Additional Information
Supplementary disclosures (unaudited) continued for the year ended 31 March 2022
Loan to value The loan to value ratio (LTV) is calculated by taking the Group’s total borrowings, net of cash, as a percentage of the total portfolio value.
2022 £000
2021 £000
2020 £000
218,835 166,207 167,465
Total borrowings
Less: Cash and cash equivalents
(38,547) (23,358) (23,567) 180,288 142,849 143,898 849,325 682,410 664,615
Total net borrowings
Investment property valuation
Loan to value
21.2%
20.9% 21.7%
Cost ratio The cost ratio is based on historical information and provides shareholders with an indication of the likely level of cost of managing the Group. The cost ratio uses the annual recurring administrative expenses as a percentage of the average net asset value over the period.
2022 £000
2021 £000
2020 £000
5,755
Administrative expenses
5,388 5,563
598,022 514,574 511,868
Average net asset value over the year
Cost ratio
1.0%
1.0% 1.1%
Picton Property Income Limited Annual Report 2022
142
Powered by FlippingBook