We got some requests why we show significant differences in the used deferred taxes in the calculations of our 2011 EPRA EPS/share and the 2011 FFO/share.

Here is the answer: EPRA earnings are (according to EPRA's best practice recommendations) only adjusted for the deferred taxes on the valuation while the FFO is adjusted for the complete deferred taxes (on operating & valuation result).

A "problem" we see is, that EPRA's way to calculate the earnings is perfectly applicable for REITs, but not necessarily for "normal" real estate companies (which pay taxes).