http://tomsshoessaleonline11.tumblr.com,The estimated andpound,longchamp taschen;4,cheap longchamp.3 billion in new equity that has been pumped into the UK listed property sector via rights issues and share placings in the past 10 months appears to be having a strong stabilizing influence on the market,longchamp bags, new Net Asset Value (NAV) research data from the Brussels -based European Public Real Estate Association (EPRA) indicates,longchamp bags.
The average discount of share prices for companies in the FTSE EPRA/NAREIT UK Index to their NAVs,cheap longchamp, or value of underlying assets,longchamp outlet, was a record 46% at the market’s lowest point in March,longchamp taschen, but moved to a 4% premium – significantly above the 20-year average,ray ban clubmaster, as stock prices have soared,longchamp outlet, the latest data for August shows,ray ban pas cher.
EPRA Chief Executive Philip Charls told journalists at the association’s annual conference last week: “The success of UK property companies in raising capital to bolster their balance sheets in the face of falling asset values and extremely tight credit conditions is a tribute to the reputation of these firms in the eyes of investors,longchamp outlet. We now appear to be moving away from restructuring towards companies positioning themselves to take advantage of investment opportunities as the market recovers,louis vuitton outlet.”
Published NAV data for companies in the FTSE EPRA/NAREIT Europe Index has been distributed by EPRA to association members on a monthly basis since June 2009,longchamp outlet, but an historical data record is available from 1989,toms.
While UK property stocks have leaped over 90% over the last six months,louis vuitton borse, since the market’s floor,toms outlet, continental European real estate securities prices and discounts to NAV have shown less extreme movements,longchamp outlet. The average NAV discount of the FTSE EPRA/NAREIT Europe Ex UK Index was 20% at the end of August compared with 45% in March,borse alviero martini, and the index has risen about 70% since its March 09,UK commercial property market stabilised by new equity raised by listed property companies,ray ban wayfarer, 2009 bottom,lunette ray ban.
Net Asset Value is an extremely important metric in the valuation of listed real estate securities and EPRA has created a common standard for expressing NAV,longchamp bags, to allow the transparent comparison of companies in the sector,longchamp for sale. This addresses gaps in the International Financial Reporting Standards (IFRS) fair value model for NAV,longchamp outlet.
The EPRA triple net NAV (NNNAV) represents the fair value of equity,longchamp. The metric includes fair value adjustments of all material balance sheet items,longchamp le pliage, which are not reported at their fair value as part of the NAV per IFRS balance sheet statement,toms shoes,UK commercial property market stabilised by new equity raised by listed property companies. Deferred taxes are included at fair value,toms outlet.
Companies representing over 60% of the EUR 70 billion free-float market capitalization of the FTSE EPRA/NAREIT Europe Index,toms, including the majority of the largest stocks,borse louis vuitton online,UK commercial property market stabilised by new equity raised by listed property companies, are already reporting the benchmark EPRA NAV,longchamp sale.
EPRA Research Director Fraser Hughes said: “The EPRA NAV data is already giving analysts and companies new insights into the European listed real estate sector,toms shoes. We would urge companies who are not already doing so,longchamp taschen, to start reporting using the EPRA NAV,http://abatterybank59.tumblr.com, so they,longchamp outlet, and the market,toms store, can truly compare their performance with their peers,discount ray ban,UK commercial property market stabilised by new equity raised by listed property companies.”Related articles:
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