Additional Information/Continued
EPRA 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. Rental income from like-for-like portfolio EPRA BPR and supplementary disclosures (unaudited)/Continued for the year ended 31 March 2023
Rental income from like-for-like portfolio 2022 £000
Like-for-like rental growth %
Like-for-like rental growth £000
2023 £000
614 216 291
3.1 1.4 3.9
Industrial
20,658 20,044 16,162 15,946 7,781 7,490 44,601 43,480
Office
Retail and Leisure
Total 2.6 The like-for-like rental growth is based on changes in rental income for those properties which have been held for the duration of both the current and prior reporting years. This represents a portfolio valuation, as assessed by the valuer, of £747.1 million (2022: £849.3 million). EPRA LTV EPRA loan to value’s aim is to assess the gearing of the shareholder equity within a real estate company. 1,121
2023 £000
2022 £000
2021 £000
222,764
Loans and borrowings Less: Cash and cash equivalents
216,832 163,655
(20,050) 202,714 744,261 3,415 3,278 750,954
(38,547)
(23,358)
Net debt
178,285 140,297 827,790 664,105 4,383 4,111
Investment properties (excluding head lease right of use asset)
Property, plant and equipment
Net receivable 1
3,712
779
Total property value
835,885 668,995 21.3% 21.0%
EPRA LTV
27.0%
1 Net receivable is calculated as the net position of the following line items shown on the Balance Sheet: accounts receivable and accounts payable and accruals. 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.
2023 £000
2022 £000
2021 £000
224,467
Total borrowings
218,835 166,207
Less: Cash and cash equivalents
(20,050) 204,417 766,235
(38,547)
(23,358)
Total net borrowings
180,288 142,849 849,325 682,410 21.2% 20.9%
Investment property valuation
Loan to value
26.7%
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.
2023 £000
2022 £000
2021 £000
5,955
Administrative expenses
5,755 5,388 598,022 514,574 1.0% 1.0%
602,822
Average net asset value over the year
Cost ratio
1.0%
158
Picton Property Income Limited Annual Report 2023
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