Additional Information
Strategic Report
Financial Statements
Governance
EPRA cost ratio The EPRA cost ratio reflects the overheads and operating costs as a percentage of the gross rental income.
2022 £000
2021 £000
2020 £000
2,477 2,409 5,755
Property operating costs Property void costs Administrative expenses
2,384 2,293 2,199 3,005 5,388 5,563
Less: Ground rent costs
(283)
(207)
(259)
EPRA costs (including direct vacancy costs)
10,358 (2,409) 7,949 40,133 (283) 39,850 26.0% 19.9%
9,764 10,602
Property void costs
(2,199)
(3,005)
EPRA costs (excluding direct vacancy costs)
7,565 7,597 36,558 37,780
Gross rental income Less ground rent costs Gross rental income
(207)
(259)
36,351 37,521 26.9% 28.3% 20.8% 20.2%
EPRA cost ratio (including direct vacancy costs) EPRA cost ratio (excluding direct vacancy costs)
Capital expenditure The table below sets out the capital expenditure incurred over the financial year, in accordance with EPRA Best Practices Recommendations.
2022 £000
2021 £000
25,005
Acquisitions Development
– –
–
9,551
Like-for-like portfolio
4,961
–
Other
–
Total capital expenditure
34,556
4,961
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.
Offices
Industrial
Retail and Leisure
Total
2022 £000
2022 £000
2022 £000
2022 £000
2021 £000
2021 £000
2021 £000
2021 £000
14,363
17,400
7,752
39,515
Like-for-like rental income Properties acquired
13,720
16,254
6,124
36,098
– –
523
–
523 95
–
– –
–
–
–
95
Properties sold
(1)
461
460
14,363
17,923
7,847
40,133
13,719
16,254
6,585
36,558
Picton Property Income Limited Annual Report 2022
141
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