Additional Information
Supplementary disclosures (unaudited) continued for the year ended 31 March 2022
EPRA NDV 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.
2022 £000
2021 £000
2020 £000
657,130 528,197 509,283
Balance Sheet net assets
(6,766)
Fair value of debt
(21,012) (29,569)
EPRA NDV
650,364 507,185 479,714 545,631 545,553 545,502
Shares in issue (000s) EPRA NDV per share
119p
93p 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.
2022 £000
2021 £000
2020 £000
849,325 682,410 664,615
Investment property valuation Allowance for estimated purchasers’ costs Gross up property portfolio valuation Annualised cash passing rental income
57,449
46,029 44,847
906,774 728,439 709,462
38,676 (1,721) 36,955
36,504 36,236
Property outgoings Annualised net rents EPRA net initial yield
(1,860)
(2,017)
34,644 34,219 4.8% 4.8%
4.1%
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).
2022 £000
2021 £000
2020 £000
36,955 6,415 43,370
EPRA NIY annualised net rents
34,644 34,219 5,411 3,910 40,055 38,129 5.5% 5.4%
Annualised cash rent that will apply at expiry of lease incentives
Topped-up annualised net rents
EPRA ‘topped-up’ NIY
4.8%
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.
2022 £000
2021 £000
2020 £000
3,594 49,776
Annualised potential rental value of vacant premises Annualised potential rental value for the complete property portfolio
3,980 5,179 45,357 45,224 8.8% 11.5%
EPRA vacancy rate
7.2%
Picton Property Income Limited Annual Report 2022
140
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