Additional Information
Strategic Report
Governance
Financial Statements
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. There are no significant distorting factors influencing the EPRA vacancy rate.
2023 £000
2022 £000
2021 £000
5,311 55,774
Annualised potential rental value of vacant premises Annualised potential rental value for the complete property portfolio
3,594 3,980 49,776 45,357 7.2% 8.8%
EPRA vacancy rate
9.5%
EPRA cost ratio The EPRA cost ratio reflects the overheads and operating costs as a percentage of the gross rental income.
2023 £000
2022 £000
2021 £000
3,491 3,647 5,955
Property operating costs Property void costs Administrative expenses
2,477 2,384 2,409 2,199 5,755 5,388
Less: Ground rent costs
(376)
(283)
(207)
EPRA costs (including direct vacancy costs)
12,717 (3,647) 9,070 42,964 42,588 29.9% 21.3% (376)
10,358 9,764
Property void costs
(2,409)
(2,199)
EPRA costs (excluding direct vacancy costs)
7,949 7,565 40,133 36,558
Gross rental income Less ground rent costs Gross rental income
(283)
(207)
39,850 36,351 26.0% 26.9% 19.9% 20.8%
EPRA cost ratio (including direct vacancy costs) EPRA cost ratio (excluding direct vacancy costs)
The Company has not capitalised any overhead or operating expenses in the accounting years disclosed above. Only costs directly associated with the purchase or construction of properties as well as subsequent value-enhancing capital expenditure are capitalised. Capital expenditure The table below sets out the capital expenditure incurred over the financial year, in accordance with EPRA Best Practices Recommendations. 2023 2022
Total Group £000
Joint ventures £000
Total Group £000
Joint ventures £000
Group £000
Group £000
20,613
– – – – – – – – –
20,613
Acquisitions Development
25,005
– – – – – – – – –
25,005
–
–
–
–
Investment properties
–
–
Incremental lettable space No incremental lettable space
–
–
6,135
6,135
9,551
9,551
– –
– –
Tenant incentives
– –
– –
Other material non-allocated types of expenditure
Total capital expenditure
26,748
26,748
34,556
34,556
–
–
Conversion from accrual to cash basis Total capital expenditure on cash basis
–
–
26,748
26,748
34,556
34,556
Picton Property Income Limited Annual Report 2023
157
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