Additional Information/Continued
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. EPRA BPR and supplementary disclosures (unaudited)/Continued for the year ended 31 March 2023
2023 £000
2022 £000
2021 £000
547,624
Balance Sheet net assets Fair value of financial instruments
657,130 528,197
– –
– –
– –
Deferred tax EPRA NTA
547,624 545,217
657,130 528,197 545,631 545,553
Shares in issue (000s) EPRA NTA per share
100p
120p
97p
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.
2023 £000
2022 £000
2021 £000
547,624 22,793 570,417 545,217
Balance Sheet net assets
657,130 528,197
Fair value of debt
(6,766)
(21,012)
EPRA NDV
650,364 507,185 545,631 545,553
Shares in issue (000s) EPRA NDV per share
105p
119p
93p
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.
2023 £000
2022 £000
2021 £000
766,235 52,759 818,994
Investment property valuation
849,325 682,410 57,449 46,029 906,774 728,439 38,676 36,504
Allowance for estimated purchasers’ costs Gross up property portfolio valuation Annualised cash passing rental income
43,336 (2,125) 41,211
Property outgoings Annualised net rents EPRA net initial yield
(1,721)
(1,860)
36,955 34,644 4.1% 4.8%
5.0%
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).
2023 £000
2022 £000
2021 £000
41,211 4,057 45,268
EPRA NIY annualised net rents
36,955 34,644 6,415 5,411 43,370 40,055 4.8% 5.5%
Annualised cash rent that will apply at expiry of lease incentives
Topped-up annualised net rents
EPRA ‘topped-up’ NIY
5.5%
156
Picton Property Income Limited Annual Report 2023
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