EPRA Chief Executive Philip Charls says he does not see the listed property sell-off to 60% and 70% below net asset value at the depths of the crisis as causing long-term damage. "I don't have any indication that people say, 'Okay, this brings so much volatility in my portfolio with regard to valuation or in the behavior of my stock that I'm not going to approach that market'," he says. More portfolios are being readied for flotation, but much will depend on short-term stock market performance. In markets such as Spain, banks have taken over large swathes of real estate and may use stock market IPOs to sell at least some equity.

EPRA has most publicly been involved recently with a lobby to head off the London-based International Accounting Standards Board re-setting accountancy rules. In a loose alliance called the Real Estate Equities Securities Association (REESA) which includes America's NAREIT, The Property Council of Australia, Asian Public Real Estate Association and the British Property Federation, EPRA led resistance to IASB plans to require valuations and rental income to be removed from balance sheets and reclassified as financial assets.

EPRA Director of Finance Gareth Lewis described the move as a potential shockwave. He says the issue now awaits a definitive decision around the end of this month from the IASB and the Financial Stability Board, housed in the Basel-based Bank for International Settlements. But he added: "We're very hopeful. There are still some board members, both at the IASB and FSB, who are opposed in principle to excluding a particular sector from new leasing rules… But it simply isn't appropriate for investment property and we're just trying to address a few specific arguments to make that clear… EPRA has led on this issue because it is such a big issue for European property firms."