Additional Information
Strategic Report
Financial Statements
Governance
Supplementary disclosures (unaudited) for the year ended 31 March 2022
The European Public Real Estate Association (EPRA) is the industry body representing listed companies in the real estate sector. EPRA publishes Best Practices Recommendations (BPR) to establish consistent reporting by European property companies. Further information on the EPRA BPR can be found at www.epra.com. EPRA earnings per share EPRA earnings represents the earnings from core operational activities, excluding investment property revaluations and gains/losses on asset disposals. It demonstrates the extent to which dividend payments are underpinned by recurring operational activities.
2022 £000
2021 £000
2020 £000
146,986
Profit for the year after taxation Exclude: Investment property valuation movement Gains on disposal of investment properties
33,801 22,508
(129,801)
(12,861)
882
(42) 4,045
(868)
(3,478)
Debt prepayment fees
–
–
EPRA earnings
21,188
20,072 19,912
545,904 545,591 544,193
Weighted average number of shares in issue (000s)
EPRA earnings per share
3.9p
3.7p 3.7p
EPRA NRV per share The EPRA net reinstatement value measure highlights the value of net assets on a long-term basis. Assets and liabilities that are not expected to crystallise in normal circumstances such as the fair value of financial derivatives and deferred taxes on property valuation surpluses are therefore excluded. Since the aim of the metric is to also reflect what would be needed to recreate the Company through the investment market based on its current capital and financing structure, related costs such as real estate transfer taxes should be included.
2022 £000
2021 £000
2020 £000
657,130 528,197 509,283
Balance Sheet net assets
57,449
Purchasers’ costs Fair value of debt Deferred tax
46,029 44,847
– –
– –
– –
EPRA NRV
714,579 574,226 554,130 545,631 545,553 545,502
Shares in issue (000s) EPRA NRV per share
131p
105p 102p
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.
2022 £000
2021 £000
2020 £000
657,130 528,197 509,283
Balance Sheet net assets Fair value of financial instruments
– –
– –
– –
Deferred tax EPRA NTA
657,130 528,197 509,283 545,631 545,553 545,502
Shares in issue (000s) EPRA NTA per share
120p
97p
93p
Picton Property Income Limited Annual Report 2022
139
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