NAV change will end an ‘apples and oranges’ comparison

COMMENT In the 16 years since the development of the EPRA NAV and the NNNAV, the listed real estate industry has rapidly transformed. Modernised business models, diversified offerings and product innovation has led to phenomenal performance for property, and particularly for listed real estate, as an asset class. Yet for all the progress and change, in 16 years the two financial reporting metrics never evolved. So we have changed them, to make sure they better reflect how the industry has advanced, and from 1 January 2020 we will welcome the new EPRA NAV metrics, namely EPRA NRV, EPRA NTA