy during a given period.

HGB accounting

The Handelsgesetzbuch (German Commercial Code – HGB) is the primary law governing the activities of business people in Germany and contains regulations governing the preparation of annual financial statements, among other things. The HGB governs the preparation and publication of financial statements by companies domiciled in Germany. HGB accounting is based on the principle of prudence, the aim of which is to protect the interests of creditors.

International Financial Reporting Standards (IFRSs)

International Financial Reporting Standards are based on International Accounting Standards (IASs). Since 1 January 2005, listed companies have been required to apply IFRSs. IASs/IFRSs focus on the decision-usefulness of accounts. The key requirement with regard to the annual financial statements is fair presentation that is not qualified by aspects of prudence or risk provision.

Loan to Value (LTV)

Loan-to-value ratio (LTV ratio): Ratio of net financial liabilities (financial liabilities less cash and cash equivalents) to non-current assets (investment properties and investments accounted for using the equity method).


The area in which a property is located, including its catchment and surrounding areas such as the relevant district, town, or region.

Market capitalisation

The current quoted price for a share multiplied by the number of shares listed on the stock exchange. Market capitalisation is calculated for individual companies, sectors, and entire stock markets, thus enabling comparisons between them.


German mid-cap index comprising the 50 most important securities after the 40 DAX members.

Measurement gains/losses

DES calculation: Measurement gains/losses comprise unrealised changes in the market value of properties held as a financial investment (investment properties) before taxes. In the case of fully consolidated companies, the portion of the company that does not belong to the Group is deducted. Measurement gains/losses of associates and joint ventures accounted for using the equity method are contained in the at-equity profit/loss.

Measurement gains/losses (including at-equity profit/loss)

DES calculation: Measurement gains/losses plus the measurement gains/losses included in at-equity profit/loss.



The property itself and its immediate surroundings.

Net Asset Value (NAV)

The value of an asset after deduction of liabilities. With regards to shares, the NAV constitutes their intrinsic value.

Net finance costs

Net finance costs at DES comprise the following income statement items: Share of the profit or loss of associates and joint ventures accounted for using the equity method, interest expense and income, the share of profit attributable to limited partners, income from investments and all other financial income and expenditure.

Open-ended fund

The most common type of fund in Germany, in which the number of units issued is unlimited. Depending on the volume of funds received, new units are issued to investors and retired on an ongoing basis. Strong inflows of funds increase the total assets of the open-ended fund. The additional funds are initially allocated to the cash reserves until an investment is made in corresponding assets.


The term “outsourcing”, which originated in the USA, stands for the words “outside resource using”. The objective is usually to optimise a company’s structures from a financial perspective.

Net Asset Value (NAV)

The value of an asset after deduction of liabilities. With regards to shares, the NAV constitutes their intrinsic value.


A rental payment that is calculated on the basis of the sales revenue generated on a leasable space rather than the space itself.

Peer group

A peer group is a share price performance benchmark consisting of companies from similar sectors. It is put together on the basis of individual criteria.


The term performance describes the percentage appreciation of an investment or a securities portfolio during a given period.

Regional center

A central location that meets all the needs (including specific and highly specialised requirements) of its own population, as well as of a broad population in the surrounding area. In other words, the purchasing power of a regional center exceeds the amount actually generated there.

Retail space

Space in a building and/or an open area that is used for sales by a retail company and that is accessible to customers. Service areas required for operational and legal purposes are not taken into account, nor are stairways or shop windows. The retail space is part of the leasable space of a business.


Corporate presentations to institutional investors.


The small-cap index comprising the 70 most important securities after the members of the DAX  (40) and the MDAX (50).

Share capital

The capital stipulated in a corporation’s articles of association. The articles also specify the number of shares into which the share capital is divided. The company issues shares in the amount of its share capital.

Share register

German public companies that issue registered shares must maintain a share register. This lists each shareholder together with his or her name, date of birth and address, thus showing the current shareholder structure and any changes. Shareholders have the right to be informed about the details of their own entry in the share register.


The successor of the NEMAX 50, comprising the 30 largest German listed technology securities.


An electronic stock exchange trading system that, in contrast to floor trading, uses and open order book, thus increasing market transparency. The trading hours are currently 9.00 a.m. to 5.30 p.m.