Governance
Financial Statements
Additional Information
Strategic Report
EPRA like-for-like rental growth The table below sets out the like-for-like rental growth of the portfolio, by sector, in accordance with EPRA Best Practices Recommendations.
Like-for-like rental growth £000
Like-for-like rental growth %
Rental income from like-for-like portfolio 2024 £000
Rental income from like-for-like portfolio
2023 £000
2,341 (1,188)
11.3
Industrial
23,047 15,910 7,869 46,826
20,706 17,098 7,781 45,585
(6.9) 1.1
Office
88
Retail and Leisure
Total 2.7 The like-for-like rental growth is based on changes in rental income for those properties which have been held for the duration of both the current and prior reporting years. This represents a portfolio valuation, as assessed by the valuer, of £744.6 million (2023: £766.2 million). EPRA LTV EPRA loan to value’s aim is to assess the gearing of the shareholder equity within a real estate company. 1,241
2024 £000
2023 £000
2022 £000
226,134
Loans and borrowings Less: Cash and cash equivalents
222,764 216,832
(19,773) 206,361 721,997 3,499 5,979 731,475
(20,050)
(38,547)
Net debt
202,714 178,285 744,261 827,790 3,415 4,383 3,278 3,712 750,954 835,885
Investment properties (excluding head lease right of use asset)
Property, plant and equipment
Net receivable 1
Total property value
EPRA LTV 27.0% 21.3% 1 Net receivable is calculated as the net position of the following line items shown on the Balance Sheet: accounts receivable and accounts payable and accruals. Loan to value The loan to value ratio (LTV) is calculated by taking the Group’s total borrowings, net of cash, as a percentage of the total portfolio value. 28.2%
2024 £000
2023 £000
2022 £000
227,533
Total borrowings
224,467 218,835
Less: Cash and cash equivalents
(19,773) 207,760 744,640
(20,050)
(38,547)
Total net borrowings
204,417 180,288 766,235 849,325 26.7% 21.2%
Investment property valuation
Loan to value
27.9%
Cost ratio The cost ratio provides shareholders with an indication of the likely level of cost of managing the Group. The cost ratio uses the annual recurring administrative expenses as a percentage of the average net asset value over the period.
2024 £000
2023 £000
2022 £000
7,219
Administrative expenses
5,955 5,755
Less: Internalisation of company secretarial function
(296) (194) (89)
– – –
– – –
Abortive corporate activity CFO transition costs
Total
6,640
5,955 5,755 602,822 598,022
531,921
Average net asset value over the year
Cost ratio
1.2%
1.0% 1.0%
Picton Property Income Limited / Annual Report 2024
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