Additional Information
Strategic Report
Financial Statements
Governance
Glossary
Annual rental income
Cash rents passing at the Balance Sheet date.
Contracted rent
The contracted gross rent receivable which becomes payable after all the occupier incentives in the letting have expired. Total operating expenses, excluding one-off costs, as a percentage of the average net asset value over the period. Disclosure and Transparency Rules, issued by the United Kingdom Listing Authority.
Cost ratio
DTR
Dividend cover
EPRA earnings divided by dividends paid.
Earnings per share (EPS)
Profit for the period attributable to equity shareholders divided by the average number of shares in issue during the period.
EPC
Energy performance certificate.
EPRA
European Public Real Estate Association, the industry body representing listed companies in the real estate sector. The external valuers’ opinion as to the open market rent which, on the date of the valuation, could reasonably be expected to be obtained on a new letting or rent review of a property. The estimated amount for which a property should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction after the proper marketing and where parties had each acted knowledgeably, prudently and without compulsion. An accounting adjustment to change the book value of an asset or liability to its fair value. A lease which imposes full repairing and insuring obligations on the tenant, relieving the landlord from all liability for the cost of insurance and repairs.
Estimated rental value (ERV)
Fair value
Fair value movement
FRI lease
Group
Picton Property Income Limited and its subsidiaries. International Accounting Standards Board. International Financial Reporting Standards.
IASB IFRS
Initial yield
Annual cash rents receivable (net of head rents and the cost of vacancy), as a percentage of gross property value, as provided by the Group’s external valuers. Rents receivable following the expiry of rent-free periods are not included. Incentives offered to occupiers to enter into a lease. Typically this will be an initial rent-free period, or a cash contribution to fit-out. Under accounting rules the value of the lease incentives is amortised through the Income Statement on a straight-line basis until the lease expiry.
Lease incentives
MEES MSCI
Minimum Energy Efficiency Standards.
An organisation supplying independent market indices and portfolio benchmarks to the property industry. Net asset value is the equity attributable to shareholders calculated under IFRS.
NAV
Over-rented
Space where the passing rent is above the ERV.
Property income return
The ungeared income return of the portfolio as calculated by MSCI. The estimated rental value as a percentage of the gross property value.
Reversionary yield
TCFD
Task Force on Climate-related Financial Disclosures.
Total property return
Combined income and capital return from the property portfolio.
Total return
The change in the Group’s net asset value, in accordance with IFRS, plus dividends paid.
Total shareholder return Measures the change in share price over the year plus dividends paid. Weighted average debt maturity Each tranche of Group debt is multiplied by the remaining period to its maturity and the result is divided by total Group debt in issue at the period end. Weighted average interest rate The Group loan interest per annum at the period end, divided by total Group debt in issue at the period end. Weighted average lease term The average lease term remaining to first break, or expiry, across the portfolio weighted by contracted rental income.
Picton Property Income Limited Annual Report 2022
145
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