Additional Information Supplementary disclosures (unaudited) continued for the year ended 31 March 2021
EPRANDV 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. 2021 £000 2020 £000
2019 £000
528,197 509,283 499,415
Balance Sheet net assets
(21,012) (29,569)
Fair value of debt
(24,811)
EPRANDV
507,185 479,714 474,604 545,553 545,502 538,512
Shares in issue (000s) EPRANDV per share
93p
88p 88p
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. 2021 £000 2020 £000
2019 £000
682,410 664,615 685,335
Investment property valuation Allowance for estimated purchasers’ costs Gross up property portfolio valuation Annualised cash passing rental income
46,029
44,847 46,771
728,439 709,462 732,106
36,504 (1,860) 34,644
36,236 37,699
Property outgoings Annualised net rents EPRAnet initial yield
(2,017)
(1,896)
34,219 35,803 4.8% 4.9%
4.8%
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). 2021 £000 2020 £000 2019 £000
34,644 5,411 40,055
EPRA NIY annualised net rents
34,219 35,803 3,910 2,739 38,129 38,542 5.4% 5.3%
Annualised cash rent that will apply at expiry of lease incentives
Topped-up annualised net rents
EPRA ‘topped-up’ NIY
5.5%
EPRA vacancy rate EPRA vacancy rate is the estimated rental value (ERV) of vacant space divided by the ERV of the whole property, expressed as a percentage. 2021 £000 2020 £000
2019 £000
3,980 45,357
Annualised potential rental value of vacant premises Annualised potential rental value for the complete property portfolio
5,179 4,828 45,224 46,839 11.5% 10.3%
EPRA vacancy rate
8.8%
128
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