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Additional Information / Continued
EPRA BPR and supplementary disclosures (unaudited) / Continued for the year ended 31 March 2024
EPRA vacancy rate The EPRA vacancy rate is the estimated rental value (ERV) of vacant space divided by the ERV of the whole property, expressed as a percentage. There are no significant distorting factors influencing the EPRA vacancy rate.
2024 £000
2023 £000
2022 £000
5,276 57,578
Annualised potential rental value of vacant premises Annualised potential rental value for the complete property portfolio
5,311 3,594 55,774 49,776 9.5% 7.2%
EPRA vacancy rate
9.2%
EPRA cost ratio The EPRA cost ratio reflects the overheads and operating costs as a percentage of the gross rental income.
2024 £000
2023 £000
2022 £000
3,075 4,122 7,219
Property operating costs Property void costs Administrative expenses
3,491 2,477 3,647 2,409 5,955 5,755
Less: Ground rent costs
(257)
(376)
(283)
EPRA costs (including direct vacancy costs)
14,159 (4,122) 10,037 43,910 (257) 43,653 32.4%
12,717 10,358
Property void costs
(3,647)
(2,409)
EPRA costs (excluding direct vacancy costs)
9,070 7,949 42,964 40,133
Gross rental income Less ground rent costs Gross rental income
(376)
(283)
42,588 39,850 29.9% 26.0%
EPRA cost ratio (including direct vacancy costs) EPRA cost ratio (excluding direct vacancy costs)
23.0% 21.3% 19.9% The Company has not capitalised any overhead or operating expenses in the accounting years disclosed above. Only costs directly associated with the purchase or construction of properties as well as subsequent value-enhancing capital expenditure are capitalised. Capital expenditure The table below sets out the capital expenditure incurred over the financial year, in accordance with EPRA Best Practices Recommendations. 2024 2023
Joint ventures £000
Total Group £000
Joint ventures £000
Total Group £000
Group £000
Group £000
– –
– – – – – – – – –
– –
Acquisitions Development
20,613
– – – – – – – – –
20,613
–
–
Investment properties
–
–
Incremental lettable space No incremental lettable space
–
–
4,458
4,458
6,135
6,135
– –
– –
Tenant incentives
– –
– –
Other material non-allocated types of expenditure
Total capital expenditure
4,458
4,458
26,748
26,748
–
–
Conversion from accrual to cash basis Total capital expenditure on cash basis
–
–
4,458
4,458
26,748
26,748
Picton Property Income Limited / Annual Report 2024 160
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