Net asset value (NAV) is a crucial figure for property companies. It represents the estimated value of the company's assets, minus its debts, and is often used as shorthand for what the whole company is worth. In reality property companies, like investment trusts, tend to trade on the stock exchange at a discount to their NAV. EPRA NAV is an adjusted form of NAV, according to the standards of the European Public Real Estate Association, the Brussels lobbying group for the property industry. It adjusts in particular for interest-rate swaps that can distort property company balance sheets.

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