Governance
Financial Statements
Additional Information
Strategic Report
EPRA measures
EPRA Best Practices Recommendations (BPR) The EPRA key performance measures for the year are set out here, with more detail provided in the EPRA BPR and Supplementary Disclosures section which starts on page 158. Alternative performance measures (APMs) We use a number of alternative performance measures (APMs) when reporting on the performance of the business and its financial position. These do not always have a standard meaning and may not be comparable to those used by other entities. However, we use industry standard measures and terminology where possible. In common with many other listed property companies, we report the EPRA performance measures. We have reported these for a number of years in order to provide a consistent comparison with similar companies. In the Additional Information section of this report, we provide more detailed information and reconciliations to IFRS where appropriate. Our key performance indicators include three of the key EPRA measures but also total return, total property return, property income return, total shareholder return, loan to value ratio, cost ratio, occupier retention rate, employee satisfaction and EPC ratings. The definition of these measures, and the rationale for their use, is set out in the Key Performance Indicators section on pages 20 to 23. EPRA’s mission The European Public Real Estate Association’s (EPRA) mission is to promote, develop and represent the European public real estate sector. As an EPRA member, we fully support the EPRA Best Practices Recommendations which recognise the key performance indicator measures, as detailed here. Specific EPRA metrics can also be found within the Key Performance Indicators section of this report on pages 20 to 23, with further disclosures and supporting calculations on pages 158 to 161.
96p EPRA NTA per share 2023: 100p 2022: 120p 101p EPRA NDV per share 105p EPRA NRV per share 2023: 105p 2022: 119p
5.4% EPRA net initial yield
2023: 5.0% 2022: 4.1% 5.9% EPRA ‘topped-up’ net initial yield
2023: 5.5% 2022: 4.8% 32.4% EPRA cost ratio 1 2023: 29.9% 2022: 26.0% 23.0% EPRA cost ratio 2 2023: 21.3% 2022: 19.9% 28.2% EPRA LTV
2023: 110p 2022: 131p £21.7m EPRA earnings 2023: £21.3m 2022: £21.2m 4.0p EPRA earnings per share
2023: 3.9p 2022: 3.9p
2023: 27.0% 2022: 21.3%
9.2% EPRA vacancy rate
2023: 9.5% 2022: 7.2%
1 Including direct vacancy costs 2 Excluding direct vacancy costs
Picton Property Income Limited / Annual Report 2024
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