Smart Approach in Retail Resilience
EPRA Net Asset Value Metrics
IFRS Net Assets
Deferred tax arising on revaluation movements
Mark to market on derivatives and related debt
141
EPRA NTA 1
31 March 2020
EPRA NDV2
EPRA NRV³
30 September 2020
EPRA NTA 1 EPRA NDV2
EPRA NRV 3
7,147
7,147
7,147
6,373
6,373
6,373
6
6
6
6
6
6
141
148
148
adjustments
Adjust to fully diluted on exercise of share
18
18
18
16
16
16
options
Surplus on trading properties
13
13
13
12
12
12
Non-controlling interests
(112)
(112)
(112)
(78)
(78)
(78)
Deferred tax arising on revaluation movements
(9)
(8)
Mark to market on debt
(301)
(318)
I
Purchasers' costs
659
605
Intangibles
NAV
(11)
(12)
7,202
6,762
7,872
6,465
6,003
7,082
Per share measure (pence)
1 Net Tangible Assets. 2 Net Disposal Value. 3 Net Reinstatement Value
773
726
845
693
643
759
EPRA NTA is considered to be the most relevant measure for the Group and is now the primary measure of net assets, replacing the previously reported EPRA NAV metric. EPRA NTA assumes that entities buy and sell assets,
thereby crystallising certain levels of unavoidable deferred tax. Due to the Group's REIT status, deferred tax is only provided at each balance sheet date on properties outside the REIT regime. As a result deferred taxes are
excluded from EPRA NTA for properties within the REIT regime. For properties outside of the REIT regime, deferred tax is included to the extent that it is expected to crystallise, in accordance with the second recommended
option per EPRA Best Practice Recommendations. EPRA NRV reflects what would be needed to recreate the Group through the investment markets based on its current capital and financing structure.
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