Governance
Financial Statements
Additional Information
Strategic Report
EPRA NTA per share The EPRA net tangible assets calculation assumes entities buy and sell assets, thereby crystallising certain levels of deferred tax liability. EPRA NTA is regarded as the most relevant metric for the business as this focuses on reflecting a company’s tangible assets.
2024 £000
2023 £000
2022 £000
524,475
Balance Sheet net assets
547,624 657,130
– –
Fair value of financial instruments
– –
– –
Deferred tax EPRA NTA
524,475 545,963
547,624 657,130 545,217 545,631
Shares in issue (000s) EPRA NTA per share
96p
100p
120p
EPRA NDV per share The EPRA net disposal value shows the impact to shareholder value if Company assets are sold and/or liabilities are not held until maturity.
2024 £000
2023 £000
2022 £000
524,475 24,714 549,189 545,963
Balance Sheet net assets
547,624 657,130 22,793 (6,766) 570,417 650,364 545,217 545,631
Fair value of debt
EPRA NDV
Shares in issue (000s) EPRA NDV per share
101p
105p
119p
EPRA net initial yield (NIY) EPRA NIY is calculated as the annualised rental income based on the cash rents passing at the Balance Sheet date, less non-recoverable property operating expenses, divided by the gross market valuation of the properties.
2024 £000
2023 £000
2022 £000
744,640 50,284 794,924
Investment property valuation
766,235 849,325 52,759 57,449 818,994 906,774 43,336 38,676
Allowance for estimated purchasers’ costs Gross up property portfolio valuation Annualised cash passing rental income
44,745 (1,669) 43,076
Property outgoings Annualised net rents EPRA net initial yield
(2,125)
(1,721)
41,211 36,955 5.0% 4.1%
5.4%
EPRA ‘topped-up’ net initial yield The EPRA ‘topped-up’ NIY is calculated by making an adjustment to the EPRA NIY in respect of the expiration of rent-free periods (or other unexpired lease incentives such as discounted rent periods and step rents).
2024 £000
2023 £000
2022 £000
43,076 3,947 47,023
EPRA NIY annualised net rents
41,211 36,955 4,057 6,415 45,268 43,370 5.5% 4.8%
Annualised cash rent that will apply at expiry of lease incentives
Topped-up annualised net rents
EPRA ‘topped-up’ NIY
5.9%
Picton Property Income Limited / Annual Report 2024
159
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