L’utilité d’un indicateur alternatif de performance (IAP) dans le contexte IFRS: le cas du « résultat EPRA » pour les sociétés foncières européennes

Charlotte Disle () and Rémi Janin ()
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Charlotte Disle: CERAG - Centre d'études et de recherches appliquées à la gestion - UGA - Université Grenoble Alpes, UGA INP IAE - Grenoble Institut d'Administration des Entreprises - UGA - Université Grenoble Alpes - Grenoble INP - Institut polytechnique de Grenoble - Grenoble Institute of Technology - UGA - Université Grenoble Alpes
Rémi Janin: CERAG - Centre d'études et de recherches appliquées à la gestion - UPMF - Université Pierre Mendès France - Grenoble 2 - CNRS - Centre National de la Recherche Scientifique, UGA INP IAE - Grenoble Institut d'Administration des Entreprises - UGA - Université Grenoble Alpes - Grenoble INP - Institut polytechnique de Grenoble - Grenoble Institute of Technology - UGA - Université Grenoble Alpes

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Abstract: This article analyses the usefulness for investors of a non-GAAP performance indicator specific to European real estate investment trusts (REITs) - EPRA earnings. The European Public Real Estate Association (EPRA) has questioned the relevance of net income published under IFRS, given that, under IAS 40, most REITs recognise changes in the fair value of their property assets as a gain or loss directly in their income statement. EPRA earnings would therefore be a more accurate measure of REITs' recurring performance and therefore of their ability to pay regular dividends. Based on a sample of 680 observations, we show that EPRA earnings are more relevant than IFRS earnings for evaluating REITs. EPRA earnings are more closely associated with the future performance of REITs, particularly in terms of dividends paid. The publication of a non-GAAP indicator such as EPRA earnings is therefore useful should be encouraged in a sector with very specific economic and accounting characteristics

Keywords: REIT; non-GAAP indicator; EPRA earnings; value relevance; indicador no-GAAP; valoración financiera; SIIC; IAP; Résultat EPRA; évaluation financière (search for similar items in EconPapers)
Date: 2024
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Published in La Revue des Sciences de Gestion, inPress

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04687841

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