Changing values: The how and why of EPRA’s replacements for NAV

Over a decade and a half, the European Public Real Estate Association’s net asset value measurement has become an accepted, dependable metric for listed real estate companies; the reporting equivalent of a comfortable, well-worn pair of jeans. Now, EPRA is switching up the wardrobe. Out go EPRA NAV and EPRA NNNAV, or triple net asset value, the two measures commonly used by property firms to value their portfolios. In their place, three new metrics will be introduced for accounting periods starting in January 2020. Changes to such widely understood measurements will have a far-reaching effect, even given EPRA’s assurance that