| (NOK millions) | 31.12.16 | 31.12.15 |
| Net rental income | 2 243 | 2 024 |
| Fair value adjustments, investment properties and interest rate derivatives 1) | 2 984 | 3 025 |
| Profit before tax | 4 484 | 4 407 |
| Profit before tax and fair value adjustments 1) | 1 500 | 1 382 |
| Equity per share (NOK) | 197 | 166 |
| Equity ratio | 41% | 40% |
| Long-term net asset value per share (NOK) (EPRA NNNAV) 2) | 240 | 203 |
| Net cash flow from operations | 1 350 | 1 093 |
| Cash reserves 3) | 4 950 | 3 525 |
| Amortisation next 12 months | 4 799 | 1 571 |
| Interest-bearing debt 4) | 21 252 | 18 006 |
| Interest rate as at 31.12 | 3.24% | 3.61% |
| Loan to value ratio 5) | 44% | 44 % |
| Net investments 6) | 4 259 | 2 699 |
| Investment properties | 47 695 | 40 177 |
| Annual rental income 7) | 2 850 | 2 500 |
| Yield | 5.32% | 5.50% |
| Sales, owned shopping centres | 50 475 | 47 737 |
| Sales, managed shopping centres | 12 442 | 11 650 |
| Share price as at 31.12 (NOK) | 160.0 | 142.0 |
Please note that as a result of rounding differences and reclassi cations, gures and percentages will not always match the total sum.
1) Including value adjustments in joint ventures and associated companies.
2) EPRA, European Public Real Estate Association, is an organisation for listed property companies and investors in Europe, which prepares recommendations for nancial reporting. This report uses EPRA NNNAV, which indicates the net asset value (majority share of equity) per share. This is calculated as majority share of equity + deferred tax liabilities - fair value of debt (deferred tax 7%).
3) Bank deposits etc. + Undrawn borrowing facilities
4) Unsecured part of interest-bearing debt NOK 3,460 million (31.12.2016) and NOK 2,296 million (31.12.2015), respectively.
5) (Interest bearing debt - Bank deposits etc) / Investment properties
6) Net supply of investment properties with addition for activated upgrades and maintenance.
7) Includes market rent for vacant premises.